Interesting Economics!!! :"Swiftonomics" refers to the significant financial impact of superstar Taylor Swift on various countries' economies. Her concerts are so influential that they've begun to affect the GDP of these nations. For instance, following her concert in Singapore, the country reported a year-on-year growth of 2.7 Taylor Swift’s concerts are more than just entertainment—they’re becoming an economic force. Her Eras Tour in 2023 generated $1 billion in revenue and drove $5 billion in consumer spending in the US alone. In countries like Singapore, her concerts have even contributed to GDP growth, with more than half of the attendees coming from abroad. India is poised to witness a similar phenomenon with the upcoming Coldplay concert, which has generated a response that rivals SME IPOs in the country. Reports suggest that for approximately 150,000 available tickets, there were nearly 1.3 million visitors to the entertainment and ticketing platform BookMyShow. This surge in traffic caused the platform to crash seconds before ticket sales went live. Due to this overwhelming demand, Coldplay has announced an additional venue for their performance. India has seen the advantages of such large-scale events over the past couple of decades, especially with the advent of the Indian Premier League (IPL) series. The economic benefits have spilled over into other sports, turning them into lucrative events. Even within cricket, district-level leagues have become profitable and attract significant attention, showcasing the potential for widespread economic impact across multiple sectors. The event management industry is rapidly evolving into a significant force in India. Zomato's recent acquisition of Paytm's event ticketing arm for Rs 2,048 crore is a testament to this growth. The food delivery giant is now set to launch 'District', a new app that will enable customers to discover and book restaurants, as well as purchase tickets for movies, sports events, live performances, and more, showcasing the industry's rapid and impressive growth. Currently, BookMyShow dominates the market with a 75 percent share. According to brokerage firm Elara, India's ticketing business — which includes sports, live events, and cinema — is valued at about Rs 1,500 crore, based on a 7 percent convenience fee typically charged by ticketing platforms. Zomato aims to capture this lucrative market, projecting ticket sales worth Rs 20,000 crore annually within the next two years. As disposable incomes rise, India is poised to host an increasing number of such large-scale events. The trickle-down benefits of these events are well documented, making it an industry that deserves further encouragement and support.
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Prospects of Event-Driven Businesses in Portland 🎉📈 Event-driven businesses in Portland are poised for significant growth as the demand for unique and engaging experiences continues to rise. With its vibrant culture and diverse community, Portland offers a fertile ground for events ranging from food festivals to music concerts and art exhibitions. As businesses capitalize on local partnerships and leverage social media for promotion, they can create memorable events that attract both locals and tourists. Furthermore, the trend towards experiential marketing presents opportunities for companies to connect with their audiences on a deeper level, making event-driven ventures a promising avenue for entrepreneurs looking to thrive in this dynamic city. #EventDrivenBusiness #PortlandEvents #Entrepreneurship #ExperientialMarketing #LocalBusiness https://lnkd.in/dUXsR9cN
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Unveiling the Art of Ticket Flipping: Turning Passions into Profits In the age of digital innovation, making money has transcended traditional boundaries. From the comfort of your home, a world of opportunities awaits, and one of the most exciting avenues to explore is ticket flipping. This ingenious method not only promises lucrative returns but also allows you to indulge in your passion for events, concerts, and sports. In this article, we'll unravel the secrets of ticket flipping and guide you on how to transform this passion into a profitable venture. 1. Understanding the Basics: Ticket flipping involves purchasing tickets for events and reselling them at a higher price, capitalizing on the difference. However, success in this venture requires a deep understanding of the market, events, and the psychology of buyers. Research extensively about popular events, artists, and teams to identify trends and predict demand. 2. Choose Your Niche: Specialization is the key to success in ticket flipping. Focus on a particular genre, be it concerts, sports events, theater shows, or even niche events like comic conventions. Becoming an expert in a specific area allows you to make informed decisions and connect with a target audience. 3. Master the Art of Timing: Timing is crucial in ticket flipping. Keep an eye on event announcements, presale dates, and general ticket releases. Purchasing tickets during presales or early releases often allows you to secure tickets at face value, maximizing your profit margins when you resell them closer to the event date. 4. Price Your Tickets Strategically: Pricing your tickets competitively is essential. Research the market prices for similar events and seats. Consider factors like seat location, event popularity, and date proximity when setting your prices. Competitive pricing can attract buyers while maximizing your profits. 5. Continuous Learning and Adaptation: The ticket-flipping landscape is dynamic. Stay updated with market trends, event announcements, and changes in regulations. Adapt your strategies accordingly to stay ahead in the game. 6. Invest in Your Passion: Ticket flipping is not just about making money; it's about combining business acumen with a genuine love for events. Invest time in understanding the artists, teams, and performances you are dealing with. Your passion will not only drive your success but also enrich your overall experience. In conclusion, ticket flipping can be a profitable venture, merging your passion for events with smart business strategies. By understanding the market, specializing in a niche, and providing excellent customer service, you can turn your love for events into a sustainable source of income. Remember, success in ticket flipping, like any other business, requires dedication, continuous learning, and a genuine passion for what you do. So, go ahead, embrace the art of ticket flipping, and let your passion pave the way to financial success!
