mccormick livenation strategic assessment project

Live Nation Marketing Plan 1

Running Head: LIVE NATION MARKETING PLAN

Individual Marketing Plan Report:

Live Nation Strategic Marketing Plan

Dustin McCormick

California Baptist University

December 2, 2015


1.0 Executive Summary

After an incredibly profitable third quarters in 2015, Live Nation Entertainment, the

world’s leading ticketing and concert experience provider, looks to preserve and increase control

of their vast market share during the upcoming 2016 year. Although Live Nation has seen

unparalleled success thus far in the live entertainment industry, the market can be extremely

volatile; without a relentless pursuit of new forms of competitive advantage, the company could

easily lose its grip on core customers. Live Nation has a unique control over the entire concert

experience, but fails practice of customization for each individual customer according to their

needs. By using existing assets and partnerships, and implementing the fundamentals and

framework of marketing strategy, Live Nation has the opportunity to increase long term

profitability though product augmentation based on key customer needs and desires.

1.1 Company Overview

Live Nation Entertainment can be broken up into four separate companies, each dealing a

separate element of the entertainment industry. Live Nation Concerts, which works in association

with House of Blues, Fillmore, and Wiltern concert locations, produces over 20,000 shows

annually for more than 2,000 artists globally. Artist Nation, considered by many one of the

world’s top artist management companies, representing over 250 artists including One Direction,

Luke Bryan, The Weekend, and Pharrell Williams. Live Nation’s B2B platform, Live Nation

Media & Sponsorship, deals with all advertising and promotion at concert events; all food and

beverage options, souvenirs, and in-concert advertising at events is contracted out to third party

companies through this branch. Perhaps the most recognized portion of Live Nation is

Ticketmaster.com, the global event ticketing leader and one of the world’s top five ecommerce

sites, with over 26 million monthly unique visitors (LiveNationEntertainment.com). The sum of


these companies make up Live Nation Entertainment, and allow the business to control every

essential aspect of the concert experience.

2.0 Current Situation and Trends

The following is a review of the current market background, which including trends,

direct and indirect competition, and the macroeconomic environment as a whole.

2.1 Market Overview

Over the last five years, concerts and live entertainment events have made a significant

comeback in a post-recession market. Much of this market stimulation comes from consumers

gaining spending power again, as concerts and live events are often seen as an “affordable

luxury”. These memorable events are relatively cheap compared to other luxury excursions such

as vacations or cruises, so a larger amount of consumers are able to justify purchasing a ticket for

amusement (IBIS World, 2015). Another major contributor to the market growth in live

entertainment industry is the artist’s willingness to take part in shows. Historically, artists made

most of their earning off of record and CD sales, giving them more freedom from signing

contracts to do seasonal nationwide tours. Now, because of the major decline in “physical and

digital record sales… live musical performance has become a major revenue earner for both

musicians and event promoters” (IBIS World, 2015). Now promotors have the option to meet the

high demands of key consumers (groupies) by providing them willing artists ready to perform. In

2014, 11 of the year’s top selling artists were all managed through Live Nation Entertainment,

making nearly $720 Million in gross revenue to split between the musicians and Live Nation

(Statistica.com).


Like most industries, the live entertainment is subject to rapid change based on the

opinions of the mass key customers. Although there are some universal music tendencies, the

industry trends are often grounded in the music tastes for a particular year. For example, EDM

(Electronic Dance Music) festivals have become increasingly popular over the last 5 years;

attendance jumped from 1.9 million in 2009 to 3.4 million in 2013, earning a worldwide value

around $15 Billion (Kiendl, 2013). However, there was also an estimated 80% decrease in

overall attendance to Hip-Hop related events during 2013 (Kiendl, 2013). Being actively

engaged and informed about your consumer is key, or companies face the threat of high

decreases in attendance and ticket sales.

2.2 Industry Trends

Universally, Mobile ticketing has been becoming increasingly popular among clienteles

throughout the industry. According to Ticketmaster analytics, 93% of concert attendees search

for local shows on their mobile device, and 73% purchase through mobile applications or

through a phone online (insider.ticketmaster.com). New mobile trafficking applications, such as

Bandsintown and Songkick, utilize a person’s music library and Facebook information through

their phones to connect them to ticketing pages for their favorite artists and sport teams playing

around their area. This practice, known as beacon targeting, has led to an incredible increase in

attendance and overall revenue for many live events; The Golden State Warriors basketball team

has enjoyed a 69% increase in revenue through mobile trafficking applications (Roble, 2015).

