As we wrote about earlier in the year, live events are back. While we’ve had a few curveballs since then, people around the country are still amped up and raring to go. One of the best ways to test this is to look at how entertainment companies like Live Nation Entertainment are doing. With a business model that’s anchored to ticket demand and live event bookings, Live Nation is the perfect litmus test for public confidence in, and desire for, live events.
Thankfully, the numbers are on our side. In a recent press release, CEO Michael Rapino shared Q2 2021 financial figures, along with some projections for the next few years. Simply put, the company’s financial performance paints a promising picture for attendees, performers, and everyone in between.
Some highlights include a welcome return to profitable operating income, a double-digit improvement for the 2022 concert pipeline, and over 11 million new fee-bearing tickets from the start of the year until the date of publication in August. Ticketmaster North America also had the 4th best month of transacted ticket volume in the history of the company. Let that sink in: after the lowest point the entertainment industry has ever seen, we are not only back to pre-pandemic ticket sales, but have surpassed it with one of the best performing months of all time.
This is great news for those in the entertainment industry, but also for any business that’s savvy enough to leverage tickets and entertainment assets to achieve core objectives.
Let’s go over a few ways your business can capitalize on the country’s meteoric return to live events.
Quality client and employee entertainment is easier than ever
With more events to choose from, businesses are better positioned to get tickets to the right events for their exact needs. As any great salesperson knows, the best pitch is tailored perfectly to the needs and wants of the prospect. This applies to client entertainment as well: surprising a prospect with tickets to a show, concert, or sports game that’s perfectly aligned with their interests demonstrates a genuine understanding and a willingness to go the extra mile in their direction.
The same can be said for employee rewards – especially if you’re in a large organization with hundred, if not thousands, of team members. With so many live events to choose from, you have greater control over which employee is rewarded with which experience. This is far better than meeting everyone halfway with a middle-of-the-road selection that’s simply “okay” for everyone.
Live event sponsorships are an effective marketing strategy
The live events boom of 2022 is set to bring with it a “golden age” of event sponsorships. This is demonstrated by Live Nation Entertainment sharing that “…contracted sponsorship [are] up double digits for 2022 from where we were at this point in 2019 for 2020.”
Even before the pandemic, live events like concerts and sports games were effective marketing opportunities because attendees associate your brand with excitement, joy, and positive energy of the event. With lockdown still in recent memory, these emotions – and the potential for positive association – will be on overdrive. So whether you’re looking to sponsor an event for the first time, or are getting back in the game after a two-year lull, 2022 is the perfect opportunity to make that sponsorship dollar shine.
Maximize value with ticket management software
To truly capitalize on the return to live events, businesses need to ensure their event tickets are being properly allocated and utilized, and that all entertainment investments are delivering sufficient return on investment. The best way to achieve this is through ticket management software that takes the guesswork and inefficiency out of the equation.
Ticket management software like TicketOS makes it easy to distribute tickets, monitor utilization, and track distribution. And with easy-to-read reports, you can easily see utilization, identify unused tickets, spot ROI, and promote a more beneficial company-wide ticket utilization strategy.
Schedule a TicketOS demo today and learn how our software can solve your ticket management concerns.