1. Live Nation Entertainment was founded on 25th January 2010 and has successfully thrived in promoting, operating, and managing tickets for live entertainment not only in the US but worldwide. The company was formed after merging Live Nation and Ticketmaster companies. It has owned several entertainment venues and mand several c music artists to enhance its careers. However, the company needs to carry out a new outdoor one-day music event lasting five hours.
2. The business plan critically analyses several potential markets and the ability for the company to vividly acquire a large crowd and perform exemplary in the market. Therefore, apparent customer and market gaps have been defined to allow live nation entertainment to perform its one-day activity excellently, presenting the desired events that desired customers may want and positioning.
3. Besides, the marketing plan has analyzed the act costs of various artists to ensure that the company utilizes the most efficient and cost-effective item desired by its potential customers to maximize the company profits. Other factors like venue hire and insurance have also been discussed with target markets and competition, among other factors.
1. Live Nation Entertainment Inc. was founded on 25th January 2010 as a worldwide entertainment company that was formed after merging Live Nation with Ticketmaster companies. Therefore, the company serves as a ticket management, operating and promotion for live entertainments worldwide. Its headquarters are in Beverly Hills in California, US. The company is owned by Liberty media which has 32.4% of the shares with approximately 8,200 employees by December 2020. Besides, the company owns entertainment venues, operates them, and manages the careers of the music artist.
2. Live Nation has successfully thrived in the music industry. However, the firm plans to carry out a new one-day outdoor music event for five hours. The company utilizes its position to improve its image. (Live Nation, 2021). The company is divided into ticketing, events and sponsorships which has a concept t connect with corporate objectives to improve the live events industry globally.
3. They provide consumers and others interested in the firm a more creative insight into the company by claiming their focus on talent, ideas, artist, decentralization and well being of the company by developing six principles to live by on their website. Each belief is accompanied by a summary of how LNE achieves them daily (Maffei & Rapino, 2010). The firm targets a very crowded marketplace for the event to be successful. Besides, the market pace must have a gap, a target customer, and the events to justify the ideas. The marketing plan identifies the most viable opportunities for live nation entertainment to promote, manage and operate successfully to maximize its profit, ensuring its success.
LNE's vision is "to optimize the live event experience." However, according to the joint press release issued by Live Nation inc., the company's mission statement is "to maximize the live concert experience." (LNE, 2010). The company's core business is to produce, market, and sell live concerts for artists through global concert events. Many other companies compete with Live Nation through strategic management and focus on the company mission. Live nation entertainment performed exemplary. Besides, the company is the latest producer of live concerts worldwide, with over 22,000 concerts produced years for more than 2,500 artists in approximately 57 count6ries worldwide. Besides, the firm produces, markets, and sells live events for artists through its worldwide event channel.
1. The company combines unique and cost-effective measures to achieve its mission. The company's primary objectives are to promote live concerts, its operations, and the management of tickets for live entertainment. However, the UK has been one of the most attractive places for Live nation Entertainment to maximize its profits and sales of tickets.
2. The company has been on top in the industry, enjoying numerous benefits and drawbacks. The company has given the artists the upper hand in negotiations, which sometimes becomes challenging (Holmstrom, 2019). Since social media allows the artist to secure their names and build themselves, it becomes costly for the company to acquire the artist for the live performance since their expenses is directly proportional to the social standing. Analysis of the market to ensure that it is accommodative for the arts and attracts more ticket sales before the events become a viable asset to Live Nation entertainment.
3. From the act's costs, we find that the cost of Queen featuring Adam Lambert is £30K per 1-hour set, £25K per 45 min set. Hiring the artist would be higher, but still, the company is unlikely to sell more seats to maximize its overall income. Therefore, identifying the most appropriate place, time, and market gap would attract more customers which despite t6he expense, the company will still generate more profit from ticket selling. Other iconic artists like Linkin Park and Clean Bandit cost about £30K per 1-hour set, while others may cost even more than a million dollars in a single-hour performance.
4. Therefore, Live nation needs to identify larger venues and exclusive events to generate more money and enhance the company's success. DiMartino (2017) argues that live events generate revenue for most firms that enhance live concerts like Live Nation. Live Nation bargains for more extensive and more exclusive venues s well as striking arrangements with the musicians and venues worldwide where at times they may rival venues and artists (Sisario & Bowley, 2018). Therefore, the company needs to establish the best venues with artists for s successful and profitable live concert.
Live Nation Entertainment competes favorably with many companies for artists, venues, and fans. However, the company has a competitive advantage and operates better. Porters 5 forces and SWOT analysis could be used to analyze the market for Live Nation.
Porter's five forces and Swot analysis could be used to analyze internal and external factors affecting the business's business for making strategic plans (Sarsby, 2016). Partnerships of Live Nation and Ticketmaster were the major strength for the company. However, other strengths include a great market, good customer relationships, and substantial social media and marketing networks. The company has recorded an excellent financial performance due to its reliable services and the increased market share. However, the threat of artist retention has been the major one affecting the company.
Still, the company is affecting the company, like strict government regulation, competitions, Covid -19 eradicating mass congregations, and environmental hazards. The opportunities include venue ownership and increased demand for live concerts. The only weakness the company faces is the Ticketmaster interface.
Partnerships, experience, owner/team, Great market, Social Media Presence, Strong Social media presence, good customer relationships with excellent personal skills, good sales, and marketing networks
Venue ownership, increased market for live events in UK.
Artist retention, competitors, strict government regulations and Restrictions, Covid – 19, venue availability, and environmental hazards that reduce its maximum performance.
1. Porter's five forces include the threats of new entrants, substitutes, competitive rivalry, the bargaining power of the buyers and suppliers which are very vital in the ticketing industry necessary for live concerts (Dobbs, 2014). Besides, the company's top competitors include Eventbrite, founded in 2006, specializing in ticketing development and event technology platform. It values at 1.3 billion with an employee rating of
2. Event is the most come0tive company with a valuation of 7.7 billion dollars second after Live Nation Entertainment which is 26.9 billion. The company has an average employee rating of 4.2, higher than Lives Nation, which has 4.0. other competitors include Viagogo and Cirque du Soleil, which are private. The Madison Square Garden Company is also public and highly competitive, coming third in terms of valuation with 5.7 billion dollars and 3.7 employees’ ratings (Craft. co, 2021). see the chart below.