Technology is one of the key drivers reshaping the world and will likely continue as one of the most important factors creating future upheavals. Fast forward 20 years and the world, and commerce conducted within it will be noticeably different than today.
Numerous factors are converging to revolutionize the way entertainment is consumed. As a result of widespread connectivity and social media, sports and music fans can get closer to the action without ever stepping foot into a venue.
At the same time, consumer values are shifting towards experiences, a trend standing to benefit those in the entertainment industry. The challenge will be delivering a differentiated experience keeping fans engaged and coming back to the venue event after event. Undoubtedly technology plays a starring role in shaping the entertainment venues of 2040 and in turn what new commerce opportunities will unfold within this future world.
New concepts that could take shape in the venue of the future
Loyalty is less prevalent in the entertainment industry than retail, payments or travel. The future provides opportunities for entertainment operators to develop a virtual currency scheme where fans earn points for attending events, spending at the venue and promoting fandom on social media.
The integration of technology like machine learning, which can comb mounds of available data to make decisions, will revolutionise seat selection for events. For example, a fan shopping for tickets from home can enter in their preferences for the event. Fans with young children could sit with other families. Singles ready to mingle could sit with other singles.
Live entertainment will shift from in-seat to choose-your-own-adventure experience. Technology enables a more personalised experience. However, a delicate balance must be maintained. How can operators remove the logistical headaches of attending events while not distracting from the action?
Read more about how consumers live, work, shop and play in 2040 in our white paper Commerce 2040: Revolutionary Tech Will Boost Consumer Engagement.