How can you use live event technology to increase revenue beyond ticket sales?

Live streaming on platforms like YouTube and Twitch can help concerts make money beyond ticket sales by reaching a worldwide audience with high-quality, longform content that remains available on-demand. However, the cost and technical needs can be prohibitive. For a cheaper, homemade aesthetic, Short Form livestreams like TikTok provide great exposure. The main tradeoff is production value versus budget and potential reach. With the right platform based on your goals and resources, virtual and hybrid events can expand your audience.

A hybrid event is such an amazing idea to reach beyond your geographical limitations. It ensures fans are not left out of their faves concerts regardless of their location. Online access fees (not as much as physical tickets), VIP access to get a one on one with the artist, discounts on brand items based on engagement etc are great ways to boost revenue.

Use email addresses from ticket sales to hit up fans with exclusive event merch after the show. Lots of people don't get time to check out the merch booth fully, so they'll appreciate a second chance. Put together an eCRM campaign to get those missed sales. Keep it legal, GDPR compliant and don't spam. Fans will love the exclusive offers tailored just for them.

Imagine being able to try out products using VR or augmented reality. The excitement of the event lowers critical decision thresholds allowing the attendee make quick purchases. Allowing users try out products but instead of feeling forced to make a purchase on the spot, they can share the item on their social media pages or add to an online basket tied to their SM accounts. While they may not purchase on the spot, the shared content on the SM pages encourages their friends to consider and maybe buy the products

I believe having online immersive experience, while providing exciting engagement, it also offers several key points to consider. A live music event on its own enables the attendees to bond with their faves and secondly the brand. An immersive experience away from these goals, diminishes the value somewhat or takes away from the event. However if the digital content is well curated in such a way that it's an extension of the live physical event where the attendees can move between worlds - physical and digital, this definitely provides a recipe for a memorable occasion.

For artists, if you must benefit from event technology, you must make sure it is tied to artist owned platforms directly- artist website, artist merch, artist shows. This way you maximise fully the revenue that is generated from the artist fans at the event. Directing this attention at the event to third party platforms creates a "middle man" that first takes a share of whatever traffic is generated before giving you what's left.

Beyond collecting & analyzing data, it's essential to use insights derived from live event technology to personalize and enhance the attendee experience. By understanding your audience's demographics, preferences, and behavior, you can tailor marketing efforts and promotional offers to better resonate with different segments of attendees. Additionally, leverage data-driven insights to optimize the layout and design of your event space, improve traffic flow, and enhance accessibility of amenities & services. Moreover, real-time analytics can identify potential revenue opportunities during the event, like upselling merchandise or concessions based on attendee preferences or purchasing patterns.