This blog is part of a larger collection of educational content about hybrid concerts. Click here to check it out.
As a venue owner, you’re bought in—adding digital to your in-person events will uncap your rooms, drive additional revenue during the show and help you get to know your fans even better.
Now it’s time to get the talent on board to take digital...live.
The offer is arguably the most important part in getting artists into your venue and Mandolin has simplified how you can add digital components to the offer, without a significant lift from your team.
Here are five easy steps to do it:
1. Decide which digital fan experiences you want to include in the offer. We recommend offering Livestream, Meet and Greet and VIP Experiences as three separate items, giving the artists a chance to pick and choose.
2. Use the template you always use for shows that outlines ticket inventory and gross potential, recouped expenses and profits (guarantees/overages).
3. In the Ticket Inventory section: Estimate how many livestream tickets, VIP experiences and Meet and Greet tickets you’ll sell in addition to the in-person tickets. Your Mandolin partner can help you with a way to estimate these and price according to the artist you’re working with. Note that these are estimates instead of capacities or total inventory since live streams are uncapped.
4. In the Recoupable Expenses section: Amortize any applicable livestream equipment, staffing software and music licensing costs across all the shows that are running through your venue that you plan to pitch digital.
5. In the Overage section: Determine how you want to compensate the Artist. Typically you'll lump the additional revenue into the gross to be split accordingly, but you can also just bump the guarantee a bit if that's easier. Keep in mind that you'll own the content after the show is done, so you can also pass it to the artist as part of their compensation! This shows the artists and management team that they WILL make incremental revenue without incremental effort on their parts.
That’s it. A kick-ass offer made easy.
And, of course, we can’t miss #6:
Your Mandolin partner is there with you every step of the way as you start to create these offers and bake them into your way of doing (digital) business. We’ll also help you with materials that can help the artists team understand more about the benefit of digital.
Take your in-person concert to the next level
If you’re ready to amplify your venue’s concerts with hybrid fan experiences, hit us up! Get in touch via the form below to reimagine your next concert with Mandolin Fan Experiences. A member of our Industry Relations team will be more than happy to share best practices and build a solution that works for you.