Industry Challenge
Tours are vital for artists, serving as a key promotional tool and remaining a major revenue source, with artists earning about 75% of their income from live events. This reliance on touring has increased with the decline of CD sales due to piracy. Today, hit records often benefit from exposure at summer festivals, driving significant streaming increases, as seen with Stormzy's 'Gang Sign & Prayers' after his Glastonbury performance.
However, traditional tours and festivals do cause severe environmental impact. According to the Green Touring Network, venues and audience travel contribute the highest ratio of carbon footprint to a tour. In 2019, Coldplay announced a pause until concerts become environmentally beneficial (according to BBC News). Moreover, concerts can be disrupted by various issues such as political conflicts, natural disasters, or pandemics.
This leads to a question: How can WMG ensure the success of their artists’ releases if touring is reduced or even eliminated?
Customer Profiles and Goals
As a long-established and renowned band, Coldplay attracts a diverse fan base spanning across generations, including Gen X, millennials, and Gen Z. These customer groups exhibit varying consumption preferences. For instance, Gen X individuals are familiar with and value real-life performances but may not be as enthusiastic about adopting new technologies.
Millennials, on the other hand, seek emotional connections to the purchase experience and the brand. They are willing to spend for new experiences and value real-life experiences as well as online brand experiences.
Finally, Gen Z individuals heavily rely on social media for social connections and are easily influenced online.
To create an impactful concert experience that is both environmentally friendly and accommodates the varied preferences of different generations is crucial for ensuring a positive experience for all fans.
My team, consisting of Yuhan Wu, Xinzi Wang, Josh Chan, and Kunjira Apichonbut, has developed a digital strategy to apply to each step of the customer journey, including pre-concert, live concert, and post-concert stages, as follows:
