Whether it’s an indoor or outdoor space in your hospitality venue, event spaces are capable of generating significant revenue for your brand. If you never thought of capitalizing on your event venue, it’s time you start now as the live music festival industry is only projected to grow each and every year.
If you’re still having doubts, here’s why a live music festival or concert is the best way to monetize any event space that you may have.
1. Live Music Festival Is A Crowd Magnet
Live music festivals draw large crowds easily. Whether it’s a concert or local band performing, put up your event space on rent or simply plan for a music festival. While more crowd can mean chaos, make sure to streamline your ticket validation process with our app – YapScan so that your festival attendees can have a seamless experience with free-flowing queues.
2. Generates High Revenue
More crowd is equal to higher revenue. Whether you’re hosting it at your hotel or a casino, live music festivals help you generate high event revenue. Live music festivals have a dynamic range of sub-genres such as live concerts, DJ night, club night, retro nights, chillout stage, and much more. It’s on the event organizer or hospitality venue on how well they can leverage and phase out all these different types of musical experiences.
Pro-tip: Organizing different genres of music festivals is an opportunity to diversify your revenue stream.
3. Promotes Your Brand Offerings
Live music festivals can make your event space a big hit. When attendees arrive at your venue, they may want to grab a quick bite and a drink. As they relish the food, you’re promoting your restaurant or bar. Similarly, if there is live entertainment at a casino, you can promote your casino’s other premium offerings.
To ensure that your live music festival is a success, you need to market all the supplementary services or brand partnerships that will make their event experience a well-rounded one.
4. Earn Social Media Rep
All artists and musical acts have their own fan base. Weeks before the event when the artists promote their events on social media and other platforms, your event space gets recognition and brand visibility.
That kind of social media rep can transform your event space into a hangout space even without hosting an event. One successful live music festival will lead to another and you can snowball into that go-to venue for all future events.
5. Golden Opportunities All-Around
What if your artist is caught up in the traffic? Use this as a golden opportunity to pamper them. For example, if the concert is happening at your hotel, take the guests for a hotel tour or offer them a buffet at a discounted price.
If it’s a casino, your attendees can explore your casino, play some quick poker hands or try the slots before the artist arrives. Offer great customer service and set yourself apart. Attendees like unconventional event spaces that offer them a unique all-around experience.
If you think you’ve got one, make the most out of it by signing up with Yapsody and utilizing all our handy tips to create that memorable live music festival.