The entertainment industry has faced existential challenges over the past seven months, as artists and executives alike have attempted to navigate a world beset by COVID-19.
During a recent panel at the 2020 Fast Company Innovation Festival, industry heavyweight Scooter Braun and popular recording artist Jessie Reyez joined Shara Senderoff, Braun’s business partner in the music and tech investment group, Raised in Space, and moderator KC Ifeanyi, to discuss just how the industry has adapted so far—and what may lay ahead.
Senderoff summarized the initial bleak state of affairs on the business end, in stark terms.
“If you look historically at where the music industry was before COVID, we existed as a three-lane highway: ‘Buy my music, buy my tickets, buy my merch,’” Senderoff said. “And then, as we progressively tried to get into new areas, COVID hits and one-third if not two-thirds of the entire industry was off the map as far as revenue goes.”
Jessie Reyez, for instance,…
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Source : fastcompany.com
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