Are Virtual Concerts the Future of Live Music?

Article Posted by Los Angeles Business Journal

With most in-person events off the table because of the pandemic, musicians and concert promoters have scrambled to keep fans engaged through imaginative virtual events and intimate concerts live-streamed from theaters, studios, and homes.

Fueled by innovative Los Angeles companies, these livestream performances could persist long after the pandemic subsides.

“Livestreaming is going to explode,” said Robert Ellin, chief executive of Beverly Hills-based LiveXLive Media Inc. “It’s just going to keep growing. What we’re creating is the next generation of music videos, and that drives your artist sales, and it drives your ticket sales.”

The concert and events industry has been among the hardest hit by Covid-19. Losses in the United States amounted to more than $26.1 billion in 2020, according to a report by IBISWorld Inc. analyst Kevin Kennedy, who said the industry would likely continue to feel the effects of the pandemic in 2021 and beyond.

Not all virtual events staged during the pandemic have been ambitious, visually spectacular experiences like the Fortnite performance. But Boesel said the artists and companies staging these events are in a period of experimentation in which they are trying to discover what will resonate with viewers.

“There’s a level of excitement among people to get back out there and see their favorite bands, but no one’s sure yet when that’s going to be safe,” she said. “In the meantime, it’s giving a chance for these virtual experiences to develop and put down roots.”