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Objectives/ strategies/ competitive

Introduction

Live Nation Entertainment's (LNE) objective is to maximize the live event experience.  Producing, promoting, and selling concerts for artists throughout the globe is LNE's primary business. It's artist-driven and fan-driven.  We call them LNE." LNE seeks to enhance the user's experience in some way. The main company organizes, markets, and sells concerts for artists all around the world through its event network. When you're a large organization, you can take use of your position to get what you want and improve your public image. In order to better their core incident events industry, the companies, segmented into Sponsorships, issuing tickets, and Events, have developed model concepts that relate with the corporate goal. We endeavor to make the live concert experience better for our customers as a company. We are dedicated to making it faster and easier for live music lovers to get show tickets and details about their favorite acts and venues by streamlining the process. I want to promote.

There are various advantages and disadvantages to being at the top of one's field, but there are also many problems. There are so many exclusive collaborations between musicians and venues that it may be difficult to meet their demands, particularly when artists have negotiating leverage. Nowadays, due to social media and television, it is easy for an artist to establish a name for themselves. The higher a musician's social status, the more expensive it is to hire them. This has the potential to be both good and bad for LNE. In spite of the fact that an artist's cost may be reduced, the number of seats sold may have an effect on overall revenue. Even if Ruel, for example, may have been hired for $2,000, plus Rider costs, he's unwilling to sell over than 800 tickets.

A single hour of iconic celebrities like Harry Styles will cost over a million dollars, not including the rider requirements they must satisfy. This elaborate show pulled in $1,302,904 on June 7, 2018 in Sunrise, Florida. (Alexander) So these performers and their administration may try to make more money by doing private events or perhaps even larger venues, like stadium concerts. As a consequence, LNE had to haggle with the venues. Without a deal with these venues or bands, they may have to use competitors like Eventbrite and Ticket Choice. Why aren't these competitors' platforms as good as LNE's? They are only beginning. Thanks to a partnership among YouTube and Tickets, audiences can now buy tickets directly from the artists' channels on Eventbrite. LNE, AEG's major competitor, owns 16.2% of the market whereas AEG has only 4%. (Cirisano) Both companies use 360 recording agreements, which give them influence and a part of the artist's money from revenue growth, touring, and product endorsements. Now that AEG has its own ticketing portal, axs.com, it can contend with LNE.

Methods Used

SWOT Analysis

Strengths

· Partnership

Weaknesses

· Ticketmaster interface

Opportunities

· Venue Ownership

Threats

· Artist Retention

Strengths

After Covid-19, Gildan announced a multi-year deal with Live Nation Entertainment (LNE), using its American Apparel® trademark as the exclusive printing partner across 16 LNE music venues and six live events (Pelofsky, 2010). Though it may not appear to be involved, it provides LNE with a promotional markdown and helps Gildan pull in customers to their products (Gildan Activewear, Inc., 2019, May 23). Customers of LNE can expect unique, live music experiences that set them apart from the competition. Regardless, it's a work of art. If the evidence, in this case, is any indication, LNE is a huge company with enormous potential for growth because of all of its partnership services, publicity, ticket sales, and live event association along with its creative products that it provides and distributes, such as compilations and plates created by amazing performers and their management. LNE is a huge company (Ups, 2011, May 24). Even if LNE's current trajectory is uncertain, its approach and environmental factors will allow it to expand much further as long as its contributions are maintained in their current form.

Weaknesses

It was a win for LNE, even though it was a loss. There are numerous problems with the Ticket Master interface that both customers and box office administrators are reluctant to use. In the end, having a presale with a certified fan list was nothing more than an idea that exacerbated particular fans' anxiety and misery (Pawar, 2014). Fans who pre-registered for the Certified Fan presale were given a code that allowed them to purchase tickets early. Only for the benefit of resellers and bots, who will use this opportunity to scoop up the lion's share of the prize money. Recently, Billie Eilish's presale was disrupted by this issue, and the singer even commented about it. It was your fault, but TicketMaster could rectify the situation (Koebler, 2017, February 10). Check your mails for tickets if you received a presale pass but could not apply it this morning. Tickets will be available to the entire public tomorrow. She said, "I'm infatuated with you." Despite her amusing response, many people were shocked by the occurrence. Adding insult to injury, a sold-out performance was relocated, and fans received balcony seats rather than the basement tickets they had purchased. As a result, other secondary ticket brokers are forced to improve.

Opportunities

As of this writing, AEG is still in front of LNE, which operates or has holdings in more than 30 performing arts centers around the country. Philip Anschutz's privately held company owns several notable venues, including the Staples Center in Los Angeles and the O2 in London (Global Citizen Festival New York, 2019). On Thursday's results call, Rapino added, they are discovering more and more options to have some stock possession and management in some amazing enterprises. According to Sloan (2018), while capturing entertainment information, they should also record the equity worth of real estate holdings over time.

