In general, Live Nation’s three competitors do a significantly better job at creating a sense of community around the concert experience and loyalty to the websites. The competitors bring the music to the fans, rather than Live Nation’s platform of the fan coming to find the music. Through automatically scanning personal music libraries, recommending new artists, enabling an ability to buy music and concert tickets, creating community and conversations around the concerts including live streams of video, photos and commentary, mobile applications and targeted communications, these other sites maximize the potential of social media to create the ultimate concert experience.
LiveNation’s site offers varied content that users can customize if they wish (through MyLiveNation). In addition, the site offers a collaborative platform where people can rate artists and comment on the shows they’ve seen. The site also integrates live feeds from Twitter and information from Facebook and allows people to include their artist rating and comments right on the site. People can also get recommendations of artists that they might like based on the artists that they like and browse on the site. Here’s more information on each of the framework elements:Content on the site is varied and includes: List of upcoming shows and artists, list of venues, merchandise for sale, VIP programs which often offer people the opportunity to meet and greet the artist or attend pre-show parties.Community on the site is relatively active and some app seem to aim at increasing community participation: People can rate the various artists and include comments about the performances they saw. The artist page shows a live tweet feed so people can read about what people are saying about the artist. People can also see from the main page who has RSVP to events for the most popular artists. With an APP, people also have the option of seeing who, amongst their friends, have RSVP to certain events. The app also allow people to earn badges and rewards as they browse the site. People can get personal recommendations on artists they may like based on what they have browsed before.Collaborative platforms provide a good sense of what’s popular in the community i.e. concerts, artists: MyLiveNation – offers people an opportunity to personalize their profile and purchase concert tickets, and manage favorite artists and venues. In addition, as mentioned before, the site feeds information from twitter and facebook to provide more up to date information on certain artists for example. Note form Mireille: what about “viral” or “influencers”?ListenThrough the use of social metrics, LYV can better understand what appeals to its customers the most.Learn They can also use this information to provide recommendations to others.
The ultimate goal of utilizing the data is to increase Live Nation profitability as a viable business. In short term, it can use the data to create more productive marketing campaigns and advertisement. However data mining could also have more important long term implications. Live Nation is one of the players in a complex ecosystem. However it has a unique position because of its access to most of the information. Therefore it can leverage the data to strengthen its strategic position to become the cornerstone of the ecosystem. Such a strategic position will help Live Nation to align other parties with its long term business strategy.
Ticket transactions create a rich data set which can be mined to figure out various patterns to understand user preference and predict the best marketing mix for events.
“Recommender systems typically produce a list of recommendations in one of two ways - through collaborative or content-based filtering. Collaborative filtering approaches to build a model from a user's past behavior (items previously purchased or selected and/or numerical ratings given to those items) as well as similar decisions made by other users, then use that model to predict items (or ratings for items) that the user may have an interest in. Content-based filtering approaches utilize a series of discrete characteristics of an item in order to recommend additional items with similar properties. These approaches are often combined (see Hybrid Recommender Systems).”http://en.wikipedia.org/wiki/Recommender_system
Recommender system can give valuable suggestions to different parties in the value chain. It could recommend to artist managers which events were more successful and combining that with user demographics and past history, suggest what type and genre of songs to create in future. Also it could suggest them which towns and venues can bring more fans to the stage.Recommender system can also help venue operators create better events. At what date and time, which artist is better to perform. What’s the best price for tickets.? Which merchandise to bundle with tickets?Finally after events are planned, Recommender system can send targeted ads to users. It also can show other recommendations to users when they visit Live Nation website.
LIVE NATION Mireille Boutin Tamar Frieze Ross Hanson Joseph Plummer Amir Samakar Sept. 2012 Babson College (cont.)
Live Nation leverages social media to connect with its customers • User-generated Content • Videos • Giveaways • Listen – Social metrics • Learn – Crowdsourcing Collaborative Community Platforms• Reviews from • Mass collaboration users • Word-of-mouth• Voting for …. • Followers/fans• Giveaways
What Competitors Do Better LiveNation Last.Fm Songkick BandsintownScanning Manual input of favorite Scrobbler - Automatically scans Automatically imports artists and venue. automatically scans library to track favorite libraries via Pandora orpersonal music personal music library artists to know when Last.fm to customize.library for to create personalized they are on tour. Or manually input from recommendations: list of artists.customized custom radio stations,information & track favorite artists, recommend artists,results purchase music, know who is in concert.Radio stream & No radio streams, no Radio stream of favorite N/A N/A live concert streams, no and suggested artistsmusic purchase ability to purchase based on your existing music. library. Can purchase music through a number of legal download formats (i.e. itunes, amazonMP3, 7digital, etc.)Live concert Only through Facebook. Can share music with Can either purchase People can post real No feeds to website. friends, can comment concert tickets, and if time photos andfeeds / content and interact with online not on tour, can see live commentary via twitter& community community of other video, photos and from live concerts. fans, see who is on tour commentary from thebuilding easily. concert. Shared experiences through
What Competitors Do Better LiveNation Last.Fm Songkick BandsintownFacebook Log- Facebook “likes”, not Can log in via Can log in via Facebook app; login. Facebook and can Facebook and can heavily focused onin capture profile capture profile social media for information information information. automatically. automatically.Focus on mobile Little to no focus on Mobile apps Mobile apps Mobile apps mobile apps. available. available. Can available.apps download concerts automatically into Outlook, Google Calendar, etc.Focused emails History/impression of Emails only about non-targeted “spam” tracked artists in feeling email. concert.Concert Ticket – No sense of price Cannot buy concert Can buy tickets Can compare ticket comparison. tickets through site. through site via prices.Best Prices Ticketmaster.
Using Social Media to Achieve Objectives Facebook Use Facebook as a platform for User Generated Content and customer engagement Regional LiveNation Groups to push information about local events Connect back to special opportunity to download/purchase exclusive live concert performances Twitter Use Twitter as a method of generating hype and conversation around events. Live Twitter conversations with artists promoting new tours Live Twitter feeds from artists before and after performances Live Twitter feeds from concerts with VIP Package incentives/prizes to encourage community Connect with radio stations to promote events Can tap into Twitter feeds from Live Nation Can promote conversations and contest opportunities
Using Social Media to Achieve Objectives Foursquare Generate venue-based hype and loyalty YouTube Capture the experience of events with embedded deals in the videos Create a platform for user-generated content. Live Nation YouTube channel streaming video from live concerts Blogs Partner with well-established, well-respected bloggers Offer VIP deals to valued, thought-leading customers Stream music from live concerts as teasers to other social media mediums
How to Utilize Ticket Transaction Data Ticket & Targeted User Merchandis Ads e Sale Recommend Album &Database Artist Album er System Event Manager Production Ideas Marketin Venue Event g Mix Operator Planning
Available Data Set Facebook Friends User Purchase Time & date Songs Ticket Artist Transaction Genre Database Location Time & Date Venue Seat Sold Tickets % Price
Recommender System Hybrid System Content- Collaborative based filtering filtering
Different Types of Recommendation Artist Venue User Manager Operator Venue Date & Time Song Artist Pricing Date & Time Album Artist Price Tour Plan Merchandise Seat