It’s important that we learn from this pandemic experience, apply those learnings and be prepared.
WHEN THE WHOLE world shut down back in March 2020, no one knew how or when live events would return. No one could have ever predicted how hard our industry (and countless others) would be impacted by the pandemic. But now, as society begins to bounce back and return to normal, it’s important that we remember just how quickly it can all go away.
As CEO of a live events and concert promotions company bringing curated experiences to the communities they operate in, I know firsthand how much uncertainty can rock the industry. How would you adjust if the world were to shut down again? Would you be able to pivot to and provide safe, engaging and fulfilling live event experiences to your fans? Is your organization agile enough to adapt to another shutdown?
Open-Air Activations
One thing that has carried over from the early days of Covid-19 is the need for personal space. Outdoor venues have provided concert-goers with a certain peace of mind when they can breathe and feel the fresh air. During the pandemic, drive-in concerts became popular as well and allowed concertgoers to take in live events without leaving their bubble. The atmosphere, although a little different, was the next best thing to being in the crowd in a packed house listening to your favorite band, musician or comedian.
These types of activations highlighted and created the need for mobile and remote ordering capabilities — not only promoting social distancing but convenience as well. This also gives shuttered businesses like drive-in movie theaters across the country reason to open their doors back up.
Metaverse
I’m sure by now you’ve been inundated with talk about Web3, NFTs, blockchain, etc. As technology improves and gets better over time, the rise of “live” virtual-reality events is very relevant. These events, while geared toward a younger audience (25 years old and under), have proven extremely profitable.
Artists like Travis Scott, Ariana Grande and Megan Thee Stallion have created virtual performances in the metaverse. Travis Scott’s performance is said to have raked in $20 million, according to Forbes. Millions of people attended these shows virtually — and no one was exposed to Covid from the performances since they all took place online. The next Coachella-like festival property could be sitting somewhere, unclaimed, in the metaverse.
Streaming
Ever since the pandemic, artists’ costs have increased drastically as the industry attempts to recoup two years’ worth of revenues. In turn, ticket prices have jumped as promoters try to justify the amount they are paying to put on a show. Coupled with inflation, it has become harder and harder for fans to take in a live event in the traditional manner.
The inception of live streaming of music concerts and festivals has made these properties accessible to everyone. From Coachella to Rolling Loud and many more, music fans are able to take in these live events without leaving the comfort of their own home (or breaking their wallets).
These past two and a half years have come with countless trials and tribulations. It’s important that we learn from this pandemic experience, apply those learnings and be prepared should the next novel virus rear its ugly head. It may not ever happen again but if it does, it will likely come quickly and without warning. But, as the saying goes: Stay ready so you don’t have to get ready!