Segmentation (PESTEL, Porters Five Forces)

Threats

To be taken seriously, the retention of artists is a major concern. Events can be postponed for various reasons, just like a popular artist's career. The peak of an artist's career can sell out a trip in a matter of minutes; however, some artists explore that the tour isn't for them and quit (Chalmers, Matthews, and Hyslop, 2021). Everyone, especially LNE and the vast majority of its fans, is devastated by this news. More than a dozen shows were postponed or canceled because of Cardi B's restoration from cosmetic surgery. At one point, she even came off stage to tell the audience; I have some updates for you will. This was presumed to be the day that I would reschedule. Since too much motion could harm my lipo, I should not be conducting this. In the year 2019, Henrich It can also be used in situations where a performer is interacting with personal problems, such as when participants of Metallica's band have entered rehab, forcing them to cancel a concert (Alexander, 2018, October 18). Numerous one-hit wonders have made it difficult for artists to maintain long-term followings. LNE will have a more difficult time promoting a tour if an artist cannot put out new music, whether music or an EP.

The goal of a corporation using a differentiation strategy is to stand out from the competition by offering unique features that appeal to customers. Several traits that many people consider necessary are combined in such a way that they are specifically tailored to meet their needs. LNE's success in the industry is largely due to its emphasis on uniqueness. For them, the promotion of live events is all about ticketing, sponsorship and advertisement, and the handling of artists. They believe that their focus on building these companies will increase value for shareholders as they continue expanding all of their revenue sources and realize efficiencies of scale with their global platforms.

The Gap

After applying SWOT analysis to the music industry, we noticed a void. When a service or product provides a better remedy to an old issue, industry earnings decline. If the business model of a replacement product or service considerably varies from the present possibilities in the industry, the threat is significant. A shift in emphasis from items to services will enable us to provide better service and assist our consumers to focus on what's important to them instead of what they are going to buy today. Increasing customers' switching fees is the final step required. A buyer's interest is notoriously hard to get by. They're looking for the best deals on the best products. This threatened the long-term viability of the company Live Nation Entertainment, Inc. If the company's customers want more discounts and deals, they will need a smaller and more strong customer base than what LNE now has.

A big number of customers are needed to solve this issue. Consequently, it will be beneficial in numerous ways. In the firm's view, it will lower the buyer's negotiating power while enabling the corporation to expedite its production and sales methods. Creating new things regularly, consumers may have less negotiating power in the future if LNE introduces new products since they are more likely to hunt for special offers and discounts on existing products (Cirisano, 2019, October 4). LNE's present clients are less likely to migrate to another company with new items launching.

The Red Hot Chilli Peppers, who charge £30K for a one-hour set performance, are a prime example of a brand that appeals to a younger and middle-aged demographic, thus contributing to them as the target consumers. Management by Michael Rapino is highly creative and original. Its products and services are in high demand, although it is the first company to sell them. Its customers seem pleased with the excellent quality of its offerings. Has proven his strategy to be successful throughout the years. It is clear that LNE is an enormous corporation, congratulations to all of its endorsement services, marketing, event tickets, and live performance institution, as well as innovative solutions such as the production of album tracks and discs by talented musicians and their managerial staff, such as LNE's manufacturing of albums and discs. The quality of LNE's product will continue to rise as long as the company’s policy and environment allow it to, as previously indicated.

Product

Our company is putting on a one-day, five-hour-long music festival in the open air for our customers. Tickets for our event should be cheaper than those offered by our competitors. 'When words fall short, music speaks' would be the catchy tagline. Use this phrase to promote the event and introduce it to a new audience. A catchy tagline is essential in this cutthroat market.

Price

Extra research is required to make an informed judgment about a product's price. A new company with a new offering must first evaluate its target market and competitors to position itself in the market properly. To determine how much consumers are prepared to spend on a product, the company also needs to perform market research (Sarstedt and Mooi, 2014). My job as a marketing manager led me to examine our competitors' prices, which I found reasonable. My competitors' pricing tactics will help me build a marketing campaign that encourages consumers to buy tickets while increasing profit margins. In light of this, I decided not to discount the event tickets to avoid sending potential attendees that it isn't worth going to.

The flip side of this coin is that a high ticket price may lead customers to remain with some other events they would already be familiar with. Given the current market conditions, a moderate price level seemed to be an obvious choice. The marketing deal stipulated that each ticket would cost £25 for each individual. This will help us sell a total of 25,000 tickets before the end of the year. With a significant number of consumers, we may always evaluate the pricing portion of our strategy. This seems to be an affordable starting price.

