Everyone can agree these last few months have been a trip no one would have ever imagined back in December of last year. In fact, no one can really be certain when (or if) we will be back to a “normal” routine of life any time soon.
By mid-March, lockdowns began sweeping throughout the US, and at this point, people really began to realize that this pandemic was no joke. One of the first industries to take a hit has been the umbrella of entertainment. With the uncertainty of job security and how best to support themselves, many in this industry have been busy brainstorming next steps on how to stay relevant but also innovative while using current virtual technologies.
Live Streaming has become the number one preferred tool musicians have utilized during this time. With this feature, musicians can perform and entertain while receiving donations (or “tips”) from followers as an act of solidarity or just as a way to show appreciation for their talents.
Liat Portal, a growth expert for early-stage startups, originally from Israel who came to the Silicon Valley two years ago with a legal-tech venture, believes that COVID19 will only accelerate the development of innovative solutions for the music industry.
“The music industry, in general, and the audio\video fractions will experience some kind of a forced revolution as a direct result of this new reality. New business models will evolve and services we previously used only in the physical world will be adapted to the virtual world. Some solutions are a combination of existing products and services we already use. Live Streaming can combine with video conferencing to interact with an audience, while other solutions require additional technology development, such as audio and video latency.”
Liat sees this market segment as the future of technology and is currently working to establish a group of experts to test technological difficulties and management solutions for musicians on a select few platforms that are currently accessible. “It's my life's mission, to develop technological solutions for musicians. The music industry has been completely shut down by government orders around the world, without any prior preparation. My goal is to enable musicians the ability to generate revenue from high quality live shows in the digital space.”
I can personally relate, as someone who tries to stay up to date with social media and streaming platforms in order to keep my brand going and secure income. These platforms and market adaptations will be a game-changer that everyone will have to incorporate in order to be able to entertain via streaming on demand.
To me, mastering these potential paths will help create income for musicians and their crews by staying active. This will also benefit music teachers, as well as, other international collaborations under the umbrella of the music industry.
Might as well get ready.
Cheers,
Yohai Portal