Opportunities Abound For Artists, Managers, and Marketers Despite Covid-19
As artists, managers, and marketers ponder how to grow their audiences, Covid-19 leads the way, it’s confined virtually of course. Implications shown by Instagram followers, music streams on Twitch, Gen Z groups video RN, and Catalog streaming point to marked follower growth.
The pandemic is actually having a positive effect on music consumption, media spending, social digital behavior, and ultimately company strategies. 7 out of 10 most watched music streamers on Twitch in May 2020 were electronic. Totaling almost 6 million viewer hours. (Source: IMS Business Report 2020). A survey of 4,000 internet users in the US and the UK found that 51% of those in the Gen Z subcategory have started consuming more online video since the pandemic began. (Source: Global Web Index) Catalog Streaming is at an all time high. Total audio activity went up 6.2% from March 13-July 2 YoY, thus helping the year to date activity of YoY increase by 9.4%. Catalog Streaming rose from 63% to 63.8%. This increase represents a shift from newer to older songs of 23 million streams a day or 160 million per week. (Source:Midyear Report, U.S. 2020. Nielsen Music/MRC DATA)
Statistics show that by utilizing social media such as Instagram and Twitch, videos, and going back through older catalog streaming artists, managers, and marketers can maintain audience engagement. This opens up opportunities of supply and demand as increased consumption leads to depletion and new voids to be filled. Rather than lost revenue and dire predictions Covid-19 is influencing new strategies for growth.
Source of photo: Visualcapitalist.com How Covid-19 Has Impacted Media Consumption by Generation By: Katie Jones