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Delayed Reaction

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It seems as though the music industry always tries to fight or resist trends.  I feel the industry thinks it can tell the consumers what to think and how to feel and above all else what to buy. 

For several years now musicians and artists have adapted to consumers supplemental buying habits.  With that said, consumers have been more susceptible in purchasing high price concert tickets.  Due to the free and endless supply of digital music (streaming, subscription services, illegally downloaded music) Before the touring boom, I thought of some great ideas.  These ideas are to help artists and musicians bring in revenue that would off center their losses of digital and physical music. 

I shared my ideas with several well-seasoned industry executives.  The over all idea was to give the consumer an intimate experience over and over again.  The idea started as a USB bracelet, which would have a live raw recording of the concert that the consumer attended.  Then the idea switched to an MP3 player, which featured the artist or musicians name, photo, date, and venue.  The last idea was to have the option to purchase a streaming/download of the concert, which a code would be printed on the concert ticket.Surprisingly last week I read an article saying that companies and venues throughout the music industry are trying to capitalize on these same kinds of ideas.However, it seems that the music industry has once again moved to slow, just like when it refused to accept new technology and distribution patterns.

The result left the industry at the mercy of other tech companies, like Apple, Pandora, and Spotify.

These are some interesting facts that I have found:  According to Live Nation’s concert trends of 2012, the average age of a concert attendee was 42 years with an average annual income of $75,000. Concert goers are buying fewer tickets, but are willing to pay higher ticket prices than ever before. The average ticket price reached a record $68.76, but for many shows featuring legendary superstars like the Rolling Stones, Prince and Madonna, ticket prices were sold for hundreds of dollars.

 

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