by Camden Cassels
Now involved with over 70% of the US ticketing market, YouTube has entered into a partnership with Eventbrite. Video viewers on YouTube’s platform will now be able to click a button linking directly to concert ticket sales. What does this mean for the landscape of the live performance market? How does YouTube plan to capitalize on this partnership? How will this affect you, the average ticket holder? Here’s what you need to know:
As the music industry focuses more heavily on live performances, more pressure than ever exists to make concert tickets accessible. Among the several major ticketing services, Eventbrite made an impactful deal with YouTube last week to strengthen their market share.
As per the deal, Eventbrite will integrate with YouTube’s platform to make purchasing concert tickets more seamless for fans. Now, when a fan views an YouTube Official Artist Channel, a “ticket” link will sit directly below the videos to connect the user to a ticket-purchasing page. Available on both mobile and desktop, this feature will also track the users’ geographic location to suggest concerts and venues closer to the video viewer.
YouTube has not stated how many artists will be able to utilize this feature, though a spokesperson said that the deal will incorporate thousands of artists. With any success, YouTube can be expected to expand the feature even further. While this partnership is impactful, YouTube’s has made this type of deal before. Last year, YouTube launched a similar partnership with Ticketmaster. The addition of Eventbrite allows YouTube to feature a larger number of venues and artists to which Ticketmaster may not have access.
Amassing the widest reach possible, YouTube now owns partnerships with 70% of the US ticketing market. These ticketing companies will likely see a sizeable jump to an already staggering revenue stream. Ticketmaster’s parent company, Live Nation, posted $10 billion in revenue in 2017. This equals the combined total revenues of Sony Records and Universal Music Group, who are the two top record labels.
Combined with Ticketmaster and Eventbrite, YouTube will have the ability to reach more fans than any other platform. Just by the sheer volume of visitors, YouTube can expect to help sell thousands of more tickets. According to YouTube, the site receives 1.9 billion users each month, about 25% of people on Earth. A Nielsen reported stated that 26% of millennials and 44% of teens claim to uncover live events on YouTube. According to a Google study, 60% of Americans between ages 35-54 said they visit YouTube for music-related content. Also, the top four videos in the history of YouTube are music videos.
With massive user numbers, YouTube has the power to transform into the largest ticket liaison on the planet. People of all ages consume music on YouTube, and the partnerships with Ticketmaster and Eventbrite will only streamline the conversion from music video-viewer to concert-goer. As live performances draw more market share in the streaming era, expect ticket sales to move closer and closer to our fingertips. Sometime soon, your friend may send you a link to buy tickets on YouTube.