Spotify eyes expansion into live, virtual events [REPORT]
Spotify is reportedly exploring a deeper commitment to both virtual and live concerts in hopes of enhancing its relationship with artists and adding a new revenue stream for them and perhaps the platform itself.
With concert revenue all but shut down during the pandemic, artists and labels relied on Spotify and other streamers for income. That scrutiny ignited a fresh round of complaints from the many artists who feel they are underpaid and undervalued by the streaming platforms.
Now with concerts returning and live streaming still very much a factor, the streamer may be trying to find where it fits into the resurgence of live music.
The streamer has already hosted 5 ticketed livestreams with The Black Keys, Rag’n’Bone Man, and others as well as a limited number of in-person events.
Details from the report in The Information are slim, but its source claims that Spotify has no intention of trying to take on concert giants Live Nation and AEG.
Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is also the Founder and President of the Skyline Artists Agency and an online professor for the Berklee College Of Music.