Where is the entertainment industry going in 2012?

I guess none of us have crystal balls – which is lucky given the number of times I’ve been kicked there! But with a fair amount of experience, a splash of anecdotal evidence, a pinch of instinct and a gut load of gut feel, I think this will turn out to be a pretty accurate assessment of the entertainment market in most of Australia for the coming year.

1) Something Different – The market, particularly venues and corporates, are bored and sick to death of the same options being dished up to them every year. To make an impact, you need to provide a fresh direction. Be bold, adventurous, push the boundaries and you WILL be rewarded.

2) Value – The entire market – venues, business and punters – are so much more educated now than ever, and have so many options, unless you provide value and accountability you will disappear up your own backside! Making a margin is fine. That’s what we all do it for. But the days of raping business and taking short cuts with venues or the consumer are over big time. Add value. All of the market will happily pay for it. They just need to see it is being delivered.

3) Jack of all trades – You need to decide who and what you are. That goes for entertainers and venues. Te market has become more refined, defined and narrow. You can’t be ‘all things to all people’. Decide what you do, who your market is and nail it! The specialist venue or entertainer will make a killing in the coming period by becoming an expert at something.

4) Time v Money – Despite things being tough for a heap of people, this is no contest. Time is a far more valuable commodity than money. If you can ‘buy’ an hour of your life by employing a PA, housekeeper, ironing lady, someone to feed your dog, wash your car, update your social media, maintain your database or even do your shopping – you will!!!!!! Go back to the point about value. This is not all about money. Going out to a social event also costs time and effort. If you are a school, charity or sporting group this is particularly important. Your cause alone is no longer strong enough to pull crowds. People are selfish, time-poor, stressed, rushed, tired and have a million options. To get them to take yours, you have to cut through the clutter. Sausage sizzles, fetes, ‘networking’ meetings, seminars and get-togethers are not enough. Bigger, better, quality events are the key. Bigger, better but less often will win out. Make them special and build a brand. 2 or 3 good events a year will have far more impact than 10 little ones. They will require less effort, less resources, make more money and create a far better impression with EVERYONE in the market, including your staff and volunteers.

5) Joint ventures  - This will be the big growth area in 2012. Charities, clubs, schools and venues working with partners. Businesses teaming with charities. Venues having a smaller group of core suppliers that understand their business. Sponsorship will take on a new, improved meaning in 2012. Businesses will better understand how to leverage off their involvement, whilst clubs, schools and charities will have to work harder and smarter on how to provide a return – one that can be judged and measured – to sponsors in order to attract that revenue. It will mean more thought, more planning and more effort, but the result will be a win-win-win for the business, the beneficiary and the end consumer. And that’s how it should be!

In summary, quality entertainment and events will win. Perceived value for money, regardless of the amount, will be a key driver to consumer decisions. Different will win over ‘that’s how we’ve always done it’ and shorter, sharper, faster, more engaging events will be more popular than 5 or 6 hour ‘swim throughs’ for corporate events.

That’s my prediction. By all means, disagree or agree. But be willing to compare notes at the end of 2012 if you do think this is wrong. It’s been moving towards this point for 4 or 5 years now and the momentum has built to where the floodgates are opening. Be bold in 2012 if you want to move forward. Good luck!

To discuss any ideas or options, please feel free to contact us at tom@eventmasers.com.au or see what we’re up to at www.eventmasters.com.au