From Rebecca Lerner at Forbes The live aspect of events has yet to be replaced by any major medium. Concerts are recorded and major sporting events can be seen live on television but nothing replaces seeing an event live. The same can be said for many festivals and live events that may not be broadcast in other ways. That's where the phenomenon of live streaming media has come into play. With festivals like Coachella, Global Citizen and Panorama, live streaming technology is to bring these to viewers who can't attend for any number of reasons. But is this a good thing? Does this take anything away from the "live" aspect? Will this deter people from attending these festivals since they no longer have to? These are among the many questions and concerns with integrating live streaming media into the festival world. But if anyone has any actual reservations they're too late anyway. Many of these festivals have already started doing it and benefiting from the revenue potential. The obvious consequence is the commercialization of these events but everything comes with a price. The promoters are able to make the festivals bigger and better and benefit from they're growing popularity. And in the immediate study of these events being streamed live attendance has not decreased. With these streams becoming more and more advanced and with 3D, 360VR and Augmented Reality coming into the fold we can only watch and see how the festival crowds react but they're likely to remain the same or grow.
Livestreaming is an intrinsic part of nearly every festival today. From nonprofits like Global Citizen to festival cash kings like Panorama, the industry embraced livestreaming full audio and visual with open arms. This summer, Coachella live streamed three stages with more than 60 acts, garnering 9 million online viewers. With ads on the sides of the screen and popping up in between acts, there’s fortune to be from the millions of music festival followers.
But livestreaming wasn’t always sought after — festival organizers worried it was too expensive and consumers would begin to only attend virtually. At the start of the industry’s foray into live video, only a few people like John Petrocelli, the co-founder of BullDog Digital Media, understood its potential for profit.
Livestreaming events entice viewers by sparking the psychological stressor of the internet age — FOMO. Live streams of festivals and concerts have a largely millennial audience that spends an average of 24 minutes with each stream. And with 77% of Americans owning smartphones, it’s easier than ever to be a part of the conversation around festivals from miles away. After seeing a livestream of an event and familiarizing themselves with a brand, consumers are more likely to attend in person in the future....[continue reading]