Live Nation wants you to know it has an in-road to Millennials, Gen-Z
Live Nation is the market leader when it comes to organizing and producing live events and selling tickets for them. Last year, the company sold more than 530 million tickets to its gigs and festivals – and in doing so, got its hands on a massive amount of data about the world’s youngest spending cohorts: Millennials, and Generation Z. And the company wants businesses to know about it.
Live Nation’s share price has appreciated by 54% over the last 12 months
SOURCE: Yahoo Finance
Russell Wallach, the company’s president of media and sponsorship, explained why this data matters: “If you look at the business 10 years ago, brands were interested in simple things [like] entertaining. They were doing a lot of sports sponsorships. In the last four or five years, brands have realized that the absolute best place to reach Gen Z and millennial consumers is at live events.”
A study by the company, Love for Live, says that 99% of Gen Z and Millennials claimed live music is important to them, while 62% said they “can’t live without it.” 92% said that their attendance at live music events had risen over the previous year.
Wallach says that companies are more interested in ever in being a part of these events: “Every CMO that I speak with, the conversation immediately goes to data and creating customized experiences for our customers. That’s a real shift in how brands are approaching being at these events, and in a sense they always wanted to be at live events or music festivals, but now they want to be there to actually enhance the fan experience.”
Live Nation is well set up to deliver the kind of service that big brands want. They can tailor experiences for their partners (at Lollapalooza, a huge music festival, the company created a “Pepsi Zero chill house”), and collect brand data “from a fan lens”, according to the company’s head of research and insights, Amada Fraga. That’s proving to be popular with big sponsors – and for that reason, it should be popular with investors too.
Dominion holds Live Nation in its Global Trends Luxury Fund.
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