Table of Contents
- Areas of concern that affects The Edge
- Ticket pricing and Discounts
- Survey Results
The Edge has always targeted more mature audience as compared to other music venues and this is the reason why not many millennials are interested to come to The Edge as they might be associating it to “old people music”. As millennials are aged until 30, their music taste might vary slightly but essentially will be revolving around similar music taste. The decreasing amount of millennials has caused a huge decline in attendance, especially during the school holidays. I have researched about millennials, ticketing prices, our competitors & done surveys and found some reasons why this has occurred and with my knowledge of millennials, I have come up with some solutions to solve the declining attendance from millennials and came up with solutions in order to gain popularity for The Edge in order to make The Edge a suitable music venue for all ages.
Areas of concern that affects The Edge
By finding what are the areas of concerns that affect the edge, we can find the various problems that make The Edge lack the millennials that are attending their concerts.
Millennials are people who are born between the years 1982 and 2004 and this generation is similar to previous generations. Millennials are quite similar in terms of music taste. From classical music to rock music, some millennials do listen to music of the 80s. Our mode of communication of Straits Times and Class 95 on the radio is out of fashion for millennials who would rather listen to 987fm, youtube or social media. We attract a more mature audience as we advertise in those modes of communication instead of platforms that are used more by millennials such as 987 FM, Twitter, Facebook, and Instagram.
The competitors include the Music Space, Oasis and the Red Storm. From the survey results, these music venues are more liked by Millennials with the majority of the students which amounted to around 56% of students love the Music Space while only 4% like The Edge which makes our venue the least favourite by students. The survey results also showed that millennials would rather choose the other music locations, like Music space, Oasis and red storm than choose The Edge. In the Edge advertisements, they are lacking in visual appeal and rarely have pictures of the bands and their performance schedule. This is an issue that affects the company’s profits due to the decrease in customers.
Ticket pricing and Discounts
Based on the survey results, The Edge is one of the least popular concert venues among its competitors (Music Space, The Oasis and Red storm). The students neither feel that the ticket prices are not too expensive nor do they feel that it is cheaper as compared to other concert venues. As compared to the most popular choice (Music Space) whereby students find the ticket price more reasonable than The Edge. This affects The Edge as by having ticket prices that are not as reasonable as other music venues, more millennials will choose to visit other music venues instead of The Edge.
Based on the survey done, it has shown that 207 students out of 220 students will take into considerations the number of discounts given to them. By offering occasional student offers, students will be attracted to the affordable prices provided by the venue. Music Space offers promotions through giveaways done by 987FM. By doing so, 101 out of 220 students found the ticket prices at Music Space to be reasonable. Hence, more millennials will choose to go to Music Space as compared to The Edge. Therefore, The Edge should offer more student offers in order to attract millennials to choose The Edge as their go-to music venue.
As for advertising, The Edge uses newspaper and the radio as the primary source of advertising. These advertisements are featured in the Straits Times and advertised on Class 95FM. Based on observations, I noticed that visual appeal was lacking and there were little pictures of bands and their performance schedule. The lack of visual appeal in advertisements as well as using a radio station that is not popular among millennials will result in a lack of awareness of The Edge among millennials. Hence, the consumer rates at The Edge will not be high. Unlike competitors such as Music Space, Music Space has a well-designed website that appeals to the millennials. They also work in partners with 987FM for promotions and contests. Besides that, flyers are distributed to major tertiary institutions. By doing so, Music Space is able to reach out to millennials more by using a radio station that is more popular among millennials as well as creating more awareness to the music venue by promoting Music Space at tertiary institutions (where most millennials are at).
By making The Edge liked by millennials, there will be an increase in its popularity which results in more profit and customers. Hence, we conducted a survey with 220 polytechnic students, so that we can understand the mindset of the millennials better so that we can cater The Edge to their liking and garner more millennials to choose The Edge as their number 1 music venue to go to, rather than the others. 220 Polytechnic students were surveyed about their favorite music locations, and about the pricing of the concerts and how they find out about the concert details.
Out of the 220 students who took the survey, the majority of the students which amounted to 123 students which are around 56% of students love the Music Space while only 7 students (4%) likes The Edge which makes our venue the least favourite by students. 54 students out of the 220 said that they found our prices reasonable while 29 students out of 220 felt that our prices were too expensive. 207 out of the 220 students said that they look out for discounts on tickets and the majority of the students, about 79 students (35%), found out about the concert through word of mouth. This means that more students would come to The Edge if we were cheaper, offer discounts, advertise on the internet and gain love from the audience so that there is a positive word of mouth.
It is important that adjustments are made in our music choices so that there will be more millennials coming to our music performances. From the survey, it suggests that most of the students look for a discount on concerts that they’re planning to attend, and that out of all the music venues, Music Space is the most popular among the students and The Edge being the least popular. Also, the way they hear about the concert and the information about it is through other people, as seen in the survey.
As The Edge’s attendance has been declining for its performances at the venue, It is important that we take measures to increase our customer base and attract more millennials in order to keep The Edge running well. In the survey, it has been said that the students usually keep an eye out on discounts when they’re planning to attend a specific concert, hence we have to implement ways like discounting the concert ticket prices so that millennials that choose The Edge will steadily increase over time.
(i) Inviting bands or millennial artists to sing at The Edge (E.g 5 SOS). This will gain popularity among millennials as they listen to these artists so they would visit The Edge in order to support concerts of the bands that they like.
(ii) We should decrease the prices of the International acts we showcase and include discounts for international acts. Since millennials are attracted to discounts and affordable ticket prices, and as seen in the survey conducted, 207 people look for discounts when looking for concert tickets they are planning to attend. Having more affordable ticket prices will attract more millennials to visit The Edge and attend more concerts there.
(iii) Organise and publicize concert events months before the actual performance date. This will allow publicity to appeal more to millennials and will hence attract more millennials to attend the event, as in the survey conducted, the primary source of concert information that they usually hear from is through word of mouth, hence if they publicize the concerts, this would allow time for the word to spread to the millennials, through word of mouth and social media like Instagram and Twitter.