Why Instant Payments Are the Future of the Events Industry
“Connected”, “inspired”, “energised” – prospects for the events industry in 2023 are looking bright. The majority of consumers plan on attending more live experiences this year and long-term forecasts suggest the European experience economy will generate $123.9 billion by 2030.
However, there’s even more growth potential up for grabs via innovative ticketing solutions. Compared to other industries, today’s ticketing functions are outdated. While the events industry could vastly benefit from instant payments, it’s hard to find firms that integrate them. In this article, we’re taking a look at the future of the experience economy and the role that instant payments can play. We’ll also examine where and how senior business leaders can make improvements to the customer journey through payments. Read on to learn more.
Trends in the European events industry
After a rocky few years, the events industry is back – but not entirely as its old self. Data from Eventbrite’s 2023 Event Trends Report shows customer expectations have evolved.
Over 66% of British and Irish customers plan on spending ‘the same or more’ on events in the coming months, with 25-30% of this group considering events as ‘essential.’ These findings have led event organisers and creators to forecast an increase in ticket demand, which is expected to result in a 40% rise in ticket prices. There are also encouraging signs on the B2B side, as brand promotions and professional conferences drive growth.
Nevertheless, there are factors emerging that signal the need for change. As always, where spending rises, premium customer experiences are essential. Even more interestingly, attendance patterns and consumer interests are diversifying. Around 50% of consumers plan on attending events online, as it allows them to better fit events around their busy lives. So, despite the post-pandemic live events bounceback, hybrid events are here to stay.
What’s more, while music and other live performances are customers’ top priorities, fundraising and fitness-themed events follow close behind. This means that venues and event ticketing platforms must adapt to a new era in the experience economy; where event preferences and participation methods are more varied than ever. Given this, critical elements in the customer experience, like booking tickets and payment, offer untapped potential.
Why instant payments in the events industry are lagging
While most event providers like theatres and music venues have adopted digital ticketing solutions, they still need to deliver the seamless customer experience that customers now expect. Namely, instant payments that secure their place at their favourite events.
Compared to other industries, today’s ticketing solutions are outdated. Delays in payment (among other problems) place immense pressure on digital ticketing solutions. For example, even the biggest event ticketing platforms struggle to cope with consumer demand for live events. As a result, tickets are often oversold, meaning providers are forced to cancel purchases and disappoint customers.
Given the rising importance (and hefty price tag) of live events, providers must recognise the need to optimise their event ticketing platforms. Innovative ticketing solutions, which enable flexible attendance options and instant payments, are reimagining the customer experience. This means that everyone, from regional tourist attractions to local cinemas, museums and conference centres, must improve their service.
Otherwise, lagging events industry players run the risk of losing revenue to competitors delivering an easier and, most importantly, more reliable purchasing experience. Data from Eventbrite’s global survey showed there’s more competition in the event space than a year ago, particularly in the European region.
The benefits of adopting instant payments in event ticketing platforms
Instant payments offer a range of benefits to both customers and sellers. Firstly, instant payments ensure customers have a guaranteed place at their favourite events. Immediate settlements allow digital ticketing solutions to issue tickets only when a sale is successful. As a result, event providers and venues receive an accurate tally of attendees ahead of time and no longer need to disappoint customers by overselling events.
Secondly, instant payment solutions powered by open banking can help you reduce processing fees from digital transactions and enhance operational efficiency. In turn, you can pass savings on to customers and gain a competitive advantage. Alternatively, you can reinvest the revenue back into your business and enable faster growth.
Thirdly, immediate settlements ensure you can improve your cash flow and pay expenses, like performers or catering services, faster. This means you can build a reputation as a reliable host and attract larger performers to your venue more effectively. You could also use your reputation to invite more novel performers to your venue or platform and give customers the diversity they’re looking for.
Finally, incorporating instant payments within your event ticketing software can help you tap into the resale market. By enabling more last-minute purchases, you can turn cancelled tickets into revenue and maintain a consistent profit level. The same payment solutions can also help you refund customers quickly, helping you increase customer satisfaction levels and build brand loyalty.
Give your customers confidence with instant payment solutions from Brite
In-person events hold a special place in consumers’ hearts. As wholly unique and often once-in-a-lifetime experiences, customer expectations can be extremely high. That’s why venues and event ticketing platforms must adopt new solutions to give customers what they’re looking for. Specifically, a guaranteed place at their favourite events and the ability to attend – or not attend – however they see fit.
By working with third-party providers like Brite, you can access a faster, simpler, and more secure payment solution. Our Instant Payments Network, enabled by our powerful API, gives you more flexible, predictable pricing. With no downloads or registration necessary, and settlements available in seconds, Brite Instant Payments can help you ensure that your customers always have access to their favorite events.
