Live Entertainment Industry Outlook (Theater Entertainment)
Key insights gathered from the research are:
- Apps are consumer-centric leaving a gap that has not been satisfied – Concert and entertainment apps are mostly similar; in that, they typically mash the now-familiar GPS on your phone against show listing databases. New technological experiences are needed that benefit the artists and venues.
- Buying Patterns – Last-minute tickets sales continue to rise where buyers are purchasing discounted tickets the week and day of the event. Email is also a key medium from driving ticket sales through remarketing efforts.
- Horizontal Marketing – Social platforms via API and SDK integrations allow users to access performance information and purchase tickets without being a “subscriber.” People thrive off the ability to share their experiences which leads to peer tickets sales.
Millennials are forcing theaters into a new business model that includes offering affordable, discounted ticket options in addition to full price tickets for shows. The mature audience is declining and savvy millennials are looking for ways to experience performances at a deep discount by bidding (auction-style tickets) or waiting for last-minute-before tickets to go on sale. Discounted ticket demand has fueled industry competitors like TodayTix and Songkick.
However, growth in the industry is still promising for companies that think outside the box. Advances in how people experience music will have downstream effects on other types of live entertainment if artists and venues want to win in the flatlining live entertainment industry. Venues and artists will have to be innovative with content and how it reaches ticket buyers. This is also driven by Millennials, who are more likely to use their smartphone to discover new events. The innovation of mobile applications and digital content will continue to have a huge impact on ticket sales.
Technology and integrated marketing tactics will play a significant role in building interest and increasing ticket sales for theatrical entertainment. According to Eventbrite, 98% of surveyed venues say enabling ticket sales on other platforms will drive growth in coming years, while 56% of respondents think using listening behavior (music platforms) to drive targeted ticket sales will be extremely impactful to their business.
Technological developments are focused on transforming the way people connect and experience artists, music concerts, festivals and other performances. Features like virtual venues/spaces that simulate a live performance offer flexibility to those that are unable to travel and without sacrificing being with close friends.
Some of the technological advances will be embedded in the content and the distribution thereof. Content creators will need to create immersive experiences that either enables users to experience performances in the luxury of their own home with a “live” feel or wows them into buying tickets on a first-day-after vs. last-minute-before bases. Content types on the rise are VR, AR, Mixed-Reality (MR), Holograms, 360 videos.
Distribution of immersive content will also play a key role. Email marketing and remarketing tactics across all age groups have been proven to be an effective way to inform consumers about upcoming events. Social shares also allow for successful remarketing opportunities that lead to more ticket sales.
|Company||Desktop & Mobile Application||Calendar/Filtering||Social Integration||Community/Sharing Features||Ticket Sales||Artist Admin Panel|
|Off BroadStreet||Desktop Only||x|||||||||
|Philly Fun Guide||Desktop Only||x|||||||||
(Click the logo below to find out more about each competitor).