Posted at 10.13.2018
In the last 10 to 15 years, there has been enormous growth in the event management business. It is a way of outsourcing events that are either business, cultural or a mixture of both. If an event is managed effectively and effectively, it can be used as an extremely powerful promotional tool to release or market a product or service. Event Management requires certain key principles to be deployed to every component, process and decision to justify professional strategy and achieve effective and reliable results.
Event management industry is up surging in the appearing markets like India and China, and because of economic growth and upsurge in spending ability of the consumer in emerging marketplaces over last 5-6 years, there has been a boom in the event industry, which is yet to be capitalized. Hence there exists lot of scope not limited to the top organizations also for the entrepreneur to make a mark in the case industry.
Even the Entertainment industry is growing at a substantial pace.
Recently International Live Music Meeting (ILMC) happened at London. The emphasis of ILMC was to capitalize upon the growth opportunities prevailing in live music concerts in growing markets. Discussion emphasised on the opportunities and the problems confronted by promoters in organising the live event in Central & Eastern Europe. Excerpts from the meeting suggested that emerging markets are immensely potential, and there is huge opportunity for the growth of entertainment industry in these countries, even though some challenges have to be completed efficiently.
My target is to identify the range of live concerts especially musical concerts in the Tier two locations of India i. e. the places which have human population of more than 2 million and significantly less than 7 million. Second Tier metropolitan areas like Pune, Chandigarh, Lucknow, Jaipur, Ahmdabad etc, have huge potential and also have witnessed a significant economic expansion over past couple of years and the consumer's spending vitality on entertainment has truly gone up. A lot of opportunities prevail in these places, that are yet to be explored.
A billion plus populace with almost 500 million of them competent enough to aspire for a better living, increase in per capita disposable income, aggressive foray of new and international brands on the market and most importantly a big vacuum in the live entertainment space - all these are mild indications of the huge potential that India has for entertainment functions. Bollywood and Cricket are two religions that each Indian adheres to and just how both these companies took off in the past few years is immaculate.
To project the expansion of live entertainment space in India with special concentrate on the future of music concerts and sports in second tier places of India?
To look and explore the opportunities prevailing in tier two cities.
Try to analyse the reasons that's retaining Big player of the Live event industry to explore these metropolitan areas.
To identify the opportunities for a business owner to enter in the live entertainment industry, and fill up the vacuum
Primary reason for selecting this issue is my keen curiosity about entertainment industry and Increase in the consumers disposable income and the financial growth of second tier two implies the huge opportunities prevails in these cities that are yet to be explored.
The Idea is to comprehend the marketplace better with an goal of setting up a company that caters to the precise needs of the country's able populace.
According to Pricewaterhouse Coopers, Indian entertainment industry is expected to increase at 19% per annum this year 2010. And the marketplace size is projected to be Rs 1800 crore (Ј255 million) by the finish of 2010 when compared with Rs 800 main (Ј155 million) in '09 2009. It implies that market for live event is growing at an extremely healthy rate. The reason being, economic progress and surge in consumer income. The growing amount of television, corporate and business and sport occurrences are playing prominent role in development of the live entertainment sector. Each one of these indications make Indian market very rewarding for the buyers.
The suggested research is influenced by the success of different entertainment industry in India and especially in Tier two metropolitan areas of India.
Study will be conducted on two parallel entertainment sectors, specifically, Multiplexes and Indian Leading League (IPL). Reason for emphasizing on these industries is their significant growth in a short span of 3-5 years.
IPL is a local T20 cricket tournament designed on the lines of the British Premier League. It was the first sporting event ever to be transmit live on the popular video writing website YouTube. The Indian Premier League's brand value was believed to be around $4. 13 billion in 2010 2010.
Consortium of India's Sony Entertainment Tv set network and Singapore-based World Sport Group secured the global broadcasting protection under the law of the Indian Top League and the offer has a length of a decade at a cost of US $1. 026 billion.
The information speak themselves about the success of this event. And it shows the and opportunities prevailing in Indian market are immaculate.
Qualitative Research study is being implemented as way for conducting study. Research study provides systematic way of looking at event, collecting data, studying information and reporting results (www. answers. com/case+study&r=67). Qualitative research study will guide in developing preposition and interventions required for discovering the opportunities in potential second tier cities with relevance to change in consumer spending on entertainment.
I will be interviewing the event promoters, event providers and sponsors
I will be involve in four city live concert travel organised by Pepsi
Primary research will be the main way to obtain collecting data. I am interviewing the existing player of the entertainment industry, the sponsors and advertisers as the function industry is sponsor influenced. I am interviewing these players, in order to get the information or criteria considered before deciding their concentrate on city for live concert and will make an effort to analyse the reason behind not focusing on Tier two metropolitan areas.
