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7digital joint venture launches online classical music product
11th Nov 2020 11:41
(Sharecast News) - Digital music company 7digital announced on Wednesday that its joint venture eMusic Live has partnered with classical music artist and project manager HarrisonParrott to launch an online concert and classical music hub, 'Virtual Circle'.
The AIM-traded firm said it was the first such partnership since the formation of the joint venture with eMusic, with the board saying it presented "clear evidence" of the growing demand for artist monetisation tools, which it described as a "key growth market" and new revenue stream.
It described Virtual Circle as a full-service content hub for artists to host livestreams and monetise digital engagement, at a time when the classical music economy had been affected the most by closed concert halls and logistical difficulties, which 7digital said would continue to affect live performances in the post-pandemic world.
Virtual Circle was part of HarrisonParrott's long-term digital strategy to make music experiences more accessible, while also giving audiences multiple ways to support artists, and would feature performances from their roster of 300 international artists, touring clients, orchestras, chamber orchestras, symphonies and dance groups, and other partner organisations.
7digital partnered with eMusic to create eMusic Live in August, which it described as a commercial live streaming platform enabling artists, managers and brands to create personal, interactive events that could also be monetised from end-to-end.
HarrisonParrott artists would be able to use commercial features such as ticketing and ticket bundles featuring music or merchandise, as well as up-sells to high-resolution master recordings or 'VIP' experiences such as artist Q&A sessions.
Virtual Circle would also provide new and different engagement opportunities with fans, including workshops and masterclasses, interviews, album launches and listening parties.
"With tours and residencies effectively stopped, supporting artist monetisation is imperative. 7digital's platform along with eMusic Live will do just that," said 7digital chief executive officer Paul Langworthy.
"The pairing of HarrisonParrott's artists and the eMusic Live platform will ensure that the audience receives immersive, intimate, one-of-a-kind performances, and give the HarrisonParrott artists the tools to build real, sustainable relationships with their fans and a new wider audience, with the security of a reliable income."
Langworthy noted that, when 7digital announced the launch of eMusic Live, it identified artist monetisation as a key growth market and a strategic priority for the company.
"Collaborations such as Virtual Circle demonstrate the strength of demand for the eMusic Live offering and the opportunity for it to become a significant revenue source for 7digital."
At 1136 GMT, shares in 7digital were down 5.44% at 1.02p.
The AIM-traded firm said it was the first such partnership since the formation of the joint venture with eMusic, with the board saying it presented "clear evidence" of the growing demand for artist monetisation tools, which it described as a "key growth market" and new revenue stream.
It described Virtual Circle as a full-service content hub for artists to host livestreams and monetise digital engagement, at a time when the classical music economy had been affected the most by closed concert halls and logistical difficulties, which 7digital said would continue to affect live performances in the post-pandemic world.
Virtual Circle was part of HarrisonParrott's long-term digital strategy to make music experiences more accessible, while also giving audiences multiple ways to support artists, and would feature performances from their roster of 300 international artists, touring clients, orchestras, chamber orchestras, symphonies and dance groups, and other partner organisations.
7digital partnered with eMusic to create eMusic Live in August, which it described as a commercial live streaming platform enabling artists, managers and brands to create personal, interactive events that could also be monetised from end-to-end.
HarrisonParrott artists would be able to use commercial features such as ticketing and ticket bundles featuring music or merchandise, as well as up-sells to high-resolution master recordings or 'VIP' experiences such as artist Q&A sessions.
Virtual Circle would also provide new and different engagement opportunities with fans, including workshops and masterclasses, interviews, album launches and listening parties.
"With tours and residencies effectively stopped, supporting artist monetisation is imperative. 7digital's platform along with eMusic Live will do just that," said 7digital chief executive officer Paul Langworthy.
"The pairing of HarrisonParrott's artists and the eMusic Live platform will ensure that the audience receives immersive, intimate, one-of-a-kind performances, and give the HarrisonParrott artists the tools to build real, sustainable relationships with their fans and a new wider audience, with the security of a reliable income."
Langworthy noted that, when 7digital announced the launch of eMusic Live, it identified artist monetisation as a key growth market and a strategic priority for the company.
"Collaborations such as Virtual Circle demonstrate the strength of demand for the eMusic Live offering and the opportunity for it to become a significant revenue source for 7digital."
At 1136 GMT, shares in 7digital were down 5.44% at 1.02p.