Video: Monetizing The Concert Experience
Midem recently posted the video of a portion of the panel I hosted earlier this year, Monetizing the Concert Experience, and after yesterday's dismal earnings report from Live Nation it seems particularly appropriate to share it here. If revenue from live music is going help offset declining music sales, it's clear that we need to find new ways to improve the concert experience before during and after the show, as well as, to monetize it. I was joined on the panel by Ashley Capps, Co-Founder of Bonnaroo Festival & President, AC Entertainment; Rob McDermott, Manager of Linkin Park & President of Music Division, The Collective; John Rubey, President, AEG Network Live; Bill Sagan, CEO, Wolfgang’s Vault and Gerrit Schumann, CEO & Co-Founder, Music Networx.
Video: Monetizing The Concert Experience
I used to work at Concert Live a year or so back! This is a great example or even ArtistArena.com. Did lunch with one of the guys from there yesterday. It’s ridiculous the lack of competition and money they are making!
It’s all about the added content value.
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Bruce, the reality is no one wants to make money the hard way, the idea of booking one stadium show and making a billion dollars at 250$ a ticket is way more fun than thinking how to sell 500 seat venues at 15$ a pop. The value of festivals is that in addition to the insurance that not all acts will suck, there is a social context and so events like EDC and Ultra are killing it while others languish. (interesting thing is those guys are NOT part of any label or media giants but self made promoters catering to the fans directly)
The media giants no longer support acts that can sell 500 seat venues and only “pay to play” exists for most of the venues that are still around across the world not just the US.
Conceptual tours work (heavy metal-goth-dance) and established bands with fans still can make a living, but for the new acts? Not so easy and I do not see anyone on the horizon willing to make a mere decent return on investment by supporting a still viable business of small to mid size concert tours. Everyone is hoping for grand slam home runs, and most it seems, are striking out.
Awesome video, wish I was at this panel!