Stuart WoodA new report by market research company Vivid Interface suggests that £5 is the ideal price point for livestreamed concerts.
Vivid Interface surveyed 1,019 people to create a report titled ‘Meeting the online opportunity’. It asked how much visitors would pay to “watch a [virtual] play, opera, ballet performance or live band gig”. The price point which would lead to the highest revenue and viewership was an average of £5 for “independent adults”.
The survey also suggests there are differences in how willing different groups are to spend. For 18–25s and 36–54s the optimum price point is £10, while for 26–35s and over-55s it is £5.
Vivid Interface’s MD, Geoff Dixon, commented: “Nothing beats the live events arena. It’s where we work – and my social life – but organisers have to at least explore the possibility of online augmentation of their offer in pandemic times.
“I believe that the right online offer can provide a rapid revenue recovery without harming the long-term viability of ‘live’. In fact, an online presence can reach new geographies and bring new customers to a brand, attracting people who may in time walk through a physical door rather than a paywall.”