With record-breaking numbers globally on the rise for the streaming sector of the music industry, there has been a hard hit with the current COVID-19 pandemic on live events. The government has issued stay-at-home orders that have affected the nation. The devastation to the economy has been crippled at least “More than 272 million people live in the 38 states where governors have declared statewide shelter-in-place orders or have recommended that residents stay home (Miller & Fram, 2020). The pandemic has caused a downward trend in revenue for the music industry. Due to massive cancelations of live events with concern for health safety. According to the cancelation of SXSW, the estimated loss is $356 million based on last year’s sales (Kilmartin, 2020). The new trend of going virtual for consumer’s music fix is hurting the in-person (live events) sector of the industry which is suffering. According to Kilmartin, “With COVID-19 resulting in the cancellation and postponement of events, mass gatherings, festivals, concerts, tours, and album & film releases alike, one could not be blamed for fears that we might see a world without art (Kilmartin, 2020)”.
In my opinion, until there is a vaccine or parameters in place to help the fans (public) feel safe it will be a long road to normalcy. Days are gone when standing next to strangers doesn't bring a thought of concern of am I safe. There is just going to be a different way that you can achieve the live experience and monetize it at the same time. VR is not looking so bad or expensive lately. Especially when the expense could be your health. Everyone is scrambling to find a way to survive and recover economically from this pandemic. I feel for now in the music industry VR might just be the answer. What do you think? Email me at @boominyourface616@gmail.com give me your feedback.
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