The live music business is booming, but with reacceleration comes new responsibilities for venue managers and concert promoters. Due to altered industry dynamics, concert planners must develop plans further in advance all while arranging contingency plans that can avert disaster. Planning a live event has always been difficult, though the complexity of today's hyperpaced concert world can be nothing short of daunting.
However, new technologies are also giving promoters dynamic new toolkits. Industry insiders using leading music management software are doing more than just keeping up with trends. With enhanced mobility, better recordkeeping, and more efficient operations all around, forward-thinking professionals are steering the trends as live music soars into an exciting new renaissance.
Superior bookkeeping is transforming venue management
Planning a concert used to be a highwire act of assembling paperwork and crossing fingers. Even the most organized venue managers were likely to have a unique bookkeeping process that might be all but impenetrable to outsiders.
But the days of pulling together manually processed spreadsheets and scrambling to locate invoices are over. Digital transformation has hit every industry; although, the revolution has been especially pronounced in live music planning.
Venue managers now can tap centrally controlled digital systems that improve every arm of the operation. Accessing information, performing calculations, and ensuring the timely dissemination of funds can all be done in a fraction of the time it used to take.
Through specialized software, venue managers and promoters can have an outsized impact with the potential to expand beyond their niche. Less time buried in ledgers and spreadsheets means more time for turning great ideas into successful concerts.
Concert planners need to be more accurate than ever
It's not enough to simply decrease the time you spend on bookkeeping; your business requires financial records and data that are more reliable than was feasible in previous generations. Manually entering information and relying on antiquated spreadsheets is an easy way to make avoidable errors that can undermine your reputation. Backed by leading management software, music insiders can master the recordkeeping process and avoid mistakes that cost time and money to fix.
The impact of data analytics
The gut instincts of a venue manager will always be important, though data analytics now deliver a different level of insight to build upon. Event planners should be able to tap an excellent data stream before and after the show. The trick is knowing what to do with the data and using it in the most impactful way possible.
Going beyond the break-even point
Enhanced data tracking provides several key insights. On one level, real-time ticketing data tells you how well a show is selling, allowing you to make adjustments to boost attendance if required. This lets you target your break-even point with precision and ensure you're on track for a successful show.
Combining real-time ticketing info with cloud-infused bookkeeping also helps you quickly shift gears whenever necessary. Preliminary budgets are important, but they're just a starting point that might have to change. Improved booking and ticketing systems help venue managers develop more accurate profit estimations. It all adds up to improved operations, more thorough event planning, and an easier journey to making profits.
Using one successful show as a launching pad for the next
Next-generation data should fine-tune your audience targeting process. Analytics can illuminate the genres and demographics where you're having the biggest impact and help you understand the fans who create the foundation of your business. Instead of playing catch-up with developing trends, venue operators should be able to see trends developing and adjust their business plans accordingly.
Staying ahead of the industry
Venue managers who anticipate changes have always been industry leaders. In today's landscape, that means adopting new ideas and technologies that will be the driving forces of tomorrow's concert scene. The efficiency of modern music software is about more than just providing enhanced operational systems; it's about valuing a manager's time and letting them focus on what's coming.
Managers using more efficient software tools are better positioned to handle the latest developments, such as:
- Virtual shows. Interactive VR and AR shows are gaining in prevalence as technology improves. Venue managers who can meet the challenge head-on can extend their venue's footprint into the digital space.
- More creative VIP packages. Backstage cocktails and creative meet-and-greets are now a fixture—and crowds are willing to pay for access.
- Eco-friendly operations. Younger generations in particular want venues that promote sustainability as much as possible.
- The rising importance of merchandise. Concert/band merchandise is expected to grow by 9.73% from now through 2028, cementing its place as a crucial revenue stream. Both digital tracking and tapping today's popular payment options are critical in seizing the opportunity.
Connecting to your team from anywhere
Today's supremely mobile world is all about empowering employees to maximize their contribution. When you need to get in touch, a coworker might be out talking to contractors who can help with special weather considerations. Or maybe they're scouting a band that should be playing at your venue. Venue managers who use excellent management systems can maintain seamless operations while navigating the complex web of concert planning.
The ability to maintain constant communication (and file-sharing) via cloud-based software provides a better atmosphere for collaboration. Instead of email chains, text messages, and desperate phone calls, today's venue managers utilize a common digital space that keeps everyone on the same page.
Many venue operators also need to extend beyond their basic team to explore new possibilities. Networking opportunities that lead to co-productions might be across town or even in the next city over. Venue managers who have a dynamic system backing them up can go wherever the job takes them while still performing the necessary managerial oversight.
Security considerations
Securing data is an essential responsibility for anyone who deals with sensitive financial information. To stay ahead in terms of cybersecurity, venue managers need total control over their financial documents. Leading management software allows managers to easily choose which team members have access to critical information, ensuring a secure database at every turn.
Letting the right software do the heavy lifting
Venue operators enjoy endless possibilities in the revitalized world of live music—so many that it can all feel overwhelming. To face the next generation of challenges, industry pros need dynamic software systems that can speed up bookkeeping, maintain high accuracy, and enhance collaboration.
The most successful music professionals choose music-first management software to flourish in a rapidly changing industry. With a full slate of cloud-based tools, concert planners can use real-time data and cloud technology to improve their performance and deliver incredible shows every time. Reach out to Prism for more on how our management platform can give you the stroke of efficiency you've been looking for.
