Google’s in-house incubator Area 120 yesterday (Wednesday) launched DEMAND, a live entertainment tool that uses robust data to provide insights on where artists should schedule concerts and what the price of tickets should be.
The company has been designed to support several stakeholders in the industry, including artists, managers, promoters, agents, sponsors, and others, in making touring decisions while reach more fans.
DEMAND gathers publicly available data from Google Trends and YouTube, as well as information from third parties such as Pollstar, whose LIVE! Conference launched the product in Beverly Hills. The service tracks fan support, ticket pricing and demand for more than 19,000 artists.
“The industry changed today,” said Tim Leiweke, chief executive of Oak View Group, the parent company of Pollstar. “The launch of DEMAND gives industry insiders greater insight into how an artist is positioned in the marketplace, provides new advertising and sponsorship data, and is a predictor of the success or failure of a tour.”
One of its main functions for the music industry is determining whether additional shows may be needed in a market, based on initial demand and resale pricing on secondary markets. It can also help an act’s team determine whether ticket prices should be adjusted, or more marketing is in order.
DEMAND co-founder Nick Turner, said the secondary ticket market is worth, very roughly, $10bn to $15bn a year, and using DEMAND’s data on the ranges and averages of prices in a market for comparable acts can ensure more money flows to artists instead of resellers.
He added: “This is the earliest view they would ever have that this show is in trouble. We actually believe this product is a great equaliser within the industry.”
Chief executive and co-founder Parag Vaish added: “On search, 70 per cent of the market is looking for tickets. It’s a pretty good spot where the industry is not using data. It may have reverberations across the ecosystem of how tickets are priced.”
Image: mikky koopac