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Tips for Monetizing Live Music Event

Organizing a live music event is difficult and expensive, and so it makes sense to make as much money off a single event as possible. Modern technology allows event organizers to increase the number of people who have access to a show without scaling up to a bigger venue. By live streaming an event, you will see a greater return on investment and increase brand awareness.

People love live music, and they will pay good money to see it. However, no matter how great the band, all venues have a capacity. Event organizers have for years had to choose between large expensive venues that can be difficult to fill, and small venues where floor space may be minimal. Now, thanks to live streaming technology, event organizers can get their show in front of a global audience from even the smallest of venues.

But what constitutes a good live streaming plan?

If you’re used to organizing events, you’ll know how important promotion is. Exactly the same applies when you’re trying to encourage people to stream your event. However, whilst previously posters and television ads may have been your best resources, when it comes to live streaming its best to go digital.

Consider creating a video trailer to promote your event. The video is the most effective form of advertising and can be shared on all social media channels. There’s no better way to alert potential cyber attendees than by creating a compelling trailer. We know trailers can be expensive, but so long as you make a high-quality video and get in front of the right audience, it’s unlikely to fail.

Top tip: Ask the live act to post the video on their social channels. That way you can be sure your video is seen by the target demographic.

Next, you need to choose an online video platform (OVP). There are plenty of good OVPs available, but here’s our list of partners. Picking the right OVP is critical since this is where you live stream will be delivered. Buffering and lag are a major turn off for consumers, so make sure your OVP is up to the task.

Finally, it’s imperative that you choose the most appropriate pricing model for your event. Your target audience should guide your decision, as well as the structure of your event. Models include: pay per view (great for one-off events), subscription (suitable for event series), and bespoke options (perfect if you want to give consumers the option to watch events which feature their favorite artists).

If you’re organizing a live music event and would like to know more about monetization options, InPlayer can help you get the best possible ROI. We offer next-generation video monetization solutions and are industry leaders in content monetization. If you’d like to find out more click below:

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