Next month is March, which brings us to SXSW (I will be hosting a mentor session on Wednesday, March 15th) and also, the Southwest Invasion Music and Discovery Festival, which is produced by Quantum Collective, a company I am co-founder of. Therefore, next month’s blog will be very Austin-centric, but this month…
I read an article recently that talked about several “big” trends in the entertainment business, and one of them stood out amongst all the others: artists moving away from streaming to earn revenue by focusing on touring and sponsorships. I find this interesting mostly because it’s something I’ve been saying for years (sorry to brag, but if you sat at one of my panels, you’d have heard it for yourself!). One thing remains certain – artists have to diversify the way they do business to make money.
There are a rare few artists that don’t need to tour an album to have a hit, but for most, that’s no longer the case. Even Lady GaGa announced tour dates after her Super Bowl performance! People may complain about the price of concert tickets, but fans want a live connection more than anything else. Not only are concerts selling out, but when a VIP package is offered, bringing A and B level artists even more revenue, they sell out just as quickly as regular tickets.
The rise in Festivals is another avenue that is extremely lucrative, not just for the U2s or Coldplays of the world, but for developing artists who can get on the bill. If they’re lucky, they can play a few shows in and around the area of the Fest for more exposure. Even being last on a bill like Bonnaroo builds your credibility ten-fold.
And, of course, having an incredible and easy-to-use website for fans to check in on once they discover you should be #1 on your To Do List!