I had the privilege to deliver the keynote at the World Ticket Conference last week. FanSnap partners with most of the largest ticket companies in America, and this conference, along with the Ticket Summit which is also held in Las Vegas during the same week, provide great opportunities to spend time with our partners and learn the latest news.
In my keynote, I outlined the incredible progress the multi-billion dollar ticket market has made in the past decade, as well as the opportunities we have to make the market for sports tickets, concert tickets, and theatre tickets even bigger. Fans have an incredible number of choices these days where to purchase tickets; that is why we started FanSnap of course!
Finally, for those who may think that our industry has already peaked, I summarized the top ten reasons why I think our best days are ahead of us!
Ten Trends That are Great for Ticket Sellers and Resellers
- Focus on Family and Friends
In this economic environment, there is a renewed focus on what is most important - family and friends. Fans rarely buy only one ticket - they buy two, four, or more. Family and friends are the most likely groups to attend sports, concert and theatre events together.
- Focus on Experiences vs. Possessions
Never have people more agreed with the sentiment “you can’t take it with you.” The popularity of concepts like the “bucket list” suggest that consumers will increasingly look to travel and other experiences to improve their lives. Going to live events provide memories that last a lifetime.
- People are Busier than Ever Before
One of the major reasons that the ticket market has grown is that not only can fans get access to the tickets they desire, they can purchase them when they desire. The motivation for buying tickets “on demand” is no different than what drives demand for the iPod or Tivo - the ability for fans to control their own schedules.
- Consumers Value Choice and Flexibility
Consumers have come to expect goods and services that give them the power - custom configurations and personalization. The ticket market means fans no longer can only purchase weeks or months in advance - and they can safely get their tickets to another fan if their plans change.
In the last decade, almost all fans have moved online. An amazing number of sites cater to sports, concert and theatre fans - hosting news, blogs, statistics, video, photos, and fantasy or community-based activities. Now that they are online, ticket companies have more ways than ever to reach those fans.
- Tickets Can be Delivered in More Ways than Ever Before
While many fans strongly prefer card stock tickets that serve as momentos, innovations like e-tickets, and even paperless tickets, provide the possibility or promise to facilitate convenient transfer right up to the event time.
- Delighted Fans Have More Ways to Tell their Friends and Colleagues Than Ever Before
Fans that are considering going to events, or sharing memories afterward, have more ways to share their experiences than ever before, thanks to the rise of web 2.0 communities like Facebook, MySpace, YouTube, Flickr and Twitter. They also can also give credit to the ticket company who helped them get there.
- Concert and Theatre Markets are Just Starting to Accept the Resale Market
The benefits of the ticket market have yet to be fully realized by the concert and theatre industries, like they have been in sports. Early endorsement deals (such Madonna and Jersey Boys) are similar to the pioneering sports deals several years ago, before the teams and leagues fully embraced and supported fans desire to buy and sell tickets.
- Concert Touring is Exploding
Artists are touring more to drive ticket and merchandise revenues, since they are earning less selling music. The average music fan, who goes to two events a year, will have more choices than ever before and will need tickets.
- Limited Awareness of Legitimate Resale Market
Despite the marketing, partnership, and public relations gains of the last five years, many fans still believe “sold out” means “sold out.” Many also wrongly believe that there are restrictions against ticket reselling in their particular state. While the ticket market has clearly gone mainstream, not everyone has received the message yet.
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What do you think? Am I right? What am I missing?
Mike
