Artists are making the majority of their money off of touring. They need another outlet. For example, Prince’s manager sold an album with the purchase of a concert ticket and the album was tied into the ticket price. Let’s say if 4 people, in the same household, were going to the show together, more than likely they are not all purchasing separate CD’s. This creative marketing idea has every concertgoer purchasing an album, which would more than likely not happen in their particular situation. This was a very creative way to market the artist and their album.
I had several ideas that could bring money from another outlet. One idea is having a USB bracelet marked with the band’s insignia and pre-loading the USB with the show. Also, concertgoers could purchase a raw digital download on a cheap MP3 player that would have footage of the show and has the band’s symbol on the front.
The group Phish has implemented a great idea. Once the consumer got home from the concert, they could load their ticket stub on the band’s website and the concertgoer could download the entire concert, free of charge.
As business people, we must think outside the box and think about our consumers. Consumers want something to take away from the day and to cherish. They are willing to pay, whether it is a live show or an audio recording, they are willing to pay the price.
After attending the Glow in the Dark tour, I was upset that Kanye West did not release any footage of the tour. He should have taken more pride in selling his performance to people who were unable to attend and to the people who wanted to relive their experience. Another example would be the Newport Folk Fest. There were multiple stages and you had to pick and choose whom you wanted to see. I feel like if they came out with a DVD of the fest, it would generate more money and cater to those who did not get to see all the performances.
T-shirts are a great reminder of the moment, but do not transcend into memories. We have to be more creative and be open to new ideas, which can be implemented and are attainable. If not, we are losing money and time.