The head of the video technology business Kiswe, Mike Schabel, has described the planning that goes into setting up a virtual event and why hybrid concerts are the way of the future.
Impact of COVID-19 on Live Events
The largest economic casualty of COVID-19, according to the World Economic Forum, was live performance revenue. To put things in perspective, it was figured out that a six-month break would lose the market over $10 billion in sponsorships.
K-pop in particular was quick to react by putting on a number of interactive live performances that fans could watch from the privacy and comfort of their homes. The thrill of a real, live performance wasn't guaranteed by this experience, but it did maintain a connection between the artists, music, and fans.
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Hybrid Concerts Are the Future
The future of concerts and other live events is hybrid, according to Mike Schabel, president of a video technology business that offers live media solutions to international sports and entertainment content owners, Kiswe. In actuality, offering hybrid live events has always been the intention.
The epidemic pushed venues and artists to focus on performances specifically created for an entirely digital audience. According to one theory, there has always been a cap on the scale of live events due to the limited availability of tour dates and tickets. Schabel explained the profit rationality guiding live performances, which makes it sometimes difficult to be an artist or a fan.
Adding more shows in larger venues or raising ticket prices are the two ways for the business to increase its top line. The reason Kiswe loves digital is that it offers fresh experiences to go along with the in-person ones. A digital concert enables people to view an incredible event once more or to see one’s favorite singer who didn't tour through their town. The music industry, and artists, in particular, only profit when the industry can assist them in reaching more global audiences with their talent.
VenewLive is on the Cutting Edge of Hybrid Concerts
Sunmi, BTS, and SEVENTEEN are just a few of the athletes and musicians that have selected VenewLive, a worldwide live-streaming platform powered by interactive video startup Kiswe, as their partner. VenewLive offers its customers an effective digital pay-per-view model to stream their content. The platform is the initial offering from KBYK Live, a September 2020 launch initiative between Kiswe and K-pop titan BigHit Entertainment. VenewLive received two more investors in February 2021 in the form of YG Entertainment and Universal Music Group.
VenewLive ups the ante on live streaming by utilizing two-way video technology to provide an immersive viewing experience where people can both watch and participate in the content being streamed.