COVID-19 has destroyed lives, stolen any semblance of social normalcy, instilled fear, and ravaged our economy. Small businesses across the globe are being forced to shut down; industries across the spectrum are suffering.
In the music world, while streaming is still a viable revenue stream for artists and record labels, touring is where most artists earn the majority of their income — especially those still climbing the proverbial latter. In effort to salvage this income means, Facebook recently announced that they will create an infrastructure for individuals to charge for live streams.
Through Facebook Newsroom, the tech giant’s news arm, the company said, “To support creators and small businesses, we plan to add the ability for Pages to charge for access to events with Live videos on Facebook – anything from online performances to classes to professional conferences.”
With live streams already drawing a gaggle of eyeballs (Travis Scott’s recent Fortnite concert broke records with over 12.3mm concurrent players tuning in), coupled with the uncertainty of when in-person events will resume, Facebook’s recent announcement imparts hope for artists and small business owners alike.
Although it’s unclear when this feature will become available, it’s a positive sign that companies are creatively adapting to the compromising challenges posed by coronavirus.
Stay tuned for more updates.