Experiences
Summary
Behind the scenes of the live events business: who takes the risk and who makes the money?
Key Concepts
- The experiences value system involves venues, promoters and managers, as well as performers.
- Managing experiences involves both people and commercial skills.
- Performers and audiences may want different programmes.
- Fixed ‘front-end’ fees mean little risk for a performer but also little chance to make money from ‘back-end’ revenues. Sharing the cost and risks of staging a performance should result in a share of longer-term income.
- Sponsorship reduces risks of staging a performance, typically in return for some exclusive benefits.
- Live events can be part of a larger entertainment experience that encourages people to pay more for them and new technology is enhancing that opportunity.
- Education and sport can also be considered as live experience ideas businesses.
