According to research, the media and entertainment industry in the US is expected to grow 8.9% by 2030, despite an 81.4% drop in box office revenue between 2019 and 2020, highlighting the growth potential. This industry involves many moving parts, from movies to music and events. With people always looking for ways to stay entertained, there’s always an opportunity to provide a memorable experience. However, economic downturns, layoffs, and children returning to school can present setbacks for businesses within the entertainment sector. Despite these, you can boost your revenue with the right tips. Here are a few you can consider. 

Upsell, cross-sell and enquire

 

 

If you have an upcoming event, carefully examine your ticket purchasing path and engage colleagues from your ticket and fundraising divisions. Doing this will help you create ways to upsell customers on additional products they may want to buy. You can also cross-sell events your target audience may be interested in or urge them to support your social or artistic program. Use data to validate your theories and continuously evaluate your projects to identify gaps and areas for improvement. You can leverage multi-buy offers to entice customers to add tickets to multiple shows in exchange for a tiny percentage discount. You may also include a one-click contribution button on your site to promote online donating. Increase the value of existing items and offer them at greater rates. That might imply bundling the ticket with a refreshments package or a backstage tour.

 

Create special events 

 

Your target market is more willing to spend cash on experiences they cannot replicate at home. That may include premium format movies, reclining seats, beverages, in-seat meals, and unique experiences in entertainment and special events. Is your venue equipped with other features like bowling, axe throwing, and arcade games? Why not factor this into your marketing strategy to attract more customers? Throw in a back-to-school special they can’t refuse while you’re at it. Perhaps you’re looking for more ways to provide a unique, stand-out experience. In that case, you can install contemporary tech, such as noise control panels, to provide a modern sound experience without excessive noise.

 

Reframe with refreshers and re-releases 

 

Filling seats would be easier if you had back-to-back events every week. However, this may not always be the case, depending on the nature of your business. For example, if you run a movie theater, you may not have blockbusters being released every weekend. In that case, how can you modify your marketing strategy when no blockbuster is on the horizon? The first choice is to show popular re-releases. If it is a recent film that most of the country has seen, there is no assurance that it will drive viewers. Instead, you might entice audiences by directing their interest in highly anticipated sequels that will be released later in the year. Although they haven’t been released, previous parts have, and it’s a great time to rehash these. What movie fan wouldn’t want a premium-format catch-up before the sequel arrives later in the year? 

 

Leverage influencer marketing 

 

 

An excellent way to reach the younger target market as an entertainment business is through social media, particularly by influencers. Inviting carefully picked influencers to attend your event could expand your reach and raise awareness about your business. It is essential to be selective and invite those who frequently post about entertainment or cultural events, as their followers will likely show interest in your event. Additionally, ensure that the influencers have a local following and prioritize those with a smaller but dedicated group of followers rather than those with a large following who may not be interested. By offering them a complimentary ticket, they will share their incredible experience through blogs, posts, or articles, creating a buzz and generating greater awareness.