Social music – Three major revenue zones
Let us have a look at rising revenue sectors which adds to the music industry’s development.
There is a significant opportunity available to create online events like avatar performances, live streaming, and listening sessions a considerable income stream. This sector is looking for product series, commercial structure, and product tiering desperately and it is very much possible.
The above will help this rapidly expanding sector to prosper from the lockdown gap.
1st phase of streaming was about monetizing consumption and the next phase that is the second phase will be monetizing fandom. Talking about Tencent Music Entertainment, it works well with virtual gifts, live streams, and virtual currencies and the same applies to Japanese idol artists and K-Pop work. Today, the popular western social & streaming platforms need to rise to grab the opportunity. Also, artist badges, virtual merch, artist avatars, and premium chat, etc are from the many opportunities available here to be grabbed.
This is an extension to incredible fandom and talking about the huge music-oriented social activity on platforms like Facebook, Instagram, TikTok, and Snapchat are not been monetized properly and it is like a hole in this huge opportunity.
Certainly, TikTok is important and it is with its Snapchat jiff, in the process to trace out the commercial path it can take. To be precise it can be stated as YouTube/Facebook moment. Yes, both these platforms started to expand their area to a greater extent to create varied business models.
TikTok gained momentum exceeding the earlier similar apps. Well, it can continue to remain good at a single thing or rather be the next giant social platform evolving with its audience. Similar to what Facebook did. TikTok is in a similar place as YouTube was in the late 2000s. In case the rights holders decide to build altogether a fresh monetization framework, it will help TikTok become the largest only driver of revenue in the future.