In the multi-billion dollar paid entertainment marketplace, live music currently makes up only 2% of total spending (see Live Nation graphic above).
In today's world of economic challenge, the entertainment pie is not going to get any bigger and it will most likely shrink. For one segment to grow, it has to take dollars away from other segments of the entertainment pie.
Movies are the top magnet for entertainment dollars, for every $1 spent on live music, $7.60 is spent on trips to movie theatres.
Artists should consider fan-driven-private-concerts to grow their slice of the entertainment pie.
Movies versus Today’s Concerts versus Fan-Driven-Private-Concerts
If we apply the entertainment decision tree below (Vinukumar Ranganathan, UC Berkley) to movies, to live concerts as they are currently produced, and to fan-driven-private-concerts, we can see that fan-driven-private-concerts could be the next hyper growth industry. Also see the table below.
When film was invented, creative people made movies. The innovation of film for movies is what's missing from the live music scene. What would the equivalent innovation of film for the live music segment look like? It’s simply the right tools to bring live music and fans together to produce fan-driven-private-concerts. For example:
- The ability for a fan to watch a music video and in the upper right corner click the button that says 'book it', which automates the entire process to bring that band to a fan's hometown.
- Or a fan just landed in Boston and wants to get a feel for all of the private concerts that are being held; his favorite artist is playing a private concert staged by a fan; he hits ‘attend’; switches to GPS and tracks himself in.
- Or the artist starts the process; knowing he will be in a certain town, he notifies the system; a fan proposes the private concert ticket price (a bid) and tells friends to join; ultimately, another private concert happens.
By enabling fans to drive private concerts, the total time invested in concerts (by all) would be reduced, as the 'venues' would be closer to the users (see worth time above). Technology can answer time and complexity issues, but artists have to be ready to fill the emotional and satisfaction issues.
Imagine when a 'social cause' is inserted into to the mix. Music + Emotion + Cause-To-Solve = Movement. In this scenario, the value equation of price versus experience certainly wouldn't be a question.
Changing behavior is never easy, but the entertainment dollars are in the pie to be grabbed those that understand the entertainment decision tree and how to use fan-driven-private-concerts to grow their slice…
Andy Malloy is a passionate live music fan who is committed to find a way to enable world class musicians to sustain a life doing what they are called to do while giving fans more of what they already want. You can read more and get involved with the movement at www.privateconcerts.com