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😢 Spare a thought this week for one of the region’s most trusted brands. The Co-op group prides itself on ethical values, sustainability and fair trade. Just four years ago it reset its brand to focus on those simple and trusted pillars. But in committing £100m to a 15 year sponsorship deal for the new Co-op Live arena, operated by Oak View Group (OVG), its name is now associated with the botched launch of a project it ultimately has no control over. 🎶 Cock-up Arena, Co-op Chaos, Co-flop Arena may be the phrases being bandied about this week by members of the public, after planned concerts at the new £365m Co-op Live Arena featuring Take That, Peter Kay and rapper A Boogie Wit Da Hoodie were scrapped. 😡 The statement we shared with readers this week from the Co-op Group was laced with fury at the disastrous launch, demanding a clear plan of action. 😇 Reputationally, the city of Manchester has been rescued by the audacious actions of the rival AO Arena, operated by another American entertainment industry giant AEG. My hunch is that punters will be forgiving of the Co-op itself, and are savvy enough to know it’s not their fault. But where it really matters the reputation of Oakview is the one that will take the longest time to recover. Friends of mine who have sponsorship packages are getting anxious they’ve wasted their money. 🙏 But artists, their agents, tour promoters in the music and sports industries, will need some serious reassurance from OVG. As we speak, contingencies will be being made for artists who want to play a music loving city like Manchester, but avoid the calamity that may befall a commitment to the new venue. 🎭 Before all this chaos ensued, talk was all about whether Manchester could sustain two venues of such similar size. 🙏 The irony is that without the original Arena being there to bail it out, it could all have been far worse for everyone.
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Squash has been my passion for as long as I can remember, and now I'm determined to make a real difference in the sport. The frustrations around the industry's need for change are all too real, and it's time to act. At Pivot Sports, we're dedicated to driving that change. We're helping venues grow by making the user experience so seamless that booking, canceling, or rescheduling a court takes just 30 seconds. The old ways aren’t working—outdated models are holding us back. It’s time for the industry to embrace technology. Imagine taking a venue from 20-30% court utilization, which is where squash in Australia often sits, and pushing that to 40, 50, 60% or more. This is the future we’re building. Spread the word—change is coming.
Founder & Co-Founder. CEO of CROFTI: Business Innovation with AI 💡⚡CEO of Tribu: Artificial Intelligence for Helpdesk 🤖 CTO of Run With: Innovating Run Clubs 🏃♂️CTO of Pivot: Innovating Sport Bookings🏓 🤾🏽♀️
Day 231: Pivoting an Entire Industry with Pivot Sports 🚀 What a week it's been at the World Masters Squash Championships here in Amsterdam! 🏆 The experience has been eye-opening, and it’s clear that our mission at Pivot Sports—to bring all venues into the 21st century—is more crucial than ever. When we embarked on this journey two years ago, I didn't anticipate just how entrenched many venues are in outdated practices. But as I reflect, I realize I shouldn’t be surprised. We've seen this resistance to change in other industries, like when we were at Tribu with MSPs who were reluctant to evolve. Now, we’re seeing the same with Venues/Clubs. Here are the common challenges we’ve identified across venues and clubs: Booking and Scheduling Challenges 📅: Many venues are stuck with inefficient systems that struggle with last-minute cancellations, no-shows, and double bookings. This results in underutilized courts and lost revenue, alongside a frustrating experience for members. Payment Processing and Refunds 💳: Managing payments, especially split payments and refunds, remains a pain point. Venues need flexible and seamless payment options, but many are burdened with cumbersome processes that alienate members. Member Management and Engagement 🎟️: Retaining an engaged membership base is tough, especially when communication is lacking or events are limited. Clubs often miss the mark in providing value to members, leading to decreased retention rates. Technology Integration and Usage 💻: Keeping up with modern technology and integrating various systems is a significant challenge. Venues often struggle with booking software and payment processors, leading to inefficiencies and errors. Marketing and Promotion 📢: In a competitive market, effectively using social media and digital marketing to attract new members and promote events is crucial. However, many venues lag in this area, missing opportunities to grow their member base. Balancing Inclusivity with Exclusivity ⚖️: Finding the right balance between making sports accessible to everyone and offering exclusivity for premium members is a tough challenge that many venues face. At Pivot Sports, we’re addressing these frustrations head-on. Yet, the biggest hurdle remains the reluctance to change. Many venues and clubs have been operating the same way for over 30 years, and the fear of change is holding them back from the innovations we’re offering. But we’re committed to making this change happen. It’s time to move forward, embrace new solutions, and ensure that venues not only survive but thrive in the modern age. #PivotSports #IndustryChange #Innovation #SportsVenues #Day231of366 Debbie Hill Liz Irving
