Much has been written about the decline of the music industry, particularly the fall of album sales. What used to be the bread and butter for musicians now only makes up a fraction of their earnings. According to a recent report by CitiGroup, the music industry generated $43 billion in sales last year, but artists only received 12 percent of that total.
Where artists are seeing dollar signs is through concerts, music festivals and tours. According to the CitiGroup report, consumer spending on concerts is rising rapidly. The report found that artists collect an estimate $2.5 billion every year from concerts in the United States alone. And globally, concerts in 2017 generated an estimated $20 billion in revenue.
Since events now account for such a large portion of the music industry’s profits, artists and promoters are constantly looking for and developing new ways to enhance the concert-goer experience. This includes giving away exclusive content with the purchase of a ticket, offering elevated concessions, or providing VIP access.
In addition to these additions, some are turning to technology to enhance the viewer experience. Virtual reality is being integrated into music festivals and now the industry is turning to blockchain technology to provide concert-goers with a more enjoyable experience from beginning to end. Here are a few ways blockchain is revolutionizing concerts and musical festivals.
Stress Free Ticketing
Acquiring tickets can be the most stressful part of a concert-goer’s experience. Popular concerts and music festivals often sell out quickly. This is due in part to ticket scalpers who go online enmasse and quickly swipe up large swaths of tickets. Scalpers have always been a problem, but advances in technology have allowed them to sidestep the regulations ticket sellers usually put in place to thwart them. And when everyday citizens are unable to purchase tickets by traditional means, it’s these very scalpers they have to turn to. In these cases, people can end up paying far more than the original ticket price and they’re often left wondering whether the tickets are legitimate.
Blockchain-based ticketing platforms can give concert goers a more stress-free experience by cutting out the middleman and allowing concert promoters to sell directly to concert goers. This eliminates the need for the costly fees usually associated with ticketing sites like TicketMaster.
Blockchain can also be used to verify the authenticity of the tickets on ticketing platforms.
Enhancing Multi-Day Festivals
Musical festivals are not easy productions to put on. Lineups are so extensive and varied that some concert-goers might not feel like they’re getting their money’s worth when they only like one or two acts. And to make matters worse, if one act in the lineup is delayed or fails to show up, it can throw the entire production off it’s access.
With blockchain, festival organizers can give ticket buyers a say in the acts they’ll see. The technology’s consensus protocol can be used to let concert-goers actually choose the festival lineup.
These are just a few of the ways concert promoters and ticketing platforms are utilizing blockchain to enhance the concert-going experience. And it’s just one industry where blockchain is creating new and exciting innovations.
Treehouse Technology Group is working with companies to help them harness the power of of this technology. We’ve worked with several groups to integrate blockchain in ways that increase efficiency and free up valuable resources. If you’re interested in transforming your operation and want to work with a company with a successful track record, contact TTG for a free consultation. We specialize in helping companies develop robust solutions best suited for their specific business needs.