Coronavirus is spreading across the globe, resulting in many businesses shutting their doors entirely. While digital marketing agencies, music advertising organizations, and other companies are able to remain operational with remote work, many venues, record stores, and concert halls have taken a hit, with regulations in place forcing the closure of many.
With social distancing taking place globally, many agencies and artists have to cancel tours, affecting release schedules, revenue generation, and short-term and long-term planning. With record stores already taking a hit due to the popularity of online streaming, precious income will be missed that is already needed to keep the doors open.
This pandemic will undoubtedly result in declined revenue across many aspects of the music industry. Streaming will never account for the loss in revenue potential ticket sales, cancellation fees, and more that Coronavirus has and will cause.
As agencies and artists find ways to market themselves and increase revenue generation during this period, light shines on digital marketing efforts. Artists and agencies can still take advantage of selling merchandise and promoting online streaming and music purchasing. Interested in launching a digital campaign with DCR? Check out our digital service offerings.