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Some great thoughts from Ben Foster on how not to do Shared media! "At The Kite Factory we talk a lot about Owned, Earned, Shared and Paid. Often the least explored area is “Shared” which covers corporate and commercial partnerships which can often be an extension of sponsorships. When it is done well these sorts of collaborations don’t only help both parties but create a big splash, Spotify are past masters with great examples alongside Uber & Starbucks. However, as with every marketing strategy success is all down to execution and I have just experienced a 101 on how not to deliver a successful partnership. I was lucky enough to attend the Olympic Games in Paris where Visa are a headline partner. Once inside an Olympic venue you were unable to use any cards except Visa, this isn’t new. However, unlike London 2012, when I queued at several large foot outlets with 5 checkouts 4 were Visa only with no queues and 1 was cash with a huge queue. If you wanted to use another card, tough, find a cash machine. I saw countless examples of food being left on counters by angry customers due to the lack of any signage. Some outlets were Visa only, didn’t accept cash at all so as a non-Visa customer you couldn’t buy their products, funnily enough none of those stalls had queues. I didn’t even choose to be a non-Visa customer, my bank made that partnership decision, but now all I and many others will feel for Visa is resentment. Why are they using this platform to create negative experiences and perceptions for non-customers? Is the upside for Visa customers really enough to offset this? Frank Cooper III, the CMO of Visa said, “Visa believes that it has the opportunity through our sponsorship to add value to the fan experience” and added “As the top payments brand in the world, we seek to remove friction from transactions”. Even more ironically one of the core reasons for the partnerships is aligned values of inclusivity! Reality is that Visa pay enough to dictate the rules of the game and the Olympic Committee have consistently shown their prioritisation of profit with the removal of all concession tickets, I paid the same for myself my 4-year-old and my 75 year old father in law to attend events. By devaluing the spectator experience, the games in turn will become devalued in a crowded entertainment market. It’s time for the likes of Visa and The Olympic Committee to look to the future rather than sacrificing their morals for a fast buck."
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Good to see that Singapore is getting a new 12,000 capacity but since MBS is already building a new 15,000 capacity one, how about copying Melbourne and having 5,000, 7,500 and 10,000 capacity ones instead? There are many bands who are not TS and can't play Singapore because there are no venues of the 3-10,000 size to use that they would sell out and to go beyond that is too costly if you're not going to fill it which is what most bands don't do. We had the Colosseum but that's gone, we had the Big Box but that's gone, we have Fort Canning which is amazing but their owners are temperamental and often ban all events there on a whim. There's the Star Theatre but some lack of foresight there meant that you can't take the seats out to have a standing stalls section as you can in most forward thinking concert friendly cities which caters for both seating and standing events. The Star Theatre is basically a mega church being put to concert use! So where does a band who would sell out 2-7,500 play in Singapore? So when they're considering building another venue for mega acts, what about having a series of side arenas as Melbourne does to cater for smaller acts as well? What do you think? As for the $165m fund to bring in more sporting events, my only question here is why sporting events and not non-TS concerts for the rest of us taxpayers who want to see more variety in our live music? Why boring sports like the failed Rugby Sevens and the HSBC Golf, both relatively elitist sports and along with tennis are not catering for the majority of what Singaporeans want to watch hence why they’re poorly populated and mostly full of expats! How about some working class music events instead? What do you think? If you’re a B2C entrepreneur and would like help finding new high net worth clients our Ultimate LinkedIn marketing and personal branding service can do this for you, details here : https://lnkd.in/dqWRi6EZ #linkedin #rockstar #mohawk #founder #entrepreneur #personalbranding #blackmarketing #linkedinmarketing https://lnkd.in/gkVg44bw