Mobile Apps have also increased the collection and organization of data for online ticket

purchases. Ticket forwarding analytics, a new innovation in mobile analytics, allows companies

to see who is really using the tickets purchased, rather than the original buyer (Roble, 2015).


This technology eliminates middlemen and 3rd parties from the ticketing equation, to allow

ticketing companies to better understand their real consumers.

As stated earlier, EDM festivals are continuing to grow take up a majority of the market.

Being a specialized, multi-day event, companies often charge premium prices for a pass to an

EDM festival. Where the average ticket price for a popular concert can range from $60-$129, a

three day EDM Pass will cost a person anywhere from $399-$850 for general 2 day ticket

package (Kiendl, 2013). These enormous shows are also changing the demands and expectations

of the consumer. Because the market is starting to become more oversaturated (there were over

900 Festivals across Europe last year), supply of artists cannot meet the high demands of the

consumer (Mitchell, 2015). Without strong artists to headline these major events, festivals are

forced to “fracture their lineup”, by booking completely different genres together in the hopes to

drive different target customers (Mitchell, 2015). In some cases this technique has worked to

great success (I.E. Coachella, San Francisco’s Outside Lands, Lollapalooza) but will increasingly

become a roadblock as the market becomes even more saturated.

2.3 Key Direct Competition

Compared to its competition, Live Nation reigns supreme over the concert and industry.

The Company connects nearly 59 million fans to almost 23,000 events for over 2,700 artists in

33 separate countries, making it the largest live entertainment company in the world (New York

Times Stock, 2015). All other direct competition seems to be a mere blimp on the radar, as Live

Nation owns 69% of all ticketing sales for live events. Although these two competitors do not

participate on the same scale as Live Nation, significant direct competition with Live Nation

include each of the following:


AEG Entertainment

AEG (Anschutz Entertainment Group) is a privately held sporting and music

entertainment provider that most closely mimics the operational structure of Live Nation. It is

important to note that AEG owns some of the major acts that made the country’s top grossing

tours list; Alicia Keys, Bruno Mars, Justin Bieber, Bon Jovi, Kanye West, and Taylor Swift are

all having touring contracts with AEG (AEGWorldWide.com). AEG also holds several major

contracts alongside several high-demand worldwide sports events (the entire Los Angeles

Lakers, Tour De France, and ATP Tennis World Tour). The net worth of AEG is predicted to be

around $8-$10 Billion (Ozanian, 2014), almost the same amount as total ticket revenue

worldwide for Live Nation in 2013 ($9.4 Billion) (Sisario, 2014). Although smaller than Live

Nation, AEG could pose a major competitor as the company looks to sign on more talent.

TicketFly

A noteworthy new competitor to Live Nation is TicketFly, a smaller ticketing company

based out of San Francisco founded in 2013 that specializes in small scale concerts and events.

TicketFly concentrates and dominates its price skimming, economy-based strategies; Tickets sell

for around $10-$45 for artists who are local to that area or are relatively unknown talents. Unlike

major contract deals, TicketFly works with artists on a show-by-show basis, providing the means

for internet and community marketing alongside a local venue in exchange for a profit of the

concert’s earnings. The company gained national exposure when it was selected to be the

ticketing supplier for the annual burning man festival, as well as the annual Jazz festival in

Toronto (Levy, 2015). If Live Nation is not careful, TicketFly will have the opportunity to

capitalize on more niche markets in the upcoming year.


2.4 Indirect Competition

During the competitive analysis, it is important to highlight that indirect competition

poses more of a threat to Live Nation than direct competition, because these non-industry

substitutes are often disregarded in analysis but compete for the same consumer dollars. The

Following are indirect competition with Live Nation:

StubHub

At first glance, StubHub seems like a clear direct competitor with Live Nation; however,

StubHub functions as a secondary-ticket retailer, where Live Nation is geared toward the primary

retail market. For example, if a person buys a ticket from a venue directly, they are giving money

to a company within the primary ticketing market. However, if a show is sold out or unavailable

from the primary source, a customer usually turns to a secondary market competitor, like

StubHub, for a ticket at a marked-up price. This competitor is extremely toxic to Live Nation’s

ticketing market because of its aggressive, cost-plus pricing technique. StubHub, a subsidiary of

EBay, on average makes about $325 Million Dollars in total revenue annually thanks to Live

Nation has a poor judgement in its pricing strategy and the high-perceived customer value of

tickets (Ozanian, 2011).

Other Competitors

There are many alternatives and cost-effective substitutes compared to choosing a concert

or sporting experience through Live Nation. Walt Disney Company, which appears to have its

footprint in all areas of entertainment, is a prime example of a key indirect competitor. Although

the cost may be the same, an individual may choose going to Disneyland for the day over going

to a 2-3 hour concert during the evening. Consumer may choose to stream a concert on their own


time using Netflix rather than paying full price to see a show. Even ICM (one of the world’s

largest talent agencies) as a credible indirect competitor, due to the fact that the core of Live

Nation’s ecosystem is their performers.

3.0 Company Performance Review

According the Live Nation’s current earnings report, Live Nation has broken expectation

for the company’s third quarter this fiscal year. Total Revenue is up by 10% for the quarter at

$2.6 Billion, with an operating income of $145 million, and a projected end quarter revenue at

$2.8 Billion (investors.livenationentertainment.com, 2015). Sponsorship and advertising

revenue has increased by 16% this year, along with overall ticket sales increasing 8% through

October 26th (investors.livenationentertainment.com, 2015). Even if some numbers are

exaggerated for stockholders, Live Nation seems to be in a continual growth state, showing both

an indication of revenue growth, sponsorship, and ticket sales.

Live Nation has a plethora of diverse resources, and constantly looking for a new means

of utilization for their assets. The company has one of the strongest artist networks possible,

currently managing over 280 “Global Icon” artists, with a total of 2,700 artists worldwide

(sponsorship.livenation.com, 2015). Live Nation is also well known for their exploitation of big

data analytics. With 65.7 million unique monthly visitors to all Live Nation’s affiliated websites,

130 million active customer profiles, and 17 million customers buying tickets through Live

Nation’s mobile applications, the company boasts one of the world’s largest CRM data bases

(sponsorship.livenation.com, 2015). Venues also serve as a major asset for Live Nation. In 2006,

Live Nation began the act taking over well-established name brand venues such as House of

Blues, Wiltern, and Fillmore brand venues, using systems in-place to manage and operate within

these well recognized venues. Currently, Live Nation operates in over 158 venues worldwide,


allowing Live Nation to provide customers completely different concert experiences

(Llivenationentertainment.com).

Perhaps Live Nation’s most respected quality (aside from its artists) is the company’s

network of 750 unique business partnerships. Each of these partners allows Live Nation to

control every aspect of the concert experience, while offering the partner’s market exposure at

events and access to consumer data after concerts (LiveNationEntertainment.com, 2015). With

Partner’s like UPS, Uber, American Express, Anheuser-Busch (Budweiser), and Kellogg’s, Live

Nation can collect profits through every happening surrounding the concert experience (ticket

delivery, transportation to and from events, in-concert debit withdraws, all concessions). Live

Nation also acquired an exclusive partnership with the NFL this year, and now provides ticketing

sales for the NFL ticket exchange website (Investors.livenationentertainment.com, 2015).

3.1 SWOT Analysis

Strengths

In examining Live Nation, an obvious strength of the company is their strategic

partnerships. By partnering with companies such as UPS, Kellogg, Hilton, and Uber, Live Nation

is able to essentially own the market and by utilizing strategic buyouts, insuring its own

insulation from direct competition. These deep ties with varied business in external industries

also open new distribution channels for Live Nation, as well as a means of promotion with other

products. Another strength for Live Nation is its analytics system and overall customer

information. As a primarily online retailer, Live Nation receives a unique opportunity to gather

customer information from every online transaction.


Weakness

In considering the major flaws of Live Nation, many ticket packages available for sale at

the moment lack highly customized products for individuals. Besides paying more for a seat that

is closer to the stage, Live Nation does a relatively poor job of providing customers with

differentiated experiences based on their buying power. Live Nation has the resources available

to establish a connection with the customer from the moment they walk into a venue, yet do not

engage the customer during each element within their concert experience. Live Nation also does

an inadequate job of leveraging customers based on future value. When the primary goal of a

company is to gain control of more market share, they often tend to overlook loyal customers

and niche target groups in attempts to reach the masses. Live Nation does not differentiate

customers based on loyalty, and misses out on major profits in doing so. Live Nation also has an

extensive database, yet fails to position their product prices correctly amongst customers. While

the database has extensive information, Live Nation fails to segmenting customers by

anticipating their demands and needs, giving the secondary ticketing market the opportunity to

practice cost plus pricing.

