Web3 music streaming platform Audius has officially announced the acquisition of virtual concert platform SoundStage.fm.
San Francisco-headquartered Audius, which arrived on the scene in 2018 and counts as backers Katy Perry and The Chainsmokers, unveiled the SoundStage buyout on social media this afternoon. Audius bills itself as “a fully decentralized music” service, and Barcelona-based SoundStage, which debuted in 2019, says that its digital universe is “the perfect place for artists to host all kinds of virtual events,” including fan meetings and live performances.
While the transaction’s precise financials haven’t been publicly revealed, Audius emphasized that it’s “always excited to expand the ways that artists can interact with their most passionate fans.” Additionally, the purchasing entity communicated that it intends to host a “launch party” celebrating the deal (and featuring producer and DJ Lookas) next Wednesday, October 26th.
More than a few concert-focused livestream services debuted and/or entered the spotlight when in-person gigs were shelved, and amid the ongoing return of proper concerts and festivals, several of the platforms have sold.
Live Nation towards 2021’s beginning took the opportunity to scoop up Veeps, for instance, before installing livestream equipment at north of 60 of its venues in April of the same year. And in keeping with this push to generate revenue by enabling remote viewers to enjoy traditional music events – SiriusXM plans to broadcast an upcoming Drake performance – Veeps debuted on iOS, Android, and Roku TV earlier in 2022.
Meanwhile, with VNUE having bought StageIt in the summer of 2021, livestream startup Driift last month purchased Dreamstage (also a livestream platform). Access Industries’ Deezer then injected $4.5 million into Driift, which the streaming service believes will play a key role as it pursues heightened revenue in the approaching years.
Notwithstanding these and other consolidations in the potentially overcrowded livestream space, besides the aforementioned comeback of in-person shows, a substantial number of diehard fans are still finding time to tune in for certain gigs.
A staggering 49 million fans watched the livestream of K-pop mainstay BTS’ recent concert in Busan, according to reports. And Amazon is preparing to capitalize upon its Thursday Night Football broadcasts by livestreaming shows after games conclude. 2 Chainz has been tapped to host the weekly events, with Lil Baby set to perform later this month.
Worth reiterating in conclusion is that reports previously suggested Netflix was considering adding live content to its platform – possibly including concerts and festivals. Though the film and television giant hasn’t yet confirmed or denied the rumor, the expansion doesn’t appear outside the realm of possibility as execs look to improve revenue and profitability.