Money Can Still Be Made Despite COVID-19 Says Industry Expert
Updated: Mar 3, 2021
Photo by Marica Romeo
Instagram live, Facebook watch parties and other forms of live streams could be the new way to party, but only the market can drive its success.
Once a fan’s interest is peaked, artistes can expect individuals to spend not only to support them but even more so to support a worthy cause, if part proceeds are going towards fighting the virus.
But not everyone will hop on to the live stream show wagon and not everyone can. As a matter of fact, it may not be sustainable.
So what else can they do?
According to Industry expert, Author and Former DJ, Dr Dennis Howard, entertainers who are preoccupied with social media marketing and failing to monetize talent will not survive this paradigm shift.
“How about merchandising? And no, this does not have to be a clothing line because there are several other things that can be sold. How about offering special packages, building websites and selling all things related to the brand via that platform”
Dr Dennis Howard
He said entertainers can create a super fan structure that allows them to make money from views and traffic to sites.
“I think we should be looking at the pre-COVID strategies for monetizing a brand and utilise those before we try to do anything else…”
He said every move to monetization must be treated like the business it is.
“Having an account, having registered companies, paying your taxes and if you having issues you speak to the government for help, but too many of these businesses shy away from paying taxes…”
Contrary to the beliefs that many artistes have enough in savings to live off, several are really feeling the pinch and honestly are not are not doing well financially.
On Sunday April 12, the Government of Jamaica organised a virtual fundraising concert where dozens of artistes performed and encouraged viewers to make donations towards the purchasing of PPE from frontline staff.
It was here that Finance Minister Nigel Clarke made the disclosure that a compassionate grant for members of the creative industry will be looked into as he understands many are facing hard times.