New arena to replace Singapore Indoor Stadium; S$165m fund set up to attract world class sports events
todayonline.com
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Curious how a Coldplay concert can generate over 💰 $$270 M USD 💰 for Mumbai’s economy in just 2 days? Let’s dive into how Coldplay’s upcoming concerts in Mumbai are set to do more than just entertain—they’re set to give the local economy a significant boost! There are 3 major revenue sources 🎟 Ticket Sell - Close to 1.5 Lakhs ticket sold at average rate of ₹15,000. All of this will go to coldplay but they will pay some amount to stadium hiring, event management, etc, so count this as part of the impact 🌐 Out of Town Fans: Out of 1.5 Lakh tickets, lets say 60K fan are travelling only from different cities in india and they will have to spend money in flight, cab, hotel, food, etc. Based on makemytrip and uber data, ✈ Flight and cab cost: ₹15,000 per person 🏩 Hotel: ₹18,000 per night ( assume fan will stay for 3 days) 🥗 Food: ₹15,000 💰 💰 Total Spending for out of town fan: ₹84000 Local Fans: Remaining 90K local fans, will have to spend money for 🚘 Transportion: ₹15,00 🥗 Food: ₹3000 👕 Merchandise: ₹3500 💰 💰 Total Spending for local fan: ₹8000 Lets join big numbers Ticket spending: ₹2.25 B Attendee spending: ₹5.76 B 💰 💰 Total direct spending: ₹8.01 B Generally, every rupee spent in economy just doesn't stop there - it keep circulating - creating additional value and its called economy multiplier. Based on Coldplay and Taylor Swift's impact on Singapore economy, lets say in Mumbai also, economy multiplier is 2.7, so multiplying ₹8.01 B with 2.7 coming to ₹21.63 B or $270 M. That’s $270 million USD! Or roughly the GDP of a small island nation, give or take a few coconut trees!!!!!! Disclaimer: All numbers are based on estimates and available data. Actual figures may vary based on attendee demographics and spending patterns. So, who’s ready to join the economic concert? #SocialMedia #Management #Strategy BookMyShow 📚 Data Sources ColdPlay Concert Drive Hotel Performance: (https://lnkd.in/gJdVAHQp) EFE. "Taylor Swift, Coldplay concerts boosted Singapore's GDP 2.7%." EFE Article (https://lnkd.in/gyD3-nvJ)
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In the first of our new bi-weekly sports column The Back Pages, Sports Manager Nick Fruin talks about fan ownership of cultural figures, football and music and the importance of both to British culture: "In news that surprises basically no one, Oasis have added a couple more dates at Wembley stadium after the ticketing fiasco soon after their reunion was reported. From the moment it was announced the Brits went barmy, but it's been particularly interesting seeing how the football world has reacted to the news. After all, from terrace songs to Hey Jude to Freed From Desire, music and football are completely intertwined. The football community’s response to Oasis reuniting was strong; a whole host of recognised personalities from the football world led the excited response on socials while Match of the Day commentary and the back pages alike have been rife with Oasis lyric-inspired puns. But with debates over what age group most ‘deserves’ the band’s 2025 tour tickets, talk has also sparked over whether football fan bases hold ownership over their city’s iconic bands. Noel and Liam’s very public support of Man City suggest Oasis’s connection is stronger with the blue half of Manchester, with United’s recently launched Stone Roses collection suggesting an affinity with the city’s other world-famous band. However, like on Sunday when Manchester United were pitted against their bitter rivals from another city, Liverpool, the Oasis vs The Beatles debate is often flagged in pre-match VTs to which United fans are quick to claim Oasis as their own. Of course these discussions are light hearted, but it does pose the question of whether these cultural moments are bigger than football, or if it perhaps highlights just how huge football is in this country, where football tribalism is so deep rooted fans look to take ownership of internationally celebrated musicians. Friendly rivalry is what makes football the sport so many of us love but ultimately, while we clamour over each other to secure both concert and Premier League tickets, the one thing music and football should most be celebrated for is bringing people together."
Oasis extra dates: What changes have been made after ticket chaos?
standard.co.uk
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Marketing & Product Specialist- Digital Content|Digital Marketing|Carrier Billing|Fintech| CSM®
2moInteresting insights Salil Mathew thanks for sharing