Why doesn’t your business sponsor live music events?
Have you ever tried to sponsor an event? Do you have a hard time finding an opportunity that connects you to your ideal customers? Do you think it costs too much? Or are you just not familiar enough with how event sponsorship works?
With changes to recent industry and consumer trends, it might be time to seize the opportunity.
1. Highly Engaged Consumers – That Actually Consume
Concert goers are serious consumers. Audiences pay for admission, possibly a few drinks, and even merch from the performing musicians. As Digital Music News pointed out, in 2015 over half of all spending on music went to live events. Social media engagement is an entire different point of consideration. Ticketfly found that 31% of 18-34 year old concert goers spend more than half the time on their phone at events. This does not even account for the pre- and post-concert activity that is still tied to the concert.
2. Fans like Brands
Live events are experiences for music fans. They are loyal to artists, food and alcohol companies, and even music venues. They also appreciate the right pairing of brands with live events. A study shows that 44% of concert goers have positive feelings towards sponsored brands. 40% said they were more likely to purchase sponsored brands. eMarketer discovered music fans rank higher in both areas compared fans of sports, TV and award shows. Statista reports that LiveNation, the world’s largest concert promoter, hosted over 25,000 events in 2015 alone. That’s an 11.9% increase from 2014. With events ranging from a few hundred to tens of thousands of attendees, imagine what that traction could mean for your brand.
3. Growing Industry
Brand spending to sponsors events is a growing industry. Sponsorship.com found that in 2014, music sponsorship spending totaled $1.43 billion dollars, a 4.4% increase from 2013. There is a direct correlation between the increases from audience and brand spending and the number of live events. Why wouldn’t you want to be a part of this growing industry?
4. Cost Effectiveness & Commitment Level
Sponsoring live events might be more affordable than you think. The days of spending thousands of dollars just to get your banner hung in a venue are over. Commitment levels for sponsorships are much less than that of other mediums such as TV and radio. Ad campaigns with these formats often run for several weeks or months, and focus on visibility and repetition. While these features might be helpful to some businesses, in-venue advertising focuses on engagement. Direct consumer engagement leads to conversions, and ultimately to sales. Considering that most events happen in independent businesses and venues, event sponsorship is a largely untapped market.
5. New Technology
Technology is quickly becoming the key to successful event sponsorship. Imagine an advertisement from your brand being broadcast over the sound system between acts at an event. Upon hearing that ad all audience members would receive a push notification with your coupon or offer. Technology allows brands to directly connect with audiences with minimal to no action from the consumer. It might sound futuristic, but these advertising opportunities are already available to brands.
The world of event sponsorship has gone through dramatic changes in recent years. Consumers are spending more, and brands and events are cashing in. Concert goers are highly engaged audiences, and actually welcome the right sponsors at events. The costs and commitment levels are lower than other traditional advertising methods. New technology is helping brands connect with consumers like never before. There has never been a better time to sponsor an event, and the opportunity to position your brand might be closer than you think.
Click below for a FREE consultation on how your brand can sponsors live events.