Marketing Mix Future Music Festival Essay Example

a result of Australia’s political ties with Asia, Future music festival is an expanding event. Following a white paper document published by the Australian Federal Government in 2011 called ‘Australia in the Asian century’ which is a document that calls on Australia to form deeper ties with its neighbors, Australian promoters and live music professionals began doing just that, by making a notable push into Asia. (Billboard 2012) So therefore this influenced future music to branch out in 2012 to Kuala Lumpur, and Malaysia.

Which means for future music that there are many advantages for future growth to neighboring Asian countries. ‘’The current Australian government has outlined initiatives aimed at increasing participation, access and growth of live performances in Australia. ’’ (ABS 2010) This has allowed Future music become the large and successful event it is today. Social and cultural influences The trend amongst the 18-25 age group in Australia is that they want to go out and enjoy the summer months, and attend outdoor music festivals. ’People aged 18-24 recorded the highest attendance rate for popular music concert compared with the other age groups, with 40% of this age group attending’’. (ABS 2010)

Dance music is a popular genre of music amongst the 18-25 age group. A study was done in 2012 and 47% of all people aged 13-34 in Australia are passionate about dance music. (David Boyle 2012 EMI Music) Future music has seen only growth over the last few years "Ticket Attendance & Revenue Survey" found live entertainment ticketing revenue in 2010 grew 22. % to $1. 3 billion Australian (Billboard 2011) this is because of the huge popularity of

the style event that it is and the style of music that is played. In some states Future music moved the event to bigger venues to cater for the demand.

Technological influences The use of mobile technology / smart phones has boomed over the last few years with majority of young adults in Australia owning a smart phone. ‘’It is predicted that internet usage through smart phones will take over the usage through personal computer during 2012’’. EXA 2012) Smart phones and tablets have made the internet more portable and more assessable to customers. This means that the internet is used as a source of entertainment and information a great avenue for business to communicate with customers through. The internet is utilized by consumers in their decision making process. ‘’The number one motivation for online research is pricing information. A huge 71 per cent of respondent’s survey stated this as a primary goal. ’

‘’The next most common reason for using the internet during the decision-making process was searching for product information, which was cited by 54 per cent of respondents. ’’ (EXA 2012) Future music have a majority of their tickets sales coming from online purchases. They have a strong online presence with a good functioning website and app that allows customers to get information on the artists attending, venue and date information, view blogs, view photos from past festivals, and purchase tickets. Economic influences ’According to a recent Credit Suisse report, Australians are the world's wealthiest people on a median basis Australia's relative financial comfort means more money to spend on entertainment. ’’ (Billboard 2011)

This means for Future Music

that the market is in growth, and they can alter their business plans to cash in on this. Demographic influences The age with the largest number of people in Australia is 25 with 340,000. (ABS 2012) ‘’Employed people either full time or pat-time made up 63% of the people that attended music concerts in Australia’’. ABS 2010) ‘’The all employees total average earnings is $1047. 20’’ (ABS AWA 2012) These facts show that even though Australia has an aging population at the moment it is not effecting Future Music yet and that majority of people attending are working and have disposable income to spend. Competitive influences There are 2 other music festivals that are on during the year that are very similar to Future music festival. They are held at different times of the year so they are not a direct threat and majority of festival goers attend all three of the festivals.

In the same month as futures there are many other festivals and events going on in all of the states especially Adelaide. They offer different types of entertainment but are aimed at the same target market. These other events and festivals are a threat to the Future Music Festival influencing it to start advertising early before the event encouraging people to buy early with discounted ticketed prices. Identify and list at least 6 strength and 6 weaknesses, 6 opportunities and 6 threats for the organization.