Artists are more entrepreneurial than ever… As they cultivate communities to build their movements, their music, live, and merch businesses grow as well.
As much as I believe you need to own your future by controlling the data, I also recognize how many fans will only play in the playground that is social media… Which begs the question, how long will it be before facebook and instagram truly optimize commerce?
Imagine the conversion increase when purchasing takes place within the app… They will have your credit card on file, you like what you see (whether it’s a ticket to a show or a new merch drop), and “one click” BOOM – it’s yours!
With a quick Google search, I found instagram actually quietly launched payments a couple weeks ago for some users.
While social media is on its way to maturation, it’s interesting how extreme revenue streams like direct commerce are still absent.
The faster social media and streaming platforms innovate to birth tools which connect artists to their fans, the faster artists and their partners will be able to optimize the true potential for the new music business.
For more on instagram and merch integrations, you can check out the article which inspired this post from my friend Wesley A’Harrah over at Music Ally.