Ever since the advent of Napster and other P2P file sharing platforms, the entertainment industry has taken a hit to its revenue generating streams. What used to be considered a recurring cash cow has dwindled significantly.
But, what could have killed off an industry has yielded an opportunity of new business models – enter the festival.
(At this point, I’m reminded of the fateful scene in Jurassic Park when Dr. Alan Grant so dramatically states, “Life found a way…”) In a similar way, entertainment – specifically music – found a way.
This scenario is playing out in the business community, but on a more subtle level. Businesses everywhere are beginning to see the crunch of what social media is exposing; it is not too dissimilar from the early 2000s of the music industry.
Of the millions of value propositions offered by companies, products, or services, none is as great (both in the positive and the negative) than experience. Businesses that are able to best harness the customer experience will lead within their respective niche markets.
In order to accomplish this, it will require more market research than before. This is a jagged little pill to swallow, because as Clayton Christensen tweeted, “There’s no line item for information on your balance sheet… the natural reaction is to underinvest in information.”
The data is out there. Now find the competent strategists that can help you discern the trends of experience.