La Bringue Battlefield #1: The Live Experience Industry
Live experience industry’s trends & insights
La Bringue is a going out guide. Our mission is to help people live great experiences. We provide a messenger bot that lets millennials find the bests electronic music events in a single message. Through this series of articles, we want to share our vision and knowledge concerning the event discovery app market.
At La Bringue, we help people go out and live amazing experiences, and millennials are the people we want to serve.
Millennials are people born between 1980 and 2000. They are between 18 and 35 years old, highly connected, represent the major buying force in the world… and are the “experience generation”.
It’s not a secret that we live in the experience era, we hear it all the time. Whether it is within the macro-economic field, the marketing area or the entertainment industry.
But what does it mean for us as a going out guide? Well, it means we have many opportunities to seize, both on user and customer side. Let’s define these.
The data used in this article comes from studies conducted either in North America (USA and Canada) or in Europe (especially the UK). We assume that these two regions are following the same trends.
People Go Out. More Than Ever.
Here are a few figures and insights from a market study conducted by Harris Interactive and Eventbrite about Millennials and the experience economy. It shows that the “Y” generation attaches more importance to living moments, memories and life experiences with loved ones rather than owning things.
· 78% of respondents prefer spending on a desirable experience than on a desirable good
· 82% of them have attended at least one live experience (2013)
· 72% said they want to attend more the year after
· 55% said they spend more in events than ever before
· UK millennials raised their going out budget by 50% in 5 years
· The share of consumer spending on live experiences relative to total U.S. consumer spending has increased by 70% since 1987
You got it. There is no doubt that people are going out more than ever. It has a big impact on the live experience economy, which is huge and growing. It creates opportunities for every actor in the industry : media, ticketing services, events production agency, brand…
There Are Plenty Of Things To Do
We now know that millennials like to go out. But is there a supply to meet their needs, and what is its nature? Let’s check a few figures:
· 16M events are published on Facebook each month, worldwide
· 60% of professional event organizers say they want to produce more events next year. 66% of them expect their events to grow, according to an eventbrite study conducted in the USA
· According to an IBIS world study, “live music concerts generate 58.5% of industry revenue and have been both the most lucrative and fastest-growing events in the industry over the past five years in the USA.”
· Worldwide revenue from live music ticket sales hit $20.5 billion in 2014 including 3B$ from electronic music events
So, there’s a lot of events and it is growing. Besides, the live music scene is taking an increasingly important place in the industry, especially electronic music. That’s one of the reason why we are targeting underground electronic music events attendees at first.
Additional insights :
· Some big festivals in USA and UK have been cancelled these past months because they did not sell enough tickets. Supply is exceeding demand. Therefore, competition is rough and marketing budgets will raise.
· A lot of new events promoters are coming in the game. We see this trend within our target market in Paris (underground electronic music scene). A lot of “crews” are appearing every month. With internet and social medias, it has never been so easy for them to create a community. In result, there are more events targeting very specific communities.
· The main reason why live music scene is exploding is the shift in the music industry: people don’t own music anymore, they get an access to it with streaming services and want to experience it live. Thus to make money, artists have to play live.
Millennials Need To Be Informed By Their Peers
100M people use Facebook events product everyday. According to this figure, there’s no doubt that people are looking for media to get information about events.
What’s even more interesting is that people want to be informed in a different way than before. In the social media era, millennials trust their peers’ advices more than traditional media.
“83% of 18–35 years old consider discussion with people they know as the most trustworthy information source”
In addition, 20% say they heard about the last event they attended through word of mouth and 50% on Facebook.
So (1) people need to know what’s going on and (2) they make their decision based on trustworthy people’s advices. It is the reason why we want to provide a way for people to know what’s going and make the right decision thanks to their friends advices.
Event Promotion Is Booming
Another trend in the industry is the raise of event promotion budget.
Even more interesting, promoters realize that millennials need to become their ambassadors. “65% of them say they will spend more on social media and ways to create word of mouth” according to the Eventbrite’s “pulse report”.
So (1) event promotion is a growing market and (2) promoters are looking for viral promotion. This is an opportunity we want to seize, by providing an ad solution that will let promoters target the right people and drive word of mouth.
Tickets Sales Are Growing
“Worldwide revenue from live music ticket sales hit $20.5 billion in 2014, and that number is expected to grow to $23.7 billion by 2019. There’s no doubt about it — the volume’s only turning up”
In addition, 100% dematerialized tickets take a step further each year.
Therefore, an event guide app should help both promoters to sell tickets and users to purchase it through a great user experience.
Lot of things to do
+ millennials going out
+ P2P information trend
= opportunity for a social event guide to help people going out.
Lot of events and hard competition
+ tickets sales booming
+ social driven promotion
= opportunity to provide promoters with a platform that helps them make their event a success through social ads and seamless ticketing solution.
We are currently recruiting investors, software engineers and UX/UI designers.
If you want to join the battlefield, let’s talk : email@example.com