Are Virtual Concerts Worth It?
Traditional concerts are the main source of income for most musical artists however, with the current COVID-19 pandemic, the music industry has been forced to rapidly adapt to the times. This led to an influx of virtual live concerts in three different formats: video streaming platforms, the virtual worlds of video games, and virtual reality. These three categories have varying levels of effectiveness and popularity, in part due to the musical artists using them. For lower- and middle-tier artists, virtual live concerts can generate a healthy income and help them connect with fans across the globe. With top-tier artists, it would not make financial sense for them to continue with virtual concerts once in-person concerts return. They could still potentially benefit from having one or two virtual performances a year to engage with fans who cannot attend their normal concerts. For now, artists from each tier have been successful in the sense that they can still connect with fans and boost morale through these concerts. Video streaming platforms cannot compete with real concerts, but they have still been able to provide a sense of intimacy, as well as happiness to the viewers. When artists perform on Instagram or Facebook live, they can take requests from listeners and really tailor the concert to their fans liking and desires. Although it can be a bit awkward for the artist since they are without a live audience to engage with, the comments allow fans to interact with the artists in a way they would not be able to with a conventional concert. Video games have allowed a completely new and unique way for fans to interact with artists and their music, as well as video game platforms as a whole. Virtual live concerts through video games is not an entirely new concept. Back In 2019, Marshmello performed a short set for millions of people on Fortnite. When Travis Scott had his Astronomical event on Fortnite in April, more than 12.3 million people logged in. With certain platforms like Minecraft, people can explore virtual festival grounds, travel with friends through a buddy system, and experience unique special effects based on the songs being performed. Virtual reality offers different viewpoints and interactions that could not be achieved at a traditional venue. Users can watch performances from the audience, backstage, behind the sound booth, or on stage. Even though the VR market is not the largest, it is predicted to grow as prices drop and capabilities rise. Virtual reality concerts allow anyone to experience a live concert in spite of issues with cost, geographical restrictions, age, and/or health problems. In the era of social distancing, people have turned to music to escape from this new reality. Although most people would choose an in-person experience if given the chance, virtual live concerts have helped people alleviate some of their uncertainty and fear. Artists have reached millions of people and given them hope, despite the unconventionality of the situation, people are thankful and have truly enjoyed the new avenues of entertainment. VxV Management supports virtual concerts and partnering with new upcoming companies that stem around the idea of virtual concerts to help promote and push their artists into new realms and levels. With this current pandemic, a lot of industries are changing how they do business, and new companies are emerging in the market while others are dwindling away. The choice is up to the individual and/or business to fall behind the times, change with it, or stay ahead of the trends. Virtual reality will continue to be a growing market in our professional opinion.