EDITOR’S NOTE: Music promoters all over the world are noticing the value of adding RFID wristbands as an enhancement to the live event fan experience. As outlined in the article below, Attendees spend a whopping 40% more when using RFID technology, compared to traditional cash or credit purchasing. If that doesn’t catch your attention – what will!? Read the full story below.
As an event director and promoter, you can take advantage of what’s happening across the industry to plan smarter, operate with greater speed and flexibility, and develop new revenue sources for your events. Here are seven trends you should be aware of:
Radio Frequency Identification (RFID) is built into wristbands worn by attendees and allows for ticketless entry and cashless in-festival purchases. Additionally, RFID bracelets can be synchronised with the wearer’s social networks. This turns fans into promoters as the bracelet performs automatic check-ins and status updates.
Pre-paid smart cards carried by attendees are another new trend. These cards provide rapid entry, reduce lines at vendor stands, and simplify merchandise transactions. With pre-loaded funds or a linked bank account, there’s no need for cash to change hands. Attendees can make in-event purchases with the tap of the smart card, which generates more sales. Research shows that smart card bearers spend upward of 40% more when they’re not opening their purses and wallets to pay for food and merchandise.
The data generated by RFID bracelets and smart cards gives access to up-to-the-minute revenue totals and the ability to track hot-selling merchandise and top-performing vendors.
2. Social media provides hard cash benefits to event organisers.
Social media has grown to be a major component in driving attendance at music events. Successful events use social media platforms such as Facebook, Twitter, Instagram, and Storify to generate excitement, encourage conversation and sharing, and build a following that can be promoted to year after year. This impact is quantifiable. Eventbrite calculated the actual value of social media sharing in terms of awareness and ticket sales. Across all types of music events, we found that:
• Facebook shares were worth about £2.17 in future ticket sales, on average, and generated 12 views of the event’s ticketing page.
• Twitter drives nearly 38 event page views, or more than 3 times the number of views than Facebook, and tweeted shares were worth £3.22 on average.
• Among music festival goers, 65% tweet or post to their social networks during a live concert, 56% upload photos of the event and 31% write reviews of their experience.
3. Fans expect a mix of options and more personalised experiences.
With consumers enjoying greater choice and variety in everything from food to travel to on-demand entertainment, people are increasingly expecting – and demanding – events that more closely match their passions and pursuits.
Many promoters and event directors have been generating bigger audiences and extra revenue by offering one or more levels of VIP packages, season passes to a set of local events, and a variety of á la carte options. At Eventbrite, we estimate that VIP experiences account for a sizeable chunk of money – 10% of ticket sales – and generate approximately 25% of revenue.
Savvy organisers can capitalise on the trend toward greater choice by spending time with fans on social media. Listen to what excites them, chat to them, and ask for ideas. This can help you think creatively about event programming and brainstorm VIP experiences that cater to a variety of tastes and budgets.