The volume of live entertainment shows went from 100 percent to 0 percent in such short notice. Regarding that, Jim McCarthy discusses the future of live entertainment in today’s Expert Insight Interview. Jim McCarthy is a co-founder and CEO of Goldstar Events and Stellar.
This interview explores:
- Rise of Online Live Entertainment
- The Platform
The Rise of Online Live Entertainment
Live entertainment is one of the industries hit the hardest by the Covid19 pandemic. However, live entertainment does have strong roots in our culture, and it is something that will have a come-back, we just do not have the answer when. The come-back might be full of ups and downs until the vaccine or appropriate treatment is found, but after that, it should have a steady rise. During this period, people started to improvise and to use the resources they had; thus, we all witnessed the creation of many online shows. The pioneering shows had casually improvised style, but now there is a professional platform designed to give live entertainment producers or venues tools to make online events. For example, Korean pop band BTS held an online concert a couple of weeks ago and sold 750,000 tickets. That same band last year held concerts 3 nights in a row in California and all together sold only a fraction of this year’s tickets. So, the reach that online live entertainment offers made it a supercharge to the entertainment industry.
This type of platform is made for professional live entertainment no matter the performer’s experience or size. It integrates the ticketing and streaming, so it offers tickets just as if you are at the in-person event. It offers high-quality sound and video, the ability to watch from a TV, interaction with other fans and it even offers applause. This platform is made especially for these types of events and not for meetings or webinars. The platform is used by magicians, bands, comedy clubs, etc. The biggest challenge is to overcome that feeling of an empty auditorium, but live chat offers the needed live interaction with fans. The important thing is to remember that online live and in-person live entertainment are not mutually exclusive. The introduction of online options only expanded the target audience because now people who cannot attend it in-person still have the option to attend the live performance virtually. Online options also increased the value of in-person tickets not financially but in the sense of the whole experience. In conclusion, online live entertainment represents a huge opportunity to become a permanently profitable business model.
John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.