Key takeouts from the experts on our Livestreaming Panel
For the the first of our new series exploring this evolving brand x music landscape, and in particular the impact that covid-19 is having, our music editor Simon Singleton talked live-streaming with some stellar names from the industry, DICE's Global Head of Brand Partnerships Tristan Khan, Jägermeister’s Head of Music Tom Carson, and exciting new up-and-coming artists and friend of FRUKT, Nxdia.
In this 50 minute FRUKT panel ‘How Can Brands Enhance The Livestreaming Experience’, the four discussed this potentially lucrative component of the music industry, which quickly progressed during lockdown from artists hosting free-to-watch home performances to premium ticketed productions in iconic locations, with events from Lewis Capaldi, Laura Marling and Nick Cave being some of the headline shows. They also looked at how brands can tap-in into this new sector, and the lessons they can learn for any future involvement.
Here are just some of the key learnings from our panel:
- Importance of Authenticity: Brands moving into the livestream area need to remain authentic and true to their role in music. Jägermeister’s Save The Night is a great example - helping staff in the nightime economy while also entertaining online parties is a credible fit for the brand.
- Fans Willing to Pay for Premium Quality: The willingness to pay premium prices for quality livestreams is evident - Laura Marling sold over 6000 tickets for her Union Chapel shows and BTS broke a world record for their livestream show, which generated $18m in ticket revenue.
- High Production Expectations: “The ambitions for virtual gigs have to match a real event - you wouldn’t pay to see Skepta at Brixton Academy and be happy with him using an Argos microphone, so brands plotting online events need to utilise a similar level of production.” - Tom Carson, Jägermeister. DICE’s in-platform analytics and user interviews both conclusively prove that higher production values are much more likely to be rewarded with higher viewing figures.
- The Value of Finite Experiences Remain High: Analytics demonstrate there is higher fan engagement when online events are finite and exclusive. “They want it to feel like an exclusive experience” - Tristan Khan, DICE.
- Increased Revenue on Pre-Stream Ticket Sales: DICE has over a million data points showing there is, on average, a 3x higher revenue take on pre-stream ticket sales over voluntary donations or a pay-what-you-want set-up.
- Events to Occupy IRL and Online Space: “The new normal will be some fans buying IRL tickets and some fans buying online tickets” - Tristan Khan, DICE
- Livestream Eliminates Access Restrictions: DICE has sold tickets in 133 countries since launching DICE TV - showing how quickly artists and potentially brands can attract a global audience. DICE’s data shows the two most popular reasons people buy online tickets is the show being sold out and the show not being local, and these two pain points will still exist post-lockdown.
- Opportunity to Heighten Fandom: There is huge potential for new technology to enhance the livestreaming experience and interaction with artists. ’Stan culture is so evident in young people - they’re ready to interact and get closer to their heroes in every way they can, so virtual reality and other technology feels an incredibly cool space to move into.’ - Nxdia, artist.
- Livestream becomes New Promotional Channel: Livestreaming is proving an incredibly powerful promotion tool for artists - Laura Marling’s 2021 live tour sales shot up and Lewis Capaldi’s album returned to No. 1 following their online shows. Brands working with the right music talent could therefore generate ongoing reciprocal buzz from their livestream investment.
- How Brands can Enhance the Livestream Experience: There is ample opportunity for brands to support artists and be involved in the livestream industry – through sponsorship, access to artists (post-show meet and greets), merchandise, and technology. It is a highly creative and evolving part of the music industry.
To find out how we can help you press play in the world of livestreaming, get in touch with FRUKT’s Head of Entertainment Adam Butters – firstname.lastname@example.org or our Music Editor Simon Singleton – email@example.com