Millennials Are the Future of Live Events

Photo Credit: Aranxa Esteve

Photo Credit: Aranxa Esteve

In his well-received keynote speech at the International Association of Venue Managers’ (IAVM) International Convention Centers Conference (ICCC) on Oct. 27 in Pasadena, Jim spoke “about millennials, and how they are the future of live events,” reports Venues Today.

The article highlights important takeaways for venues:

“‘The Baby Boomers and The Millennials are the two biggest generations that we’ve ever seen,’ McCarthy explained. ‘I’m actually a Gen-X’er, so I’m used to being ignored,’ said McCarthy to laughter. ‘This means that the world we all know and created is being replaced by another one. The values of Baby Boomers have been the driving force of American culture since the 1950’s. But that’s over.’

‘What’s coming is the replacement: Millennial values will take over as the default values and habits of our country for the next 50 years.’

‘I know this for sure because demographics don’t lie,’ said McCarthy. ‘What does this mean to us in the event industry? The cultural power of a large group coming into their prime is important to us.’ …

Goldstar did a survey of 3,000 Millennials and the younger the person being surveyed, the less likely they were to want to subscribe to a theater. ‘Millennials pick and choose,’ McCarthy said. ‘They want to customize their experiences.’

McCarthy then drove home his message: In 1985, a ticket to a Bruce Springsteen concert cost $17.50. A CD of Bruce Springsteen’s Born To Run cost the same $17.50. Now flash forward 30 years. The cost of the music is zero because of streaming. The cost of a Bruce Springsteen concert ticket? It’s $65, if you can get a ticket at face value. ‘The cost of a ticket to a show has skyrocketed,’ said McCarthy. ‘And we as an industry have to capitalize on that.'”

Check out the IAVM website for more upcoming events.

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