Live pay-per-view streaming is the new world
TicketCo TV’s UK Key Account Manager Paul Carey was a guest on BBC 5 Live with presenter Michelle Ackerley this week to chat about the events industry and the explosion of live streaming.
Here Paul outlines the key take outs from the interview, which asked how live streaming is growing and whether it is here to stay?
At TicketCo we have built our business on providing an easy to use digital platform for event organisers, artists, and venues to sell tickets and market their events. We have always been at the forefront of developing our own technology to adapt and provide a service and platform that is relevant in the digital age.
When lockdown hit the industry the team at TicketCo soon realised it was an opportunity and the company invested in R&D to develop and launch a new pay per view live streaming and video on demand service. It is combined with our ticketing platform so organisers and artists can monetise digital content and events.
Old world meets new world
The old world seems so far behind now and we have all entered the new world. A lot of people talk about retuning ‘to normal’ when a vaccine is discovered for COVID-19. But in the events industry the new digital world is now here to stay. Both in terms of how events can be structured and sold, but also how people are behaving and spending their leisure time. People have adapted quickly and embraced technology even more into their daily lives, whether it is enjoying a video chat with family or friends or buying a ticket to a show to watch via a live stream on their smart TV.
Party at home
Lockdown has sparked a resurgence in people entertaining themselves at home. Interestingly we have seen via some of our client’s events that people are embracing new ways to engage via live streaming to create experiences and parties at home.
For example when the UK comedy promoter Just the Tonic put on its ‘Working from Home’ live pay per view comedy show we organised for crates of beers to be made available for home delivery on the day of the show to ticket buyers. This was done in collaboration with our partners at ROKiT Drink and was offered to ticket buyers at the point of sale. More than half of the ticket buyers purchased the beers. Not only did this enhance the revenue for the live streamed event, but it also demonstrated the desire among the public to create experiences and events at home.
Demand for great artists
TicketCo TV is the delivery partner for the Henley Festival’s ‘Digital Edition’, which is a pay per view live concert which is replacing what would have been the last night of the traditional event. Artists including Beverley Knight and Will Young will be performing live. Ticket sales are going well, and it proves there is an insatiable demand from music and live event lovers to see fantastic artists perform live. I believe the opportunity for people to do so from the comfort of their own home is proving to have great appeal and will continue to do so.
The future is now
Historically live streaming was a nice to have, rather than a must have by event organisers. It was an opportunity to generate some extra income but was not a necessity. But this has completely flipped, and it is the new reality we are now living.
Pay per view live streaming is a big market. Goldman Sachs recently predicted the market will grow by 400% over the next ten years. Key to this will be event organisers embracing quality platforms for their live stream events to ensure ticket buyers receive the best possible customer journey and experience.
Missing out on tickets to your favourite band or artist is infuriating. But pay per view live streaming now means no gig needs to ever be sold out again. There is infinite capacity online for fans. It opens so much opportunity, for example people can watch an event from anywhere in the world and travel is no longer a barrier to watching and experiencing a live performance. Not only does this create huge financial opportunities for organisers, artists and venues, it also creates increased access for fans and ticket buyers to enjoy their favourite performers.
It has been a fast learning curve and an incredible journey for TicketCo TV. It is fantastic to be able to offer organisers, artists, and venues an opportunity to adapt and continue to engage their audience and generate vital income. If you would like to discuss how pay per view live streaming works and how it could help you, please get in touch.
You can listen to the interview here. Paul’s part starts at 1:19:44, and the recording is available until 17th of July.