Simultaneous Online and Offline Concerts Possible Upon COVID-19 Situation Resolution
Domestic Performance and Related Product Sales, as Well as Overseas Fan Demand, Can Be Accommodated
Super Junior's paid online concert "Beyond the SUPER SHOW," broadcast live via Naver V Live on May 31 last year, was watched by approximately 123,000 viewers worldwide and received about 2.85 billion hearts from fans, according to their agency Label SJ on the 1st. [Image source=Yonhap News]
[Asia Economy Reporter Minwoo Lee] The online concert market, which was triggered by the COVID-19 pandemic last year, is expected to expand further. Even if offline concerts resume in the future, the market size is anticipated to explode through simultaneous online and offline events.
According to KB Securities on the 3rd, the global concert market last year is expected to shrink by 64.0% compared to the previous year due to COVID-19. The South Korean market is also forecasted to decrease by 63.8%. According to the Korea Label Industry Association, since February last year when COVID-19 began to spread in earnest, 990 concerts were canceled or postponed. The estimated damage from this is 161.9 billion KRW.
Against this backdrop, specialized online concert companies have emerged. SM and JYP Entertainment established the world's first online concert specialized company, BLC (Beyond Live Corporation), on August 4 last year. Initially a temporary project due to the suspension of offline performances caused by COVID-19, it officially launched as a company with investment from Naver to promote paid online performances as the pandemic prolonged. YG Entertainment also filed a trademark for its own online-exclusive concert brand 'Palm Stage' in partnership with YouTube Music on November 20 last year.
In particular, this year, online and offline concerts are expected to be activated simultaneously. With the easing of social distancing following COVID-19 vaccinations, offline concerts are being held, and based on experiences from last year, it is anticipated that online concerts will be conducted simultaneously. In fact, the Big Hit Label concert scheduled for December 31 last year was planned to be held both online and offline. However, the offline concert was canceled due to the resurgence of COVID-19.
If simultaneous online and offline concerts become possible, entertainment companies will be able to catch 'two rabbits with one stone.' KB Securities researcher Sunhwa Lee said, "Offline concerts can increase the average ticket price and boost sales of related merchandise (MD) such as concert goods," adding, "Online concerts will secure revenue by enabling overseas fans, who were physically unable to attend, to watch the performances simultaneously."
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