Promotion

It's the utilization of paid media channels to promote your content and convey your company's overall message. In our case, we will be using radio and social media. Radio advertising, which will cost £5300 for fourteen days with a total of ten broadcasts each day on any news show, is by far the most cost-effective alternative. For instance, £300 to record advertisements and £5,000 to transmit ten broadcasts per day, culminating in 200 transactions per day for £25 per ticket, leading in £5000 per day and £70,000 in fourteen days for £25 per ticket, respectively, if the ticket price is £25

For social media sites, such as Facebook adverts, tweets, Instagram, and other comparable sites, as Using this strategy, we will invest £500 a day on social media engagement and secure £200 in purchases at the cost of £25. A total of 6000 tickets will indeed be sold in a month, resulting in expenses of £15,000 and revenues of £150,000. The money raised from the sale of tickets will cover the costs. There will also be a promotional technique that utilizes door-to-door leaflets as an additional option. £3,000 for 10,000 door-to-door leaflet drops and a guarantee of 500 ticket sales for £25 each. It is estimated that we will sell 5000 tickets, which will cost us £30,000.

Media, material, and channels owned or controlled by an organization are referred to as Owned Media. This person's job is to house information, build authority and connections with potential customers or clients and ultimately entice them to make a purchase (Baetzgen and Tropp, 2013). For our benefit, Live Nation will set up a ticket-buying website dedicated to us. The time frame for ticket sales is depicted in the following Gantt chart.

Gantt chart for ticket sales

Place

Madison Square Garden will be the venue of choice. There is a fee of $175,000 for this. Staffing, restrooms, parking, and seats are all included in this category. The facility has a capacity of 25,000 seats, so you should be able to sell all of them. Concessions and goods will also bring in money for the venue.

Using the investment's initial value as a starting point and its ending value as a destination, the net return can be computed by dividing this amount by the investment's value and multiplying the outcome by 100 to get at a percentage of profit. 

Financial PredictionsReferences

Baetzgen, A., & Tropp, J. (2013). Owned media: Developing a theory from the buzzword. Studies in Media and Communication, 1(2), 1-10.

Sarstedt, M., & Mooi, E. (2014). A concise guide to market research. The Process, Data, and, 12. Retrieved From: https://link.springer.com/content/pdf/10.1007/978-3-642-53965-7.pdf

Pawar, A. V. (2014). Study of the effectiveness of online marketing on integrated marketing communication. School of Management, DY Patil University, Navi Mumbai.

Chalmers, D., Matthews, R., and Hyslop, A., (2021). Blockchain as an external enabler of new venture ideas: Digital entrepreneurs and the disintermediation of the global music industry. Journal of Business Research, 125, pp.577-591.

Pelofsky, J. (2010, January 26). LN, Ticketmaster merge; agree to US terms. Retrieved from https://www.reuters.com/article/us-ticketmaster-livenation/live-nation-ticketmaster-mergeagree-to-u-s-terms-idUSTRE60O4E520100126

Ups. (2011, May 24). UPS And LN Entertainment Form Green Sponsorship Alliance. Retrieved from https://www.csrwire.com/press_releases/32279-UPS-And-Live-NationEntertainment-Form-Green-Sponsorship-Alliance

Koebler, J. (2017, February 10). The Man Who Broke Ticketmaster. Retrieved from https://www.vice.com/en_us/article/mgxqb8/the-man-who-broke-ticketmaster.

Sloan, W. (2018, September 10). LN Sets Zero Waste Goals, Adds New Sustainability Staff. Retrieved from https://www.waste360.com/waste-reduction/live-nation-sets-zero-wastegoals-adds-new-sustainability-staff

Alexander, J. (2018, October 18). YouTube partners with Eventbrite to sell event tickets below music videos. Retrieved from https://www.theverge.com/2018/10/18/17995194/youtube-eventbrite-tickets-music-eventticketmaster.

Global Citizen Festival New York 2019. (2019, February). Retrieved from https://www.globalcitizen.org/en/festival/newyork/2019/

Gildan Activewear, Inc. (2019, May 23). Gildan Announces Multi-year Partnership With LN. Retrieved from https://www.globenewswire.com/newsrelease/2019/05/23/1841909/0/en/Gildan-Announces-Multi-year-Partnership-With-LiveNation.html.

Cirisano, T. (2019, October 4). Ticketmaster Apologizes to Billie Eilish Fans for Tour Presale Chaos. Retrieved from https://www.billboard.com/articles/business/8532161/ticketmasterapologizes-billie-eilish-tour-presale-chaos

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[Accessed 20 July 2024].

My Assignment Help. 'Live Nation Entertainment: Maximizing The Live Event Experience Essay.' (My Assignment Help, 2022) <https://myassignmenthelp.com/free-samples/acct322-management-accounting/live-nation-entertainment-file-A1D2026.html> accessed 20 July 2024.

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