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How did the COVID-19 affect the music industry?

In addition to affecting the economic benefits of the tourism, finance, banking, health and aviation industries of many countries, the COVID-19 epidemic also brought significant changes to the music industry of the world.

Because of the uncontrolled outbreak of the COVID-19 epidemic, governments had to restrict crowd gathering, leading to many major events to be postponed, from the Cannes Film Festival (France) and the Olympic 2020 (Tokyo), Music Festivals with global scale such as Coachella, Wired Music Week (Malaysia), Ultra Miami (Miami). This can lead to many changes later.

WHAT AFFECTING THE MUSIC INDUSTRY MUST BE?


The outbreak of the disease has caused turmoil in every area of ​​the entertainment industry. In turn, music events and conferences must be canceled or postponed indefinitely. No one knows for sure how long this crisis will last, but one thing is for sure: the “piece of rice” of those who work in this area is at stake. If they had to cancel the event, not to mention the calculation of profits, even the expenses they could not recover.

To be able to organize a music event with a scale of 500 people or more, the organizers must take from one to two months to plan and ensure the smooth process of the stage. So announcing the postponement of an event is the last option they have to make.

No country is an exception. In Asia, China has had to cancel more than 20,000 concerts and South Korea is facing the problem of revenue from entertainment events. Apart from the canceled The Fact Music Awards (Korea), concerts during BTS’s world tour and Super Junior tour in Japan in March could not be done either …

DOMINO EFFECTS IN THE ECONOMY


Given that canceled music festivals are the root of a system, what is the Domino effect for this system? Theoretically, the Domino effect is a chain reaction in which a change from the origin will affect the neighboring points. For example, for major festivals like the Olympic Games, hosting the Olympics will not only help the country promote its national image but also attract tourists to visit and be invested by investors. foreign investors pay attention to …

In particular, the large music event with a scale of 300,000 people from different countries will bring to the service industry – typically the fields related to restaurants, hotels, souvenir shops , bars, airlines – a small profit. Therefore, a canceled event will have a major impact on the revenue of the above industries. The longer the delay, the easier the economy becomes sluggish and it is very difficult or takes time to recover later.

OPPORTUNITY FOR ONLINE MUSIC BACKGROUND


Recently, according to a data report from the online music application Spotify, the playlist of Top 200 best songs of this application reached 1.31 billion views in just 5 days (March 13, 2020-17 / 3 / 2020), with an average of 262 million views per day. By the end of the week, the app will gain more than 1.8 billion listeners, not including licensing fees, and the equivalent of $ 8 million will be paid to the artists. Listenings on Spotify have increased sharply compared to the end of 2019, showing that during the isolation period due to the COVID-19 epidemic, people tend to change their digital platform access habits. For online content, the time we spend increases by 1.6 times compared to normal days.

Other online music platforms like Apple Music, Amazon Music, YouTube Music (audio) and Pandora also achieved the highest number of viewers this year. In the era of technology 4.0, with the support of Livestream and VR technology, listeners can enjoy music anywhere and anytime. Instead of having to go to a crowded place and put yourself at risk of disease, people can easily find the comfort when organizing house parties.

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