Month: September

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The touring industry had a great first half to 2008, and in order to close out the year on a high note the managers of arenas are focusing on seven major points. 1.) The Economy. Venues have to be sensitive to consumers with high gas prices, unemployment, mortgages, etc. Price for fuel for the buses and trucks will hurt profitability, especially for midlevel acts that might be forced to pull back and not work as much. 2.) Ticket Prices. Venues are walking a fine line between maximizing ticket prices and alienating ticket buyers. Major shows that charge aggressive prices are causing fans to choose between one or two major shows and passing on the midlevel artist. Secondary markets are also suffering from high prices and scalping. 3.) Ticketing and Technology. With technology changing at such a fast rate, it is tough for venues to keep up with what to invest in and what different artists, agencies, fans, promoters, etc. want. 4.) The Fan Experience. Venues are trying to do anything they can to make the consumer feel as if they're getting their money's worth, or else they will do something else. The fan experience is about value. 5.) Artist Development. As the core group of artists that have sustained the live music industry for the past 30 years or so leaves the road, many feel that few current artists are stepping in to fill the coming void. Since less artists can fill 20,000 seat venues, people are turning more to theaters. Since record companies are having less of a role of breaking artists, the touring business is having to pick up the slack so promoters, agents, and venues need to rethink their roles to be more proactive about solving this issue. 6.) Competition. Overdeveloped markets are having trouble with more competition in other forms of entertainment than ever before. The challenge is balancing the budget of higher costs when higher competition causes smaller increases in revenue. 7.) The Big Picture. Buildings are at the mercy of the overall touring business. The marketplace is filled with blurred lines and undefined roles for the players, with no one knowing who is truly in control of the big decisions. The industry needs to be more flexible in moving towards a common goal based on a foundation of successful, long-lasting relationships.