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2 Peaks: Ticketmaster and UX + Branding by The Royal Opera...
I’m doing some planning and have been going through some of the stuff I’ve written in other outlets.
Today, I’ll share two pieces:
One on Ticketmaster’s UX and why it is isn’t as user friendly as people would like.
One on the strategy of the Royal Opera to use its brand to fill in its revenue challenges.
I did one this week with AudienceView that was for ticket sellers and the feedback was pretty strong. So this one is for folks in professional service firms.
Share it freely and I’ll provide a recording for everyone that signs up afterward.
I’m in awe of how great this is.
The Big Idea: It isn’t illegal to be a monopoly in the States, but using your market power to harm the market is…
This visual representation of what is going on with Ticketmaster and the way a customer experiences the service is pretty eye-opening.
Most people have a hard time putting their finger on the real impact of monopoly power, but this is a strong visual tool to help see the influence.
What does this mean for folks?
Friction will make people abandon their carts.
High prices will make it harder for more artists to make music a career.
Less competition means that there is less incentive for a better user experience. It also means that there is likely to be less incentive for better marketing practices to deliver for smaller venues and artists. We can call it a doom loop.
Why have things gotten to this point?
Lack of competition means there are no incentives to creating a better customer experience.
Lack of regulation means that there is no hope of true competition in the current environment…unless you count the secondary market. (This is why the allocation system in the UK is so important.)
Vertical integration of the ticket ecosystem means that there are more chokepoints to squeeze people in all parts of the supply chain and purchase path.
Danger ahead! Danger!
Focus on the revenue first: That can be a loser’s game.
Why is this happening?
There’s a cost of living crisis in the UK that is being driven by Brexit’s impact, COVID’s hangover, and global inflation trends.
Funding formulas have been changed with the arts receiving less direct government funding.
Changing habits that were started during the lockdowns and have continued.
What can be done?
You have to start with the broader market. Just looking at where you can drive revenue or charge more money is going to be a loser’s game. The biggest challenge almost every organization is dealing with is the need to drive folks into the top of the funnel.
You should do an audit of your business, but begin with your strategy.
Don’t get so focused on revenue that you miss profits. Don’t get so focused on revenue now that you lose sight of some of the other aspects of your mission. Remember the ultimate question: “What does success look like?” Let it be your guide.
Licensing a brand, a few pointers:
Be selective of who you partner with.
These kinds of partnerships can be winners because both brands bring their good stuff to the relationship and leave behind any of the bad stuff.
Make sure you have an out and performance protection.