Touring Impact
The past year has been challenging in the sense of limited performing opportunities. The top artists in the world make more than 75% of their earnings off of touring alone. With limited opportunities for shows their earnings pay the price.
You can see why having multiple ways for your money to grow are beneficial for your finances in this regard.
Touring Is Important To You:
1. You collect the majority of concert revenue
2. Increased connection to your fans
3. You collect performance royalties
Landscape
The relationship between fans and live events will always hold a special place in their hearts. To say things will all go back to normal may be mis guided however. During the past year companies have been creating virtual reality concerts, online connection platforms, and artificial intelligence to re create actual voice recordings from your favorite artists. The future of music holds massive innovation & reinvention in all areas. Which is why there will be change in relation to the experience of a performance.
The Future
As venues open, this will provide you with opportunities to perform again, thus spiking concert sales, merchandise, and sponsorships. Music streaming has steadily increased despite the economic trials and tribulations of the past year providing the industry with stability. By year 2030 the global music market is projected to be worth $142 billion dollars according to Goldman Sachs Music Report.
Conclusion
If you are looking to progress your music career, you will have to adapt to the platforms your fans are most interested in and deliver your music and content in new creative ways. The future looks bright and promising if you are willing to adapt to it!
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