Innovations like the basketball, the Slinky, radar technology, penicillin, fluorescent lightbulbs, Diet Coke, Microsoft Office, the iPad and Airbnb provide a small snapshot of inventions born out of periods of economic or societal strife. This shows that despite the massive upheaval and horrific costs of the COVID-19 pandemic, new opportunities can emerge.
By tapping into creativity, businesses can uncover novel, lasting solutions to the problems of clients, customers and fans. Those that lean into technology have the potential to make these solutions a reality.
Case In Point: The Music Industry
While this time could produce plentiful new songs, conventional thinking and most health guidelines suggest artists can’t get to the studio to record them or practice with their bandmates. They can’t shoot videos or perform live for audiences, and they receive limited income from streaming.
Labels have been forced to put off album releases as well, costing millions. For those they have released, marketing efforts have been downgraded since they can only market online. They, too, receive little streaming income.
With tours, festivals and venues closed or postponed indefinitely, thousands of crew members and employees throughout the world are out of work. And fans and ticket holders are left in limbo in terms of when they can see their favorite artists again.
But this conventional thinking is no reason to hit the pause button.
Tech Steps In
Music is a medium in which people find solace during times of trial, and many artists are embracing technology to move beyond what’s “normal” to deliver new music and experiences.
Perhaps the first big collaboration of the COVID-19 era was the iHeart Living Room Concert for America. Hosted by Elton John, the concert featured numerous artists broadcasting from their homes, using just iPhones and whatever equipment or instruments they had on hand. It was broadcast on Fox properties as well as livestreamed on social, reaching tens of millions.
Building on this momentum, the One World Together at Home concert broadcast on 60 networks across 175 countries while being livestreamed over multiple digital platforms. The pared-down and highly personal performances (including Taylor Swift alone at her piano singing the song about her mom’s battle with cancer) raised almost $128 million for COVID-19-related charities.
Additional concerts and collaborations have popped up as well, including the Disney Family Singalong. Bob Iger’s brainchild brought together stars ranging from Beyoncé to the cast of High School Musical. Artists prepared for the production over Zoom and then filmed their numbers using digital equipment. Derek Hough and Hayley Erbert, for example, filmed "Be Our Guest" using GoPros to fully capture their dance moves. Performances were then sent digitally to producers, who completed the special.
As wonderful and entertaining as these concerts have been, there remains room for innovation. There are other types of technologies elevating experiences; virtual reality is one example.
VR is being deployed for totally immersive musical escapes, allowing fans to dive into concerts and feel a virtual presence. Their avatars explore VIP areas, offering a visual break from their own living room.
VR also represents the next big opportunity for artists to deliver something totally new. With today’s VFX technology, which integrates manipulated imagery and actual footage to create a desired environment, the possibilities for representing one’s artistic vision are almost limitless. Additionally, the production of VR content requires only minimal crew, a small equipment footprint and little time from talent. Collaboration with studios to create VR content has never been easier either. The distribution of VR content also opens a new revenue channel.
None of these options would have existed previously if those in the music industry had followed traditional thinking. Instead of crumbling, musicians, producers, writers and other creatives looked at the problem and found a workaround that could ultimately bring artists closer to fans and let them interact in ways that matter — ways that deliver hope, joy, support, camaraderie and fun.
Calling All Entrepreneurs
Multiple new ways to connect and promote music are emerging because the industry has been willing to lean in to tech and push forward, refining approaches in weeks that previously could have taken years to catch on under normal circumstances.
Almost every company has the potential to adapt if they follow three basic principles:
• Identify your client’s specific problem at this moment. Life is not likely to ever snap back to what it was before COVID-19. By acknowledging where the pain points are today, you can address them in a manner that will fuel tomorrow.
• Integrate a tech solution. Within the current API- and cloud-based economy and digital landscape, it is easy to apply technology to make something happen. Once you know what you aim to solve, tech can give a huge assist.
• Innovate to create a new opportunity. While there is pressure on your business to survive, there has also never been a better time to consider how to dive deeper into challenges. Use this time to avoid incremental change and go for something truly significant. Great companies and ideas can be successful in any market as long as they present value. Tap into that value, and opportunity surfaces.
While the COVID-19 crisis will eventually subside, today’s innovations can make a lasting impact on your industry and our broader culture.
