Right now, COVID-19 is threatening the livelihoods of thousands of artists around the world. Together, we need to tackle this existential challenge head-on. Its time to re-think the music industry business model and to come up with models that empower the makers of the music we all love. We need to think differently. Think bold. Think big. Or, just maybe, we need to think smaller. More intimate and more personal.
To tackle one problem at a time. Let’s start with live-streaming your music.
The Minimum Viable Audience
Today I woke up with the Minimum Viable Audience (MVA) concept repeating in my head like a brainworm, to use an Oliver Sacks term. I wrote about this concept extensively in my previous blog post so that’s probably why. However, all this subconscious pondering did result in a new insight.
To first summarize MVA in the words of its inventor Seth Godin, it is “the smallest group that could possibly sustain you in your work…” For you, a musician, what is the smallest possible audience? Yes, an audience of one. However, is an audience of one person financially sustainable? Well, of course not, unless it’s Bill Gates. But many one-persons become a crowd. I call this concept One-Ticket-Concerts.
At the heart of this approach are the needs of music lovers. And more specifically, the needs of true fans of your music.
The value of live-music
Why do you go to a live concert? To speak for myself, I go to be inspired. To hear the songs that I love, but also to be surprised. To be in the moment. I love knowing that I’m part of an experience that is only happening exactly in this specific space and time. Right now. That’s what makes live-music so great. It is limited in its capacity and therefore a unique experience that creates a (sometimes even spiritual) bond between the people on- and off the stage.
Does this sounds too complex to re-create in any meaningful way online? If possible, under what kind of conditions? What do your fans need for it to truly matter to them? I have some suggestions.
Make it exclusive and personal
Let’s bring the smallest viable audience and the magic of a true live-experience together into an irresistible value proposition for music lovers around the world.
How can you both monetize your live-stream and simultaneously create a better experience for your fans? In my opinion, you need to integrate two things: exclusivity and a deeply personal approach centred on the needs of your fans.
First of all, you need to offer a feeling of exclusivity. Many artists offer online concerts for hundreds or thousands of people. That may work in a venue or festival, but online it increases the feeling of anonymity.
Secondly, you need to make it personal. How can you connect more deeply online and make the viewer/fan feel that the concert is truly just for them?
The additional benefit, and vital for monetizing your live-stream service, is that a live-stream attended by few fans increases the perceived responsibility of those present. A mass live-streamed lowers the chance of people actually supporting the artist. ‘Why should I donate/pay for this concert?‘ people might ask themselves when they see hundreds of others attending the live-stream. By making it an exclusive, personal and engaging experience, fans will value it much higher.
There is the key to make a sustainable living from your live-stream. Offer your fans maximum value for money. Offer them One-Ticket-Concerts.
One-Ticket-Concerts
Instead, of hundreds of fans watching for free, you could offer premium paid concerts for one person at a time. You could perform for an audience of one. Does this sound bat crazy? Well, so is the current situation. Yet it is happening. So could these mini-concerts.
Put yourself in the shoes of your fans for a minute. These one-ticket-concerts pack a lot of value for music lovers. It’s extremely exclusive. Or in other words, scarce. It’s right here right now in the moment. It’s super personal. You and me. It’s true interaction between artist and fan. A great way to build your tribe one fan at a time. Even when done online, it has the potential of being a life-changing event for people. Isn’t that what art is all about?
One-ticket-concerts offer fans one-on-one time with their fav artists. Fans can make a song request. Finally, ask that question they had in their mind for years on end. Express their gratitude for your music. And so on. It’s magic on a screen.
Monetizing and pricing your One-Ticket-Concerts
You can increase the perceived value of your concerts by introducing effort. Make fans reserve/book a spot in your calendar. That increases their commitment. And after that, either let your fans pay for it in advance (Paypal, Mollie) or through donation apps during/after the concert. It offers a way for your fans to buy a ticket, have a unique performance to look forward to AND support their favourite artists directly.
Your price for these mini-concerts depends on your notoriety, the pockets of your fans and the show length. If you’re Chick Corea, I would probably pay +€100 for a solo concert with just me as the audience. What a once in a lifetime experience that would be! Are you a young starting musician, maybe ask €15 for a 15-minute concert.
Let’s do the math.
Imagine you ask €30 for a private online 15-minute concert. Taking into account set-up/connection time, three concerts per hour makes €90. So, three hours (9 concerts) will earn you €270 as a day pay. For those concerts, you didn’t have to travel, book accommodation, eat outdoors, or wait around a venue for hours. How often you should/can offer these one-ticket concerts depends on your brand value, free time, etcetera. It doesn’t make you Jeff Bezos, but then again, who wants to be him anyway? We want to make a living, add beauty to the world, and continue to do what we love, right?
So why not give this concept a go? Be creative. Build loops with other instruments (Jacob Collier or Nate Wood anyone?). Share new ideas. Improvise on fan requests on the spot. Inspire them. Surprise them. Talk to them. It will be unforgettable experiences for both of you. Good luck!
Pieter Schoonderwoerd
Your Jazz Career
Find an empowering ebook on developing your artistic vision and writing a compelling artist biography here.
I’ve been coaching and educating jazz artists for years to achieve their creative and professional ambitions. If you are interested in a personal coaching session, you can read more about it here.