Music Festivals & Potential Business Opportunities
Festival season is coming up and there are many opportunities involved with this massive industry that businesses can tap into. But what are the business opportunities? And how vast are they? A change in culture occurred in the 1990s regarding music festivals and has continued to grow at an ever-increasing rate. A huge amount has now worked their way into the calendar year. Modern music festivals have been part of the calendar year for decades, starting roughly in the 1960s. We look at the benefit of short term rental and how it can assist your business at events.
Nowadays the sheer number of people who attend these events is staggering – in 2017 Latitude Festival wanted to have their capacity at nearly 40,000, this was described as “about half that of the promoter’s Reading and Leeds festivals, and still only a fraction of the 177,000 capacity of Glastonbury” (East Anglia Daily Times). This shows what a massively growing market music festivals are, and they seem to continue their growth consistently year on year. If they are increasing their growth year on year then fundamentally, they must be incurring huge revenue from these events.
“In 2016, the UK-based Festival Republic, which organises several large music events such as Reading, Leeds, and Latitude, recorded profits of £7m, up by 80% on the previous year’s £3.9m.” (theconversation)
Clearly from the stated figures above there is a huge market and opportunity for businesses at these events, a profit increase of 80% in one year is a massive increase in revenue. Music festivals are short-term opportunities, but across the country, there are many events that a single small business could attend. A method that will play a crucial role in accessing this revenue is card terminals, based around the fact there will be limited cash at the event, but a card payment solution opens more revenue opportunities. That’s why NetPay’s short-term rental option (from 1day-6months) could help solve this problem. Offering low costs and high customer service can provide all the information and support needed for a 24-hour service at these events.
An example of a small organisation that used a similar business strategy is Baz and Fred who started a pizza service in 2012 – “ Their journey began with a single mobile catering van and five years later they have several vans cruising around setting up pizza stands in various locations” (the Telegraph). They have maintained the strategy with pizza vans but have also opened their own restaurant in London, showing if you have the dedication and the right product you could develop your business monumentally.
To conclude, festivals and music festivals are tremendous events that are embedded in our heritage. This is a massive industry, that grasps the attention of huge crowds, helping the economy, providing opportunities for businesses and attracting tourism. There is much to celebrate, the main business opportunity I have highlighted is culinary stalls however there are plenty of different options for you to find your niche at festivals (production and logistics experts, merchandise, toilets, bars, fencing, marketing, advertisements, workshops, and various other stalls). This is a celebration of all the fantastic events organised throughout the year, let’s hope they continue.
The links below are partly used via quotes in the article:
To read more on – Festivals are bigger business than ever before: Click here
To read more on – Why are food vans so on-trend at the moment: Click here
To read more on – Capacity of Latitude Festival at Henham Park near Southwold: Click here