- Research finds that digital technology empowered artists to find new opportunities to innovate, create during pandemic.
- Report finds that low-cost, high-value marketing services and collaboration tools will become critical for music industry going forward.
- As a company employing digital technology to support independent artists, Sanwire is ideally positioned for new era.
MIDiA Research, a specialist media and technology analysis company, cites digital technology and social media as powerful tools for independent artists to create content and engage with fans during COVID-19, with increasing roles in the post-pandemic world (https://ibn.fm/x6K6k). As a company dedicated to employing digital technologies to provide a broad spectrum of services for independent artists, Sanwire Corp. (OTC: SNWR) and its wholly owned subsidiary, Intercept Music, stands to benefit from the growing importance digital is expected to play in the music industry.
The pandemic has disrupted the music industry in an unprecedented way. As concerts, tours and festivals are canceled and record stores closed because of social distancing measures, revenue streams for artists have dried up. Although COVID-19 has devastated large swaths of the economy — including the entertainment industry — music artists’ responses to the pandemic have been more positive than negative as they turn to tech and social media to entertain larger audiences than ever before.
Digital technology lived up to its promise, enabling the industry’s resilience and creativity in the face of hardship never seen before. For example, enabled by the digital technology, a new income source emerging in 2020 is live streaming. The MIDiA report notes that an estimated 20% of artists have been involved in live-streaming performances since the onset of the pandemic. This figure will grow as the sector develops into a significant delivery channel. As a result, live streaming is likely to become a permanent channel rather than a temporary solution (https://ibn.fm/znM8A).
Social media marketing becomes ever more important for artists as they take advantage of more time to create, collaborate and communicate with fans on social media,. However, as the content flows onto the social and streaming platforms, it will become an even more crowded space. With almost half of independent artists managing their own marketing, frequently on low or no budgets, capturing the attention of fans and a share of the market is a challenge.
MIDiA Research predicts that artists will depend more than ever on light-touch, low-cost but high-value marketing services and collaboration tools (https://ibn.fm/MxlmJ). This is where Sanwire steps in to fill this growing market need as a company offering digital solutions to empower independent artists with a marketing system specifically built for them. Through its subsidiary Intercept Music, Sanwire provides music artists with tools that help them organize and creatively share content, enabling them to create posts to keep existing fans engaged while attracting new fans as well. With best practices from some of the best artists built into the platform, Intercept Music enables artists to monitor their social media and track results from a single dashboard. As a company that provides essential digital technology designed to support the needs of artists in a pandemic world, Sanwire Corp is ideally positioned to occupy the growing sector.
NOTE TO INVESTORS: The latest news and updates relating to SNWR are available in the company’s newsroom at https://ibn.fm/SNWR
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