Today’s blog post is written by Paul Miller, VP Sales – Non-Profit Ticketing, PatronManager.
In a groundbreaking book published twenty years ago, two economists predicted, or at least presented, a theory that experiences would be the next transformational economic trend. They detailed how civilization has moved from an economy based on goods to one based on services, and then convincingly demonstrated why we must move to an economy based more and more on experiences. These shifts are and will be driven by an increase in demand for mass customization. As they explain, “Mass customizing any good turns that good automatically into a service; and mass customizing any service turns that service automatically into an experience.”
Twenty years on, it seems the words in The Experience Economy were quite prophetic; we have become (or are at least in the process of becoming) a culture where experiences are more highly valued than goods and services. From personal experience, I can affirm that my family has spent far more money on “times” than on “things” in the recent past: trips and tickets over toys and trinkets, you might say.
Looking at the arts and culture sector, the sheer plethora of new “pop-up” museums, fan conventions, and large music festivals shows just how many more “curated” experiences are available now versus 20 years ago. It’s also interesting to note that these events (and the marketing of them) have evolved to meet the demands of younger, more culturally diverse audiences. For example, while producers once thought that live streaming would contribute to a decline in attendance at live events, the opposite has turned out to be the case. Sports, for example, make huge amounts of money on streaming services, and yet they still have sold out venues on game day. Read the Article