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We've had an awesome year of live events featuring venue owners and operators all across the world. Join us for our final Make More Money webinar of the year!
Panelists:
We reflect on 2024 and explore what’s ahead for 2025.
1. The 2023 concert season was exceptional, with high demand and ticket sales, leading to unrealistic expectations and overbooking for 2024. [06:28] Many promoters and venues got "caught holding the bag" on shows that underperformed. [09:07]
2. Successful strategies for 2024 included being more selective on bookings, lowering ticket prices, and finding new revenue streams like VIP packages and non-traditional events. [06:28] Stronger partnerships and collaboration between promoters, venues, and artists were also emphasized. [50:38]
3. The panelists expect the "pendulum" of the live music industry to continue swinging, with stadium/arena shows remaining dominant for now, but the potential for a contraction in the festival market and a return to more mid-level touring acts. [18:18]
4. Adapting to changing audience behaviors, especially younger Gen Z fans, and leveraging new technologies were cited as key priorities for the future. [54:26]
5. Factors contributing to the 2024 challenges included:
-Artists pushing for bigger rooms and higher ticket prices based on 2023 success, which didn't always match demand [08:17]
-Increased operating costs like travel, staffing, and insurance
-Lower ticket sales and attendance, especially in the fall, due to economic uncertainty and competition from high-priced stadium/arena shows
