#MondayMotivation: People Value Live Experiences More
Looking for a little #MondayMotivation? We’re pulling out past stories that are still just as relevant today. Here’s a pearl from Jim: The Value of Live Entertainment: Still Growing.
I don’t understand why people in the live entertainment business obsess so much about the increased cost of delivering live entertainment and think so little about the crazy upward trend in the price the market is willing to pay.
By looking back a few years, you can see this change very clearly. My example is always Bruce Springsteen. In 1985, I bought the Born in the U.S.A. album and, at almost the same time, I bought a ticket to the Born in the U.S.A. Tour.
The funny thing was, I paid about the same amount for both items: $17.50. Translate that $17.50 into 2014 dollars, and that’s $39. Now ask yourself: Are you (or is anybody) paying $39 for an “album” in any form at all? You can still buy Born in the U.S.A. today: It’s $5.98 on vinyl on eBay; $9.99 on iTunes; or, of course, free online in millions of places. You don’t even have to break the law to get it free anymore.
Bruce isn’t touring right now, so you can’t exactly buy a ticket, but ask yourself this: Could you get a ticket for $39? Possibly, but according to SeatGeek, the average price paid on the secondary market for Bruce Springsteen in the last 12 months is $202. So even adjusted for inflation, that’s an increase of five times over its value 30 years ago.
What else are people willing to pay five times more for today than they were a generation ago? …
Check out the rest of Jim’s post: The Value of Live Entertainment: Still Growing.