A wise musician once told me that there would always be a need for clubs and concerts. “The young men and women of the tribe will always gather to drink the wacky juice while someone beats on a log.”
That was true until March, when suddenly, the world was turned upside down by the pandemic. Nightclubs and concerts are shuttered, and the odds of a return at full strength much before 2021 are long. Given that most musicians make a good bit of their money performing and selling at live events, that’s terrible news.
But as one industry faltered, a new business model has arisen – streamed concerts. Amazon-owned Twitch already offers the ability to monetize through its Partner Program, and Facebook, which has long offered the ability to stream through its Facebook Live and Instagram Live, is ready to allow monetization of those tools.
Suddenly, page owners will be able to charge for access to live videos. Musicians are big beneficiaries, but classes and conferences are also going to reap rewards. Facebook also will allow its ‘Stars’ tool, which allows users to buy and send ‘Stars’ to creators while they’re streaming. “They’ll earn 1 cent for every Star,” according to Facebook.