Quarantined-based live streamed concerts causes Facebook to allow creators to charge for access to their live videos
In our current quarantined world, the rise of live streamed concerts from home has skyrocketed. As the only means for artists to perform for their fans, live streaming has invigorated fan engagement. However, the two most popular platforms - Facebook Live and Instagram Live (the latter owned by the former) - oddly enough, are not currently monetizable by creators. At present, no matter how many viewers an artist attracts, they cannot charge fans for access nor directly monetize their traffic.
On Friday (April 24), Facebook itself acknowledged that people are increasingly “turning to Facebook Live and Instagram Live for workout classes, cooking lessons, faith services and more so we’re adding features to make them even more useful”. Facebook further announced that “to support creators and small businesses,” it is planning to allow owners of Pages “to charge for access to events with Live videos on Facebook – anything from online performances to classes to professional conferences”.
What does this mean for the music industry? The changes will be great for artists who are looking for ways to generate revenue while touring is paused. While the licensing and accounting challenges will arise, the acknowledgement from Facebook and its move to help creators at large during this time is something to be applauded.
Look for these changes to occur over the coming weeks.