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It’s no secret that the global live music industry has struggled recently, with audiences dropping and ticket sales declining. Although the appetite for quality music from alternative bands has not dissipated, the ways that those bands and the army of workers that support them can make money has been curtailed.
However, there is no reason why the live music industry won’t bounce back stronger than ever if they make the right decisions. One sector of the entertainment industry with a lot to teach is the online casino gaming industry, which is currently experiencing record profits and ever-growing audiences. Read on to learn the key lessons that the live music industry can learn from online casinos.
1. People Want Livestreams
One thing that is becoming increasingly clear is that livestreamed content is an immersive, entertaining experience and that people are more than happy to pay for it. Online casinos understood this a long time ago, which is why most of the top platforms offer livestream table games such as blackjack and poker so that fans can enjoy the full Las Vegas experience from their living room. If the live music industry invested more heavily in quality livestream content, they could make up for revenue shortfalls.
2. Reward Loyalty
Many live music ticketing platforms such as Ticketmaster and StubHub could improve their somewhat poor reputation among consumers by rewarding their loyalty.
This is something the online casino industry understands well. For example, the most competitive platforms offer customers regular bonuses such as free spins upon registration for a range of online slots from reputable platforms such as 888 and LeoVegas. If major ticketing platforms reflected this and rewarded loyalty with more discounts and early access passes, they could retain their audiences and even grow them.
3. It’s All Mobile Now
One area where the online casino industry has made some majorly impressive inroads is the mobile entertainment market. The most successful platforms have made a killing by offering top-quality casino games on mobile, either via mobile browser or via dedicated casino gaming apps.
If the live music industry made similar moves, they could also see similar levels of success. For example, live music providers could offer more mobile-friendly live video streaming. They could especially do more to make the concert or festival experience more interactive, perhaps by including in-app bonuses for attendees or fun mobile light-up torch features for a particular show.
4. Consider Branded Content
One thing bands and managers could do is consider how their digital merch and branded content empires could be expanded. There are some obvious lessons to be learned from the online casino industry here. For one, online casinos now have a wide range of officially branded slots that feature the likeness and music of a particular artist or band.
There are official branded slots for Madonna, Kiss, Dolly Parton, Motorhead, and Guns N’ Roses, to name just a few. Smart and simple brand tie-ins like this can be a great way to boost revenues and give something back to the fans.
There has never been a more interesting or uncertain time to be in the live music industry. Whether it will survive intact for the long-term depends on how it adapts. If one thing is certain, it’s that the online gambling industry has something to teach.