Innovation: How to Save the Concert Industry

To stay relevant, all businesses must innovate. This is especially true of the music industry which, to be honest, has been on life support for years now. The touring industry suffered this past summer as the economic lag finally swept across ticket buyers. Suddenly, it seemed like all of us were sick of paying over $100 bucks for a single concert ticket. Then there's the fees...

What if there was a way to inject some much needed life into the music/touring industry while not ripping off the consumer? How about the side benefit to another industry? What if movie theatres save the concert industry?

Recently, The Big Four were featured on the silver screen. That is, American movie-goers got to see Metallica, Slayer, Megadeth, and Anthrax via satellite. While The Big Four were performing live in Bulgaria people in, say, Cincinnati were also watching this show. A few other bands have also tried this recently. I think the core idea is brilliant - so let's expand it.

For our example, we'll use the Rolling Stones. So, the Rolling Stones are playing a show in Seattle. Why couldn't that show then be beamed to movie theatres that are at least 1,000 miles away from the venue? The 1,000 mile radius shouldn't impact ticket sales to the actual concert - and that imaginary buffer would move along the country with the tour. This could be replicated pretty much all over the world. And let's be clear: I am talking about showing actual, live-as-they-are-happening events only.  

I'll argue that seeing a concert in a movie theater is a fun experience that will help the margin of the theaters by patrons buying concessions (an obvious test could be the upcoming Bon Jovi engagement that will show portions of the Circle tour). Ticket prices would be the same as any movie. I don't think seeing a satellite feed of a concert would actually deter a person from seeing the show in person. After all, concerts are a special experience but for some, the movie theatre option may prove more appealing. Also, bands could even sell merch at the movie complexes. Really, the possibilities are endless. If, say, Live Nation and AMC joined forces for an exclusive deal, I think they could get some alpha that they both really need. Oh and if those companies team up and take my idea without crediting me, maybe I'll sue. Ha!

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