I will involve four locations live concert tour arranged by Pepsi, to get a glimpse of the event industry and also to really know what factors need to be considered before organising them.
I will be exploring around and can research on the present scenario and interact with existing players to understand the logistics of gig planning in India.
Micro and macro examination of the actual second tier two cities:
Porter's five makes and swot analysis
Consultant statement on entertainment industry, by consultant group such as Pricewaterhouse Cooper, KPMG, Accenture etc.
Government statement on changing consumer behavior and incomes
Industrial reports printed by entertainment company like DNA Networks
I will be doing study on the info available on success of parallel entertainment industries in the Tier two metropolitan areas. Focus will be on the strategies adopted by multiplexes and how they were in a position to exploit the opportunities in Tier two metropolitan areas. Another industry that will probably be worth to consider is Indian Top League.
I will accumulate data by organising set up interview with the existing player of the event industry in India. To be able to obtain perception factor that influence decision making factor of a company before organising a live concert. Sponsors play big role in success of any event whether it is activities or music. As sponsors is financial backbone of a meeting. Therefore it becomes necessary to interview the sponsors, to know very well what they look for before sponsoring an event. Semi structured study will be achieved on the changes of consumer behavior and consumer spending over the period of last 5 years.
Statistical techniquies will be used to analyse the data to accomplish the change in economic, professional and consumer behaviour over the past 5years. Triangulation method will also be used to conquer the actual bias of single method procedure (Hussey and Hussey, 1997).
First draft of dissertation including format will be achieved by 15th Apr.
Then secondary research will be conducted as follows:
15th april to 21st april Identify potential tier 2 cities
21st april to 27 th april Macro and micro evaluation of the second tier cities
1st july to 7th july Analysis the Consumer behaviour regarding shelling out for entertainment
25may - 25 june Interviewing event promoter, designer and sponsors
Problems to be experienced:
Since the live entertainment industry in India has very few key players and is basically fragmented, it restricts the simple conducting this analysis. Initial attempts have suggested that the current promoters of concerts are hesitant to share any business-related information. Their willingness to reveal empirical information decides the success of the job.
Following are a few issues that are most likely to task this project
Lack of macroeconomic information :
Due to its size, the live entertainment industry has not been an instance for economic examination so far. Therefore it is hard to find indicators like the industry size, variety of players on the market, its expansion rate etc. In developed economies, organized ticketing firms can offer relevant information to deduce the aforementioned indicators. However, the electronic digital ticketing market in India is still in its nascent stages
Ease of Access
The home market for live entertainment, as mentioned earlier, contains very few key players who are unwilling to disclose information. (Mass media and Entertainment industry:2009) Live entertainment industry relies on sponsor funding to remain economically viable and with relevant information upon this front tough to gain access to, it is hard to conclusively decide on necessities which determine the chance of research question - solution price, sponsored account percentage etc.
Reliance on Primary Research
With not adequate information on the internet, the analysis entirely is determined by information derived from primary research initiatives such as interviews with the makers, artists, promoters and sponsors. Given the timescale this may be a constraint.
4. Analysis of scope
To determine on the viability of producing live functions in Tier II towns could be complicated scheduled to insufficient existing parameters. Adjustable production costs get this to activity extremely volatile
Determining the range of Economy
Live entertainment activities such as level shows, circus, theatre etc do are present in the metropolitan areas. However, this research aims at assessing the potential customers of concerts of nationwide and international music artists whose price range greatly. Price of the designer is entirely dependant on the given time and his success and their choice is really important to summarize with convincing answers
Limitations of time
Although we'd arrive at empirical conclusions, this review would be limited by a collection timescale as the variables chosen i. e. the musician gets redundant over a period of time.
Potential contribution to theory:
This projects endeavors to study a sector that is largely unnoticed by the academia in India and around the world. Therefore, on a successful and convincing conclusion, it could carry key indications to studying the marketplace in India.
This research can be visualized to profit three sizes of business specifically The Promoters/Providers, The Sponsors and the consumers
Some of the efforts as visualized at this stage are brought up below
Providing a theoretical construction: This research would give a theoretical platform for promoters and manufacturers to evaluate the viability of doing a live task in Tier II metropolitan areas of India. It could act as a template to design the costing for such a program.
Potential Examination: Tier II metropolitan areas constitute a sizable part of Indian society and the success of this review can unleash the huge potential hidden searching for entrepreneurs.
Sponsors and Marketers: Live entertainment serves are a great vehicle for marketing for brands that turn to create deeper relationships with their consumers. Region specific local brands will get this a great possibility to market their products and build a graphic. It is a cost effective strategy compared to electronic advertisements
New avenue for entertainment: This could also cause providing new avenue for the entertainment of a large section of the Indian human population.