HOW MUSIC INDUSTRY
EMPOWER COMMUNITIES
IN UNPRECEDENTED TIMES
The unfortunate outbreak of COVID-19 is affecting
204 countries and territories around the world and 2
international conveyances . India alone has 2,301 confirmed
coronavirus cases until Friday 03 April 2020 and multiple
deaths have been registered. Governments around the
world have asked citizens to show their collective resolve in
fighting the disease by imposing lockdowns which is a step in
the right direction in order to curb the spread.
The rapid outbreak of the coronavirus presents an alarming
health crisis that the world is currently dealing with.
In addition to this, there is also a significant impact on
businesses that are felt globally. As per a report by Deloitte,
94% of the Fortune 1000 are already seeing COVID-19
disruptions. The Music industry in India is also getting
impacted. As per a report by Events and Entertainment
Management Association, COVID-19 has hit 60 million
livelihoods and the losses for the first two months are already
over 3000 crores.
The Indian Media and Entertainment industry is poised to
grow at a CAGR of 11.28% over the next 5 years and reach Rs
4.51 trillion by 2023. The high uptake of internet has led to a
rising consumption of OTT channels and music streaming
apps. With streaming services germinating, total music
revenue is forecast to hit Rs 10,858 crore in 2023, rising at a
13.5% CAGR. However, various artists are facing challenges
as they rely heavily on live music concerts, and releases of
feature films which are getting postponed.
To motivate and push artists, people affected as well as others
that are taking precautions, music industry is building
strategies to move forward. The Indian music community
and Instagram presented a virtual music festival - ‘Live In
Your Living Room where multiple artists performed live
on Instagram. Even music streaming apps are supporting
independent artists in this challenging time. Players like
Jio Saavan, Spotify are working to offer financial relief to
find ways to support the community. The Spotify COVID-19
Music Relief project has been created to amplify the efforts of
organisations that focus on helping those in need.
Sennheiser has initiated a campaign #DontStopTheMusic
which is a virtual concert series broadcast via Sennheiser's
Instagram featuring live artist performances from diverse
genres and locations. There are a wide variety of music
videos to watch and listen to ranging from immersive jazz
club recordings, to living room electro sets, to live takes
from recording studios. With this initiative, Sennheiser
is encouraging people to donate to the WHO in the fight
against the coronavirus. Another campaign by Sennheiser,
#DontStopTheEducation has announced an online webinar
series for Audio Professionals. Sennheiser strongly believes
that as a brand, we should never stop educating ourselves
even in the current social distancing and working from home
situation.
Given the current scenario, people are locked within the four
walls of their home and with this, they have started pursuing
their hobbies and passion such as cooking, sketching, making
DIYs, composing music, and learning new skills at home.
They are making vlogs of the same and posting it on their
social media channels. In such adverse times, the positivity
in people gives us the strength to look beyond the disease and
do something meaningful and worthwhile.
Music has always found to provide strength and hope during
crisis times. Music has known to heal people in times of
crisis- especially during this unprecedented time. People are
making YouTube parodies, singing songs out loud to boost
morale of each other across the globe. Music has the ability
to increase social cohesion and direct human attention which
could play a pivotal role in times of distress. With such
initiatives taken up by brands and music streaming apps to
support each other in times of difficulties, we are sure that
the Music Industry and the artists will continue to thrive
and grow. It will also be interesting to see the consumer
behaviour pattern when live streaming meets social
distancing at this time.
The
Score Magazine
highonscore.com
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