When the (temporary) death of festivals occurred due to the Coronavirus pandemic, the music industry had to find a way to adapt, and so, virtual festivals were born. But as we look more positively towards 2021, and the idea that the Oxford vaccine may be administered as early as April, our fingers are still very much crossed for a decent summer festival season next year. With that in mind, what will happen to the future of virtual festivals? And will they still be required when the real thing returns? Well, according to a new study from MRC Data, based on a survey of fans’ behaviours, attitudes, and preferences, the study doesn’t only define live-streaming’s current success, but highlights its resounding potential for growth moving forward. For instance, although 47 percent of music listeners see virtual concerts as a necessary step for the industry, the majority of those sampled are yet to break the ice and attend a digital performance.
Former Sony executive Thomas Hasse has predicted that the burgeoning format will grow into a $6 billion industry in the next three years alone, and with festivals like Tomorrowland charging their viewers as much as €20 (and more in some cases) to watch the videos of the virtual performances, it’s no wonder these companies are scooping in high costs! With more than half of fans surveyed stating that they’d like to see virtual festivals carry on even after the peak of COVID, the only question remains as to whether or not many music lovers, who have lost jobs or had their finances cut as a result of this current financial crisis, will still feel happy about forking out their earnings for a non-physical product, such as Heldens Everywhere or Tomorrowland: Around The World. You can catch highlights of the former’s performance below via our Instagram page: