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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
Live Nation Marketing Plan 2
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
Live Nation Marketing Plan 3
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).
Live Nation Marketing Plan 4
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).
Live Nation Marketing Plan 5
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:
Live Nation Marketing Plan 6
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.
Live Nation Marketing Plan 7
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
Live Nation Marketing Plan 8
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,
Live Nation Marketing Plan 9
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.
Live Nation Marketing Plan 10
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
Live Nation Marketing Plan 11
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
Live Nation Marketing Plan 12
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.
Live Nation Marketing Plan 13
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
Live Nation Marketing Plan 14
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
Live Nation Marketing Plan 15
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
Live Nation Marketing Plan 16
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.
Live Nation Marketing Plan 17
References
Greenburg, Z. (2015). Forbes Welcome. Forbes.com. Retrieved 26 November 2015, from
http://www.forbes.com/sites/zackomalleygreenburg/2014/05/07/live-nations-earnings-top-expectations-big-
summer-for-concerts-ahead/
Ibisworld.com,. (2015). Concert & Event Promotion in the US Market Research | IBISWorld. Retrieved 26
November 2015, from http://www.ibisworld.com/industry/default.aspx?indid=1960
Investors.livenationentertainment.com,. (2015). Live Nation Entertainment - Live Nation Entertainment Reports
Third Quarter 2015 Financial Results. Retrieved 25 November 2015, from
http://investors.livenationentertainment.com/news-center/news-center-details/2015/Live-Nation-
Entertainment-Reports-Third-Quarter-2015-Financial-Results/default.aspx
Investors.livenationentertainment.com,. (2015). Live Nation Entertainment - - NFL And Ticketmaster Encourage
Fans Shopping ForSuper Bowl XLVIII Tickets On Resale Sites To Only Purchase From NFL Ticket Exchange,
The Official Ticket Exchange Of The NFL -. Retrieved 26 November 2015, from
http://investors.livenationentertainment.com/news-center/news-center-details/2014/--NFL-And-Ticketmaster-
Encourage-Fans-Shopping-For-Super-Bowl-XLVIII-Tickets-On-Resale-Sites-To-Only-Purchase-From-NFL-
Ticket-Exchange-The-Official-Ticket-Exchange-Of-The-NFL--/default.aspx
Kiendl, W. (2015). The Economics of EDM | Music Business Journal | Berklee College of Music.Thembj.org.
Retrieved 25 November 2015, from http://www.thembj.org/2013/12/the-economics-of-the-electronic-dance-
industry/
Levy, A. (2015). Can Ticketfly take on Ticketmaster? Hello Canada.CNBC. Retrieved 26 November 2015, from
http://www.cnbc.com/2015/03/20/can-ticketfly-take-on-ticketmaster-hello-canada.html
Live Nation Media & Sponsorship,.(2015). Live Music Sponsorship & Digital Brand Marketing.Retrieved 26
November 2015, from http://sponsorship.livenation.com/about-us/
Livenationentertainment.com,. (2015). Concerts : Live Nation Entertainment.Retrieved 26 November 2015, from
http://www.livenationentertainment.com/concerts/
media.ticketmaster.com,. (2015). Live nation Fan Meter 2015: Concert Trends. Retrieved 25 November 2015, from
http://media.ticketmaster.com/en-us/img/static/ticketlogy/images/2012_Concert_Trends_v11.pdf
Live Nation Marketing Plan 18
Mitchell, Z. (2015). The Boom in Outdoor Festivals | Music Business Journal | Berklee College of
Music. Thembj.org. Retrieved 26 November 2015, from http://www.thembj.org/2015/08/the-boom-in-outdoor-
festivals/
Ozanian, M. (2015). Stubhub DominatesSecondary Ticketing Market.Forbes.com. Retrieved 26 November 2015,
from http://www.forbes.com/sites/mikeozanian/2011/08/05/stubhub-dominates-the-secondary-ticket-market/
Ozanian, M. (2015). Value of AEG Disclosed: $8 Million.Forbes.com. Retrieved 26 November 2015, from
http://www.forbes.com/sites/mikeozanian/2012/10/15/value-of-aeg-disclosed-to-be-at-least-8-billion/
Roble, R. (2015). Winning 2015 Ticketing Industry TrendsTicketing Today.Ticketingtoday.com.Retrieved 26
November 2015, from http://ticketingtoday.com/winning-2015-ticketing-industry-trends/
SISARIO, B. (2014). Live Nation Cut Its Losses Last Year. Nytimes.com. Retrieved 26 November 2015, from
http://www.nytimes.com/2014/02/25/business/media/live-nations-loss-declined-as-revenue-rose-in-2013.html
Statista,. (2015). The most successful music tours worldwide 2015 | Statistic.Retrieved 25 November 2015, from
http://www.statista.com/statistics/278378/the-most-successful-music-tours-worldwide/
YouTube,. (2015). Michael Rapino CEO of Live Nation Speaks at BrainstormTech 2013.Retrieved 26 November
2015, from https://www.youtube.com/watch?v=7Eyi7uZuZX8

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McCormick LiveNation Strategic Assessment Project

  • 1. 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
  • 2. Live Nation Marketing Plan 2 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
  • 3. Live Nation Marketing Plan 3 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).
  • 4. Live Nation Marketing Plan 4 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).
  • 5. Live Nation Marketing Plan 5 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:
  • 6. Live Nation Marketing Plan 6 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.
  • 7. Live Nation Marketing Plan 7 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
  • 8. Live Nation Marketing Plan 8 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,
  • 9. Live Nation Marketing Plan 9 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.
  • 10. Live Nation Marketing Plan 10 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
  • 11. Live Nation Marketing Plan 11 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
  • 12. Live Nation Marketing Plan 12 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.
  • 13. Live Nation Marketing Plan 13 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
  • 14. Live Nation Marketing Plan 14 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
  • 15. Live Nation Marketing Plan 15 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
  • 16. Live Nation Marketing Plan 16 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.
  • 17. Live Nation Marketing Plan 17 References Greenburg, Z. (2015). Forbes Welcome. Forbes.com. Retrieved 26 November 2015, from http://www.forbes.com/sites/zackomalleygreenburg/2014/05/07/live-nations-earnings-top-expectations-big- summer-for-concerts-ahead/ Ibisworld.com,. (2015). Concert & Event Promotion in the US Market Research | IBISWorld. Retrieved 26 November 2015, from http://www.ibisworld.com/industry/default.aspx?indid=1960 Investors.livenationentertainment.com,. (2015). Live Nation Entertainment - Live Nation Entertainment Reports Third Quarter 2015 Financial Results. Retrieved 25 November 2015, from http://investors.livenationentertainment.com/news-center/news-center-details/2015/Live-Nation- Entertainment-Reports-Third-Quarter-2015-Financial-Results/default.aspx Investors.livenationentertainment.com,. (2015). Live Nation Entertainment - - NFL And Ticketmaster Encourage Fans Shopping ForSuper Bowl XLVIII Tickets On Resale Sites To Only Purchase From NFL Ticket Exchange, The Official Ticket Exchange Of The NFL -. Retrieved 26 November 2015, from http://investors.livenationentertainment.com/news-center/news-center-details/2014/--NFL-And-Ticketmaster- Encourage-Fans-Shopping-For-Super-Bowl-XLVIII-Tickets-On-Resale-Sites-To-Only-Purchase-From-NFL- Ticket-Exchange-The-Official-Ticket-Exchange-Of-The-NFL--/default.aspx Kiendl, W. (2015). The Economics of EDM | Music Business Journal | Berklee College of Music.Thembj.org. Retrieved 25 November 2015, from http://www.thembj.org/2013/12/the-economics-of-the-electronic-dance- industry/ Levy, A. (2015). Can Ticketfly take on Ticketmaster? Hello Canada.CNBC. Retrieved 26 November 2015, from http://www.cnbc.com/2015/03/20/can-ticketfly-take-on-ticketmaster-hello-canada.html Live Nation Media & Sponsorship,.(2015). Live Music Sponsorship & Digital Brand Marketing.Retrieved 26 November 2015, from http://sponsorship.livenation.com/about-us/ Livenationentertainment.com,. (2015). Concerts : Live Nation Entertainment.Retrieved 26 November 2015, from http://www.livenationentertainment.com/concerts/ media.ticketmaster.com,. (2015). Live nation Fan Meter 2015: Concert Trends. Retrieved 25 November 2015, from http://media.ticketmaster.com/en-us/img/static/ticketlogy/images/2012_Concert_Trends_v11.pdf
  • 18. Live Nation Marketing Plan 18 Mitchell, Z. (2015). The Boom in Outdoor Festivals | Music Business Journal | Berklee College of Music. Thembj.org. Retrieved 26 November 2015, from http://www.thembj.org/2015/08/the-boom-in-outdoor- festivals/ Ozanian, M. (2015). Stubhub DominatesSecondary Ticketing Market.Forbes.com. Retrieved 26 November 2015, from http://www.forbes.com/sites/mikeozanian/2011/08/05/stubhub-dominates-the-secondary-ticket-market/ Ozanian, M. (2015). Value of AEG Disclosed: $8 Million.Forbes.com. Retrieved 26 November 2015, from http://www.forbes.com/sites/mikeozanian/2012/10/15/value-of-aeg-disclosed-to-be-at-least-8-billion/ Roble, R. (2015). Winning 2015 Ticketing Industry TrendsTicketing Today.Ticketingtoday.com.Retrieved 26 November 2015, from http://ticketingtoday.com/winning-2015-ticketing-industry-trends/ SISARIO, B. (2014). Live Nation Cut Its Losses Last Year. Nytimes.com. Retrieved 26 November 2015, from http://www.nytimes.com/2014/02/25/business/media/live-nations-loss-declined-as-revenue-rose-in-2013.html Statista,. (2015). The most successful music tours worldwide 2015 | Statistic.Retrieved 25 November 2015, from http://www.statista.com/statistics/278378/the-most-successful-music-tours-worldwide/ YouTube,. (2015). Michael Rapino CEO of Live Nation Speaks at BrainstormTech 2013.Retrieved 26 November 2015, from https://www.youtube.com/watch?v=7Eyi7uZuZX8