Both gaming and music industries share common similarities as much as they share their differences. For instance, some 3 decades ago, both industries relied on the sales of copies to generate revenue. But that isn’t the case today. In fact, both industries have now walked divergent paths in terms of distribution and revenue collection methods. However, due to their sheer similarities and also the fact that the gaming industry seems to be doing well in terms of monetization, one may say that perhaps its time for the music industry to borrow a leaf.
Gaming and income stream models which the industry has employed
The concept of e-sport is slowing gaining popularity. The likelihood of e-sport finding its way to Vegas Palms Online Casino in the near future is very high. Competitions are actually being organized around the world where participants can compete and win big prizes based on their skills. Others have since learned that media channels like YouTube and Twitch are the best avenues for getting subscribers, donations, and sponsorships. And so far, it has worked for them. So why not implement it on https://www.vegaspalmscasino.com or any other internet casino with a taste for change?
How the music industry can copy what is already happening in the gaming industry
How the world of music can generate revenue is something that depends on the business and the way it is designed. The landscape of the digital music is open to numerous opportunities for earning revenue. These methods are currently being used in the gaming world, and they are working great so far.
Games make use of virtual items to generate revenue. These virtual items come in form of skins which characters can use when the player unlocks them. This is done through paying real money. A good example of a game that has earned well is the iconic League of Legends which leveraged on in-game purchases to generate a whooping $1.6million.
Perhaps the industry could come up with a platform that emphasizes people’s identities through their choice of music. So far, Last.fm and MySpace have tried it. But they haven’t taken it to a level that can actually become viable, commercially. Generally, the music industry would need to explore the social side of music in order to come up with ways that their digital products can be monetized through virtual goods.
(b)Competition and rewards
Competition could be introduced within the virtual environment. This could come in form of completion where people are targeting the top spot in the leader board or even having fans pay money to unlock exclusive live streams. Perhaps they could also come up with a model where fans can subscribe and become a part of a group that is allowed to access special content on a weekly basis.
This could be a good practice when employed in both gaming and in the music world. It gets people coming back to play the game quite frequently. However, in the context of music, it keeps fans closely connected and up to date on the latest releases.
There are many lessons that can be learned here. Some game developers now give a special season pass for accessing games or even downloading offers when available at a discounted price. The same lesson could be implemented when it comes to monetizing music in the digital space.