Opportunities

Despite having a massive amount of data systematized concerning key customers,

there is still a sheer amount of data that is currently being underleveraged, providing an

opportunity for Live Nation to process even more key target data. Application of this

understanding could strengthen various areas of weakness within Live Nation, including but not

limited to, it’s current pricing model. The amount of innovation and technology tied to the

overall industry also provides a major advantage for Live Nation. Live Nation’s online systems


and big data analytics can quickly reveal innovative trends to engage customers before their

competition, giving them a huge head start in the search for competitive superiority.

Threats

The first immediate threat to the success of Live Nation’s marketing plan is the danger of

indirect competition. A majority of Live Nation’s indirect competition comes from companies

such as Disney and Netflix, whom (as previously stated) tend to steal customer’s entertainment

dollars away from the concert experience. Without considerable incentives, customers will

undoubtedly turn towards one of these substitutes to be entertained. Artists cost can likewise be a

snag in Live Nation’s marketing plan. Being in a demand based market, Artists can demand

higher prices when signing long term contracts; if the market demand suddenly fluctuates, or the

artist does not bring in enough customers, Live Nation may need to compensate for the loss of

profits. Merger regulation, one of Live Nation most important areas of sustainable competitive

advantage, is also a major threat considering regulatory panels. If a panel was to decide the

merger was unfair and monopolistic in nature, Live Nation could face potential fines along with

staggered business. Live Nation also runs the risk of merger rejection between valuable venues

and partnerships. Without partner participation, Live Nation would struggle or fail in putting on a

concert.

4.0 Objectives

Live Nation’s ultimate goal is to uncover new forms of sustainable competitive advantage

for to enhance long term customer relations and profitability. The goal of these advantages is to

create long-term and measurable customer relationships through augmented goods and services

that have a high perceived value. These need to be products which cannot be easily duplicated or


surpassed by competition, and are specifically tailored to each astute and heavily valued

customer. By first leveraging its large database asset for customer information, Live Nation will

be able to anticipate and meet the current and future needs of its core customers. Products can

then be customized and bundled with added services to specifically improve the concert

experience for each customer based on their individual demands. When these customer needs are

met, Live Nation will then have the ability to build and insulate customer relationships protecting

it against all forms of competition.

Live Nation will be able to measure the success of this program and make the decision on

whether or not to implement recommended practices nationwide by the metrics seen here:

● Customer satisfaction - through understanding each customer thoroughly and answering

to their own individual needs the overall customer satisfaction should increase. This will

be tested through online surveys with an undetermined value-added service during their

next concert experience.

● Increased profit per ticket - As a result of the higher ticket prices and improved

customer satisfaction, our prices and ticket packaging should increase in the long-term.

There should be and expected 3-5% growth in overall revenue from the implementation

of this marketing plan.

● Higher ticket prices - Higher ticket prices will prove that Live Nation better understands

the demands of their customers. Industry prices should slowly increase to match set

prices over the next 3 years with our recommendation. Expectations are an 8-10% price

inflation on top of market inflation.


5.0 Action Plan: DestiNation

DestiNation consists largely of customer relationship management and marketing. The

focus of this marketing plan is to create a unique, fully customizable customer experience which

allows for each individual customer to choose their own destination within their live nation

experience through a series of different customizable packages and value added services.

5.1 Target Market

DestiNation has a primarily psychographic focus, targeted toward concertgoers and those

who want to “live” concert experience, and are willing to spend extra money to feel more

involved in the entire experience. This covers an expansive age demographic with no preference

to gender, and can change based on what shows are selected to have DestiNation packages

available. However, to successfully perform testing groups of the marketing plan, it is highly

recommended using a “Global Icon” performer, specifically targeting the 18-34 age

demographic, who are technology driven, are active on their mobile device during concerts, and

are inspired to purchase products from a sponsor of Live Nation. The plan also recommends

targeting individuals from a higher income bracket (household income over $100,000 is ideal);

these parameters fall into Live Nation’s target consumer report (media.ticketmaster.com, 2015).

