Music Industry's Reaction to the COVID-19 Pandemic

Coronavirus affected every industry in one way or another; similarly, it soaked the music industry with lost revenues. The future of the music industry is at unprecedented uncertainty since the same situation is also valid for the pandemic.

 

Festivals

 

Financial fallouts are most likely for music festivals due to their interactive and social nature. Until now, many major music festivals like Coachella and Glastonbury have either been postponed or cancelled. This will lead to financial drawbacks for festival companies but perhaps they won’t be in the worse situation. 

 

Aforementioned festivals have numerous financial resources like sponsors or advertisements; also, they can always find revenue later on since the demand for these festivals are on astronomical level. For example, last year all 135.000 Glastonbury tickets were sold out in less than 35 minutes. Although we feel bitter for the cancellations, financially speaking, there are other perspectives which got a worse glimpse of their future due to this pandemic.  

 

Headline artists go by the same token. It is obvious that cancelled festivals are not desirable outcomes for them too; however, these artists gain most of their revenue from sponsors or streaming numbers, some which exceed 30 million listeners for month. So, headline artists’ careers are not in trouble.

 

The part which concerns me is about artists which were seeking for financial and social boost through these festivals. Many present day headline artists such as Lizzo, Alt-J, and Brockhampton have started their evolution as artists through the attention that they’ve received by being featured in small stages at big festivals. In addition, these budding artists who are still growing their portfolio and fan base can also struggle financially since their best efforts to shine in the industry were these festivals. Devastating financial impact of this pandemic can wrap up some artists’ blossoming careers. This means that we, as listeners, can lose some of the promising next generation musicians who were going to charm our playlists.

 

As a fan, another concern that I have is the unknown future of the upcoming Zorlu Jazz Festival this summer. Worldwide artists such as Angel Olsen, Tove Lo, Suede, and Pet Shop Boys were planning on playing in Istanbul this summer but from recent updates, it can be inferred that this festival’s act is also at stake. 

 

Streaming Platforms

 

Since other ways to consume music, festivals and live events, have shut down, streaming platform sector now holds a monopoly for listening music. Therefore, streaming platforms will gain additional revenue during this period of social distancing and quarantine. More people will be encouraged to subscribe to Spotify or Apple Music to kill time- similar to how people consulted to Animal Crossing for moral support. 

 

Interventions

 

Until now, there have been two striking interventions from the music industry during this pandemic. My personal favorite platform Bandcamp has made the most major intervention up to date. During 20 March, Bandcamp made sales in various merchandise forms from different artists. Plus, Bandcamp sent all the revenue gained from these items directly to the artists in order to support them during this pandemic. Bandcamp’s independent selling system with a price ceiling also encouraged many fans to spend more than required money to support their favorite artists. Fans bough 4.3 million dollars of merchandise and music to support artists during the 24-hour period.

 

Music media company Pitchfork followed a more mundane path for entertainment during self-quarantine period. They arranged ‘Instagram-Live Concerts’ with artists such as Weyes Blood in order to morally support both artists and fans.

 

Music industry continues to find new ways to entertain everyone during this unusual period. Although irrevocable damages have been done, music industry’s short term future still looks promising and exciting.