The Chief Executive Officer for 3Music Networks, Sadiq Abdulai Abu, says his outfit did not benefit financially from the virtual 3Music Awards organised on May 2, 2020.
According to him, organisers of 3Music Awards did not have one of their primary source of income, sponsorship.
Mr Abdulai Abu said many of their sponsors were not certain about marketing a show while the country had gone on lockdown because of coronavirus.
He added that other sponsors did not want to engage in a commercial push which put the team in a difficult spot.
“(So) it didn’t pay off financially…in terms of virtual shows and concert, we are still trying to settle on a commercial model that works, to be able to recoup (our finances) from it,” Mr Abdulai Abu told Emefa Apawu on JoyNews.
The 3Music Network boss said that the one thing that had been beneficial for the team was the audience the show was able to bring in.
4,200,270 reach, 11 million impressions. Akpe. pic.twitter.com/ztDHxAopwU— BABA SADIQ (@sadiqabdulaiabu) May 3, 2020
He explained that they could sell the audience to their sponsors as something they could bring on board during their next event, virtual or live.
Mr Abdulai Abu stated that although virtual concerts have become the new normal in the age of coronavirus, for any company to make money, live events are the way to go.
He stated that research can go into how company cans reap in some financial benefits from virtual concerts but the primary source has always been sponsorship which are usually available when live events are organised.
“In terms of virtual shows and virtual concert we are still trying to settle on a commercial model that works. But we have to find a way for the live shows before Covid-19 to come back,” he added.
Also on the show, CEO of Charterhouse Theresa Ayoade also stated that the viryual shows were not reaping in much money as other live shows.
“We cannot imagine surviving entirely on digital,” she added.
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