7digital Group PLC (LON:7DIG) said it has partnered with online music and audiobook store eMusic to launch eMusicLive, a livestream platform to stage virtual concerts and provide commercial opportunities from live gigs to artists in a post-coronavirus pandemic market.
The digital music solutions group said the platform has been built for “artists, labels, brands, venues and managers to recreate the unique live experience and monetise the commercial opportunities of live gigs, bundling ticketing, music sales, merchandise and collectables in a single web-based platform”.
eMusicLive will be powered using 7digital’s advanced technology platform, which provides access to its global catalogue of music tracks, and is expected to also utilise the company’s expertise in B2B music solutions as it expands.
The platform will offer an integrated artist-specific 7digital storefront to enable artists to sell their music catalogue or promote their latest release, thereby generating more exposure for their music and more value from sales. It will also allow concerts hosted on eMusicLive to be fully customisable by artist, event and sponsorship as well as allowing artists to engage with fans and provide tools to “enhance and monetise these interactions”.
"Social distancing measures in place around the world are creating an opportunity for new forms of live artist-to-fan engagement. While there are plenty of platforms, none have captured the true essence of a proper show, which should include both the performance value for the fan and commercialisation value for artists”, 7digital chief executive Paul Langworthy said in a statement.
“We are delighted to now be delivering this with eMusicLive, using our commercial expertise to help recover lost income for artists. This is a new, emerging style of platform that we also see having tremendous value for venues as well as retailers and brands for whom music can play a key role in their engagement strategy or business model", he added.
The news sent the company’s shares up 5.6% to 3.4p in early deals on Wednesday.