Brazilian Music Market vs Corona Virus
Odds are we are going through the same crisis right now. Many countries in the world are currently on a lock down as the economy continues to collapse. For many industries, including music and entertainment, these are difficult times.
The Live Music sector is undoubtedly on of the most affected within the industry. According to the research presented by Data SIM, event postponements and cancellations are the major issue caused by Covid-19 on Brazilian Music Market. The research indicates that over 8.140 events were affected with estimated loss of R$483million (over 92 million US dollars) during the quarantine – that’s only among respondents of the inquiry.
Many of the biggest production companies are pulling their event support for longer periods. According the CEO of IMM Alan Aldler, the company responsible for UFC and Cirque du Soleil in Brazil, optimistic scenarios indicate that the company expects to start presenting large scale events again as of October this year. But they are still prepared for a pessimistic case in which those events would be held only from 2021.
The Brazilian regional director of GL Events, Milena Palumbo, showed concerns regarding the live event ecosystem. Big companies like GL event might have enough capital to survive the crisis, but when it passes, will smaller service providers still be standing?
In digital scope, however, quarantine has shown us once again that culture has the ability to adapt. In few weeks, online festivals started to pop, showing a very intimate perspective of the artists that perform from their homes. This, by the way, might become a very evident symbol of the time we are living right now.
Quarantine also shows that love for music is something that doesn’t vanish during hardships. In fact, people are getting more connected to it. The consume of streaming services rose and scored three consecutive new records for YouTube live stream platform. Until march 28th, the world record belonged to Beyoncé’s live performance on Coachella in 2018, with 458,000 people watching simultaneously. But within the first few days of covid-19 crisis, bored Brazilians being kept in quarantine battled for the most viewed live stream on earth. First, the singer Gusttavo Lima, made a live stream for over 731,000watchers. A week later the country duo Jorge & Mateus broke this record in only few minutes and scored 3,1 million simultaneous viewers and now the record belongs to the singer Marília Mendonça with 3,2 million. (be aware, it might change again in few days)
So what will happen in next chapters of music business? Will this “crowded” live stream keep happening after quarantine is over? How long until live performances are a lucrative activity for artists again? Any answers now are merely assumptions, but I dare say new types of content might appear and reshape standards from now on.