(Hypebot) — Data shared by Bandsintown show just how much Facebook’s new paid live stream options can contribute to the financial survival of artists and venues during the pandemic.
On Friday, Facebook announced that it had added tip jar and ticketing options to its live stream platform and would waive all fees until the end of 2020.
Data shared by Bandsintown shows that 35% of the more than 47,000 paid live streams that have been listed on the popular music discovery platform were streamed on Facebook since the pandemic hit in March.
If current streaming trends hold, that means that tens of thousands of music live streams can be monetized without commissions before the end of the year thanks to Facebook
“With in-person events unlikely to fully resume before the second half of 2021″ said Fabrice Sergent, Co-founder and Managing Partner of Bandsintown Group told Hypebot. “Facebook’s commitment to enabling payments free of charge will have a meaningful impact on many artists’ ability to generate revenue and survive,”