SOURCE: Euclid
Netflix and other online streaming services pose real challenge to venues and arenas working to retain consumer attention and loyalty
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SOURCE: Euclid
Netflix and other online streaming services pose real challenge to venues and arenas working to retain consumer attention and loyalty
San Francisco, CA – September 18, 2018 – Euclid, the leading data platform for offline attribution and visitor retargeting, today revealed results of a new survey that shows venues and arenas have an uphill climb if they want to attract and retain Millennial and Gen Z consumers.
65 percent of both Millennials and Gen Zers spend their downtime binge-watching TV shows or movies at least once a week. But only 24 percent use their free time to hit up a concert or sporting event at a venue location.
“We’re living in the Netflix Age,” said Brent Franson, CEO of Euclid. “More than ever before, consumers have an abundance of high-quality entertainment options that are affordable, accessible and enjoyable. Venues and arenas need to radically step up their game to compete and attract younger fans with higher expectations.”
Based on a survey of 1,500 U.S. consumers, Euclid’s report, Creating Exceptional Fan Experiences in the Age of Netflix, outlines consumers’ behavior and preferences around what venues and arenas can do to compete for visitors’ attention and loyalty. The good news for venues and arenas is that most fans still enjoy attending events a couple times a year. That said, they clearly indicated they would go more if costs were not so prohibitive; 64 percent cited overall admission costs as too expensive. Conversely, 56 percent of respondents rank priority seat selection, priority parking spots, and the ability to quickly enter a venue location as important drivers for event attendance.
Beyond cost and convenience measures, arenas and venues will need to deliver additional creative, engaging experiences that will attract and retain younger demographics. 31 percent of Millennials and Gen Zers are less likely to spend their time focused on the event they’re attending, instead sharing their experience via social media (15 percent), interacting with other fans and venue staff (10 percent), and trying as many food options as possible (10 percent). 51 percent of Gen X and 72 percent of Baby Boomer respondents stay focused on the event itself.
Venues and arenas may also make inroads with the valuable Millennial and Gen Z populations by offering a unique experience. 71 percent of Millennials are far more motivated by the prospect of meeting an event host (e.g., band members, team players, coaches) than their Gen X (47 percent) and Baby Boomer (28 percent) counterparts. 58 percent say the opportunity to meet athletes or performers is the number-one way venues and arenas could improve their experience.
"The digital transformation is affecting all industries - and venues and arenas are not exempt,” said Brent Franson, CEO of Euclid. “But they can make big gains with Millennials and Gen Z by offering exceptional, compelling experiences that enhance events and provide additional incentive to stay and play.”
Additional survey highlights are available via free download. Access “Creating Exceptional Fan Experiences In the Age of Netflix,” here: http://go.geteuclid.com/research_report_exceptional_fan_experiences
