We want to constantly feel the pulse of the entire entertainment industry. Probably one of the best ways to achieve that is to participate in international events attended by both the big names of the entertainment world and the innovators who are full of ideas. We went to the International Live Music Conference (ILMC) in London and are now eager to share all the insights with you.
The global entertainment market is experiencing the trend of increasing ticket sales and prices, the key message that has remained in my mind after the conference is that nothing especially new is happening this market for the time being. The reason is simple – ticket sales in most of the world are just great. Such market leaders as the US and the UK sell out their events without much effort.
However, the mood in mainland Europe is not so cheerful. Even such giants as Germany are talking about the difficulty of attracting spectators. Even in Germany it is hard to find a person who would go to at least 6 or 7 events per year. A person living in mainland Europe is more pragmatic, he/she chooses very carefully and looks for quality events.
To survive, arenas are becoming even more universal. This year, the operators of European arenas talked a lot about the necessity of smaller events, since the arenas are forced to compete with stadiums and other large spaces for the largest concerts, which is difficult. Arenas often lose this competition. Their salvation is the ability to adapt their space in various ways and adjust their pricing to events of smaller calibre.
Another important change in the market can be clearly felt even in the US: concerts have overtaken
home-team sports games as the top attraction. Not too long ago, the games of home teams comprised the largest share of revenue for arenas, but now the times have changed. A spectator would pay twice as much for a concert ticket than for a sports game, which makes music shows the largest revenue generators.
Social media should also be mentioned, their importance continues to increase. But choose wisely. Facebook might still look attractive, but Instagram seems to be unstoppable. This year social media experts emphasised even more clearly than before that Facebook is getting old, and Instagram is soaring (especially among the young people) to the top due to low amount of ads and quickly consumable content that is less irritating. When my European colleague asked, what should he do with his Twitter account, the answer was categorical – “Delete it”.
Today, smartphone is king. Whatever you do, everything has to be adapted for phones – whether it is just information, additional experiences for a spectator during the event, tickets, or reports. If you don’t intend to adapt your product for phones, don’t bother developing it in the first place.