100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Event finance and ticketing £8.39
Add to cart

Lecture notes

Event finance and ticketing

 0 purchase

Outcomes: Understand why finance is critical to event lifecyles. Explain why forecasting budgets and costs is a critical management operation. Explore various methods of earning revenue which contribute to event finance. Understand the Ticketing industry and its relationship with events...

[Show more]

Preview 2 out of 5  pages

  • November 23, 2021
  • 5
  • 2021/2022
  • Lecture notes
  • Iain earle
  • All classes
All documents for this subject (11)
avatar-seller
angieouya
WEEK 11: EVENT FINANCE & TICKETING & Future of the Industry

Outcomes:

• Understand why finance is critical to event lifecyles.

• Explain why forecasting budgets and costs is a critical management operation.

• Explore various methods of earning revenue which contribute to event finance.

• Understand the Ticketing industry and its relationship with events.

• Identify ticketing strategies which maintain cashflow.

• Explain the ticket onsales process and how allocations work.

• Awareness of the dangers of financial risk and how to avoid them.



Event finance:

• Events cost money to stage

• Costs are dependent on the scope and scale of the event

• Free events still cost money to stage. This cost is borne by the organisers and/or sponsors

• Event costs can quickly spiral – finance overruns are a critical issue.

• Events may fail if finance not available or inability to take financial decisions.

-Planning where money comes from and how it is used is critical to financial control and success.

Cash is King

• Managing that money/ cash/ expenditure is very important

• Often we receive money up front well in advance of the event/ gig/ etc.

• Sometimes this can be a year or more before the event, and we might not pay suppliers until
after the event.

• Therefore…….. Cash is King

-Costs of staging the event must be forecast in order for fixed and variable costs to be calculated. -
Break Event Analysis identifies the point at which the costs and revenues are equal. This answers
the key question ; How much do I need to sell in order to cover my costs ?

-Critical to calculate how many attendees are required to cover costs.

-Understanding the difference between fixed and variable costs is key to calculating an events BEP.

-Fixed costs e.g. - Venue Hire , Equipment Hire

-Variable costs e.g. – Food & Beverage (dependent on visitor numbers)

-All costs need to be accurate and checked.

-Often, the BEP will be a factor in; venue choice, target demographic, theme & design,

, marketing mix and other event elements.

Budgeting:

• Forecasts and regulates the event operation over a given period of time.

• Sets targets for EM’s and organisers to achieve.

• A measurement of performance between forecasts and spending.

• A method to controlling expenses and defines clear responsibilities

• Helps ensure resources are used effectively.

• Administration is a mechanism to check what is going wrong.

E.g.. £1,000 budget on seating > £2,000 spent of seating

Sources of finance;

Ticket Sales Private investment

Sponsorships Partnerships

Raffles Auctions

Lotteries Merchandise sales

Catering Upsells

Souvenirs Program Sales

Charities Crowdfunding

Ticketing – Generates advance sales, provides access to event , easy to implement and recoup
revenue, accessible via apps

-Managed by a ticketing agent, funds can be used prior to event to cover staging costs.

-Quick and easy method of engaging customer bases and demographics.

-Industry is predicted to be worth $68bn globally by 2025.

TICKETING:

• Tickets have both a cost and a face value.

• Ticketing strategies should be planned as carefully as all other operations

• Price must consider cost of staging event and BEP

• Tickets are commonly generated electronically and sent via email (e-ticket)

• Some events produce a ‘hard’ or paper ticket. Sometimes classed as ‘souvenirs’ as they are
a memento and are collectable.

-Tickets can be sold at different stages of the event lifecycle. Common strategies ;

-‘Early Bird’ tickets often discounted. This allows access to the event for loyal fans for next years
event. Generates income at an early stage of an event life cycle.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller angieouya. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £8.39. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling
£8.39
  • (0)
Add to cart
Added