Music festivals and event promoters are bound to ticket sales and building their events image at the same time.
To promote their events and work on the image of their events, promoters have to juggle with a lot of data over social media, ticket sales data, Google analytics…
The live music market is both a key market for the music industry, driving revenues for artists and music businesses, but many feel that it reached a saturation point because of the growing numbers of new music festivals, events, popping up all around the world each year.
According to Nielsen’s Audience Insights Report on Music Festivals, approximately 32 million people attended at least one music festival in the U.S. in 2015, and nearly half (46%) are aged 18-34. (1)
In 2015, average festival attendance was at 37000 individuals in Europe, that’s approximately a total of more than 20 million attendees. (2)
The industry is expected to grow further in the coming years as the compound annual growth rate for live music ticket sales was estimated at 5.23 percent between 2015 and 2020. (3)
Many medium sized events and festivals struggle to exist and stay alive because of this fast-evolving market.
For the last decade, AI, predictive modelling, analytics, big data, cloud data, have risen to the point that it deeply changed the live music industry.
Big festivals organizers, who can afford intelligence experts, analysts, and statisticians are now used to work closely with data analytics solutions, not only to drive revenues but also to handle logistical issues of their crowd with solutions such as IBM Watson analytics, using a cloud environment. (4-10)
While predictive analysis registers a quite slow adoption (23% of current user) in the live music industry, it gained a very fast-growing interest recently (51% of user evaluating services and/or plan to use predictive analytics services).
(a) Image from research of Dresner Advisory Services
FuturePulse will fill a gap and will propose to medium size festivals and events a powerful tool to adopt and enhance their data sources analysis.
It will help promoters find new and performant upcoming artists in a very effective way by analyzing the precise needs of each event in terms of musical genres and subgenres establishing a strong differentiator factor against the usual knowing line ups of big competitors.
Another field of improvement brought by the FuturePulse platform will be a very precise analysis of the overall performance of a line up, leading to consistent and efficient shows that will attract more attendees.
The social networks analysis part of FuturePulse will help relationship marketing in order to win more customer loyalty, build up strong customer base, and help marketing people seek for new customer categories by providing extensive and precise social networks data analysis and predictive comparison statistics to the promoters.
Another big step up in the predictive modelling offered by FuturePulse will be the ability to have a very precise overview in term of performance regarding the location of each venue, club, geographical spot and even countries. This will open up the possibilities for promoters to choose a different, unusual but more efficient location to set up their events.
As a live music promoter, BASS NATION has always actively looked for innovative tools to help us doing the job we used to do manually, leading to time consuming but mandatory tasks before and during the setup of an event.
That’s why we felt that jump in the FuturePulse journey will lead to the perfect tool we always dreamed of as a promoter, and thus providing the very same experience to other mid-sized promoters.
Julien Perret – CTO - BASS NATION
- https://www.nielsen.com/us/en/insights/news/2015/for-music-fans-the-summer-is-all-a-stage.html
- https://www.statista.com/statistics/687878/music-festivals-attendance-in-europe/
- https://www.linuxjournal.com/content/immodest-proposal-music-industry
- https://www.ibmbigdatahub.com/infographic/cloud-data-rocks-out-roskilde-festival
- https://channels.theinnovationenterprise.com/articles/predictive-modeling-around-music-festivals
- https://theconversation.com/how-data-is-transforming-the-music-industry-70940
- https://www.ibmbigdatahub.com/blog/finding-analytic-insights-growing-popularity-music-festivals
- https://digit.hbs.org/submission/big-data-for-music-festivals/#
- https://www.inc.com/darren-heitner/big-data-is-revolutionizing-music-industry-here-are-lessons-for-your-business.html
- http://avianaglobal.com/predictive-analytics-makes-better-music-festival-season/