The ultimate goal of this target market is to create audience segmentation of the first-row

purchaser.

5.1 What

From the moment an individual decides the event they are hoping to attending, the

DestiNation application will be giving a customer the opportunity to fully customize his or her

complete experience. At the Main Ticketing Screen of the app, a customer will be given the


option to go to traditional ticketing or to initiate DestiNation, with the understanding that the

software will request use of a social media and music library access to further customize the

ticketing experience. After scanning for Likes and Artists, The Customer will be given the choice

of transportation to the event via Uber. Customers will be able to set the time of arrival, so that it

is never a surprise when a Chauffeur will arrive, along with traffic predictions to avoid the heavy

rush hours of a Friday or Saturday. Customers then are given dining options for the venue, for

what food and drinks they would like to be served whether that be average dining or an exclusive

Destination-only menu, with time or act preferences for arrival. The Customer then is directed to

the “Destination Page”, allowing patrons to choose their concert experience, starting with the

tickets, followed with options to purchase for everything from meet-and-greets, VIP access,

merchandise, and Digital copies of the concert. Using exclusively Live Nation owned venues,

there will be little regulation or hindrances that can affect the first trial runs. Finally, the

customer is given a grand total, and submits their credit card information for one-time online

access, takes a personal picture and applies it to the ticket for security and Identification

purposes. The customer is then given a link to their application that gives them a completely

mobile digital application on the go.

5.2 Who

In order to effectively carry out this CRM program, a minor HR program will have to be

created as well. This is an opt-in program for the highly motivated to be a DestiNation employee.

Live Nation will target employees that are passionate about music, desire to move up within the

organization, have previous serving/hospitality experience, and are the type to habitually go

above and beyond the call of duty. There will also be a month long training program with a

management mentor that comes from Live Nation headquarters, thereby bridging the gap


between corporate and frontline employees. Three month reviews in order to ensure continued

quality that is the basis for a raise, promotion, or removing from the program. It will be easy to

measure employee effectiveness due to the survey at the end that measures the customer’s view

of their experience.

5.3 When

With all systems currently in place, Live Nation can induce trials during the upcoming

year on a select number of big market tours. One Direction, Adele, and the Weekend all are

strong candidates for program roll-out. Perhaps selecting a city based on historic spending

records at concerts will best determine what dates to choose for trial programs.

5.4 How

Historically Live Nation has spent money with the promise of some form of

compensation, especially if it secures a competitor lock out in the market; Ticketmaster Plus,

Live Nation secondary ticketing platform, took over $100 Million Dollars to initially start

(Fortune Mag, 2013). This branch of Ticket Master was put into place to take back a share of the

market from StubHub, but essentially cannibalizes Live Nation’s other products. If cash is not

on-hand, a minor recommendation is for Live Nation to dissolve its Ticketmaster Plus services.

By dissolving Ticketmaster Plus, Live Nation will gain financial feasibility for the strategic

marketing plan as well as begin to eliminate the need for competing against secondary ticketing

services such as StubHub.

6.0 Projected Earning

The program would require an initial $12 Million dollar investment for application

development, marketing, and contracting expenses with partner companies (with the


understanding that yearly operation costs could amount to $5 million based on the size of

program’s roll out). However, with successful implementation of the program, it is projected that

Live Nation can expect a 1.4% margin increase in total revenue ($44,800,000) within the first

two years. StubHub will also loose a percentage of the resale market to this program, as packages

require photo identification and are not available for resale.

6.1 Contingency plans

The program is completely elastic, and can be downsized in short notice if the trial period

does not show an effective pull within the market. Max potential losses would amount to $8

Million in a worst case scenario, but due to the nature of the packaging and reasonably small

costs for further product augmentation through utilizing partnerships, there is little chance for

complete failure.

6.3 Conclusion

If our project is implemented within a controlled group of concerts, then developed

further based on criteria gained from target opt-in customers before further expansion, our

program team is confident that Live Nation will see long term positive profitability. With the in-

depth understanding of customers gained from social media integration within the app, along

with the deepened business ties Live Nation will continue to support with this experience, Live

Nation will slowly develop a competitive market membrane, which will allow for new bonds

between company’s and customers to develop, while ostracizing impersonators from the market

altogether. As a result of implementing key marketing foundation and fundamentals to their

strategic marketing management operations, Live Nation will maintain market dominance while

revitalizing its brand Image.


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