Biz Tips: How Technology Is Changing the Events Industry

Biz Tips: How Technology Is Changing the Events Industry

Biz Tip:

How Technology Is Changing the Events Industry

The events industry has come a long way since its inception, due to a variety of factors, but mostly because of significant technological advances.

These days, technology is driving every sector due to its fast-paced ability to get things done. And the events industry is no stranger to this fact. In recent years the ticketing landscape is almost unrecognizable. With new technological trends, and mind-boggling innovations paving the industry, it’s no wonder that there has been a huge evolution.

At the center, remains the consumer, but now technology has become the driving force pushing customer expectations and creating the need for change.

So, how is technology impacting the events and ticketing industry?

Mobile Is Replacing Paper

One of the most significant trends emerging is the use of mobile ticketing. Meaning, events will become cashless and paperless.

Up until now, consumers were able to buy tickets from various sources, and show up at events with a printed paper copy of their ticket – adding a lot more cost and ticket management expenses to live events. These types of tickets are not only less efficient but also, tend to create more queues and hinder profits. In other words, they didn’t offer much to live event organizers.

Which is where the introduction of mobile ticketing comes in. Purchasing a ticket online, or on an event app is a more convenient way of ticketing. Using a single platform, consumers can buy, save, and access their tickets directly all in one place. Ticket holders can replace paper with digital passes available on smartphones and watches and enter the venue hassle-free. Using proximity-based technology, a tap-and-go ticket scanning entry system can be created, thereby significantly reducing cash management costs for venues, and queueing time for ticket purchasing.

Also, with mobile payments such as Apple Pay, Google Pay, and Venmo so readily available, consumers can now show up to events cashless and check in easily.

Leveraging Fan Data Using Big Data

These days, event organizers and promoters are interested in knowing the ins and outs of the attendees showing up to their live events. In this social age, promoters understand that not much is private anymore, and now technology is making it extremely easy for organizers to gather data on their fans to deepen their experience – this can be done by leveraging big data.

The concept of buying tickets on behalf of others has been around for a while, and it presents certain problems for those organizers wishing to discover insights about fans.

However, as mentioned above, mobile ticketing is opening the doors to a ticket scanning entry system for all attendees, and with that event organizers can gather data using big data technology, and use it to create a more targeted marketing strategy. Venues can invest in big data companies. By investing in their software, venues and event organizers can easily collect, process, and analyze data in a hassle-free manner. Ultimately, this frees up their time to repurpose their efforts on marketing various events.

Venues can utilize this data in their campaigns and target each fan to ensure a unique experience is created for everyone.

Ticketing

Unfortunately, the digital age has created a huge scramble for consumers who are attempting to easily navigate the secondary market. With so many resellers, scalpers, promoters, and so on, it’s very obvious that the current system is broken, and the lack of transparency throughout the point of sale isn’t helping matters.

The bulk of industry fraud arises in the secondary market, as profits are ripe for the taking, and scalpers and resellers are well aware of this. In fact, they understand the fundamental problem of supply and demand and know that consumers will purchase flipped tickets on the secondary market, no matter the price. When faced with an unregulated market that’s ridden with counterfeits or tickets that have been re-listed at extortionate prices, it can be hard for some consumers to know what exactly they are paying for, and why.

But, new technology ticket price comparison sites present consumers with a fairer solution when scouting for tickets. They introduce transparency into the shady ticketing industry by informing consumers of exactly what they will be purchasing every step of the way.

At the end of the day, buying a ticket boils down to confidence, as consumers want to know they aren’t being scammed. Integrating simplicity and transparency in ticket purchasing is key to boosting consumer confidence, and guaranteeing that the ticket they are purchasing is legitimate.

Virtual Reality (VR)

VR technology has been all the hype lately, so it’s no shock that it’ll be changing the game in the ticketing industry. As of right now, VR is introducing the possibility of obtaining a 360˚interactive experience from their chosen seat before even stepping into a stadium.

In the future, VR is expected to evolve live events completely, by removing the need for physical attendance. This will open up events to event goers that otherwise cannot attend due to expensive prices. People will be able to participate in a VR viewing of the live event – for a smaller price. Meaning, consumers have more opportunities to attend their favorite events without the fear of missing out.

Final Note

At the end of the day, artists and event organizers are interested in creating the best experiences for fans, and by harnessing the power of technology, they are able to do so.

Whether the industry is looking into big data, mobile, ticketing aggregators, and so on, there are many technologies that are taking the industry by storm and evolving the event industry landscape.

New technologies at their core, are introducing simple solutions to problems that venues and organizers may face while creating unimagined stress-free experiences for fans that ooze fun and excitement.

Join The Rockstar Entrepreneur Community Now: Start Rockin Now

Similar Posts:

Leave a Reply

Your email address will not be published. Required fields are marked *