August 2020 Industry Wrap-Up

August 31, 2020

By Kevin Cornell

As usual, right on time, we’re dropping a hand-selected group of headlines aimed at keeping independent artists aware of what’s happening in the music industry each month.

Check out what you might have missed in August!

Nielsen/MRC Data Reveal Latest COVID-19 Survey Findings
Since the pandemic kicked off and the world was thrown into a tizzy, music firms Nielsen/MRC Data have been running and releasing surveys to capture its impact on listening/consumer habits around music. The latest findings showcase genre performances, cancelation/sign up ratios, and more. Read more here.

Bandcamp Fridays Have Yielded $20 Million For Artists
Bandcamp introduced ‘Bandcamp Fridays’ in the early days of COVID-19 as an effort to pay out 100% of the revenue earned by artists/labels. Normally, the platform takes a commission on everything from digital downloads to t-shirts and records, but for one Friday each month, bands and labels racked up a collective $20 million, and they’ve got plans for the future. Read more here.

The State of Music Content on YouTube
Analytics and rights management firm Pex dropped its 2019 YouTube statistics/findings this month, and if you’re a creator who is harnessing their video strategy, this one’s for you. Pex found that music content has generated an uptick in the overall importance of music content in comparison to it’s competing categories: gaming and entertainment. Read more here.

Instagram Launches Reels Across the World
You heard it here first! Earlier this month TuneCore was thrilled to announce Instagram’s latest short form video feature Reels had officially launched. Artists are having fun and fans are utilizing their songs all over the app. If you haven’t given it a try yet or missed our announcement, get caught up today. Read more here.

Tencent Virtual Concerts Rack Up Major Views in Mainland China
As Chinese music giant (and TuneCore partner!) Tencent steps into the event space launching ‘TME Live’, virtual concertgoers appear to be pleased. TME Live has received over 100 million views on YouTube and garnered over 8 billion engagements on Weibo (social media platform). Their tactics could be a preview of what’s to come elsewhere in the world as it pertains to live events from home. Read more here.

DiMA Publishes ‘Streaming Forward’ Report
More from the front lines of ‘reports’ and ‘data’ around music industry figures: Digital Media Association published its ‘Streaming Forward’ report, a lengthy but certainly useful guide to the state of streaming in 2020, the revenue being created and what the future may hold. Just in time to squeeze something in for your Summer Reading list. Read more here.

‘Save Our Stages Act’ Rallies Support in U.S.
The National Independent Venue Association has been working and lobbying hard for a practical relief program dedicated to venues, promoters and festivals. The ‘Save Our Stages Act’ began to receive some heavy-hitting bi-partisan support, and it would ensure at least six-months of financial support for businesses and professionals that have been hit especially hard by the pandemic. Read more here.

Facebook Announces Paid Livestreaming
Big news from the social media giant Facebook this month: they’ve launched paid livestreams in an effort to help creators utilize the platform to not only engage fans during a time in which we’ve all been sequestered to our homes, but also to earn a few bucks doing it. With artists continuing to find their groove in livestreaming all over the web and across genres, this comes as great news for the independent music community seeking to make up for lost revenue in 2020. Read more here.

Tags: featuring music business music industry news