Creativity + Research = Opportunity! A Lesson From the Merch Line at Pearl Jam!
Hey!
I was in Baltimore last night for Pearl Jam and will return for the Boss at Camden Yards.
I took my friend, Tom, to his first Pearl Jam show.
He was most impressed by the merch stands and lines.
Fans started lining up at 6 AM to buy merch. The merch stand line was still going strong at midnight.
Baltimore holds approximately 14,000.
If just 25% of the audience bought one item, the average price of $40.
That’s $140,000 in merch sales.
I’m guessing that I am undershooting that total by 2-3x.
My guess is that an average Pearl Jam show brings in around $1M in merch sales.
The variety of items for sale included:
6 variations of tour t-shirt, minimum.
A special Baltimore-specific skateboard.
A couple of different Baltimore specific show posters.
Several hats.
A jacket
A couple of hoodies.
Baltimore received a smaller variety of merchandise than other cities.
Look at the variety of things for Boston this weekend.
I totally want that Hellen Kennedy poster for above my desk.
Why do I highlight this?
Opportunity: Give your fans what they want.
Novelty: Provide fans with something unique.
Community: This stuff is a signal.
A few examples of this playing out:
In 2022, the Seahawks partnered with Ames Bros to create game day posters.
The Honey Duece at the US Open has been getting a lot of attention.
Roundabout Theatre has an online merch shop. Mugs. Posters.
I’ve said it before, creativity is your secret weapon.
Combine this with some market research and you are bound to find opportunities.
A couple of quick things to check out:
The ALSD is in London at the end of the month. They’ve given me a promo price to share with you!
Bauer Entertainment Marketing has put together a class called “The Live Event Marketing Masterclass” and I’ve teamed up with Brian to offer you a chance to win the course for free! The contest is open until the 19th!
My G, Lauren Teague, just made a new FANWAGN deck! I’m part of Lauren’t brain trust…so you know it is good.
Some links that caught my eye:
Lever news looks at Diamond Baseball Holdings: (No paywall, but you’ll have to register.)
The consolidation of Minor League Baseball is likely to change the quirkiness of the game.
The links in the story are really helpful for additional context.
This story also should provide you a bit of insight into how to flip your thinking around finance and money in entertainment.
Eater.com looks at the cost of eating out:
This is worth a look because the writer talks about the calculation from a consumer standpoint…from someone in the industry. And, then looks at the costs associated with putting a meal together from a restaurant side.
I want you to pay attention to the way that folks make the value calculation…it comes early in the piece “…but…”.
I have a conversation about this with a friend of mine. We are both well off and in the business…if we are flinching about the cost of a night out!
More Perfect Union is out with a new video looking at the financial health of small venues:
I started out in small buildings like this, nightclubs. We had music sometimes. So this hits close to home.
This pairs well with the Eater story.
I toy with a theory about small venues/market power/shit marketing that I’ve been mapping out. All of these stories are part of building my thinking.
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