In a Competitive Digital-First Live Events Landscape, Modernization Is the Key to Staying Relevant, Says Info-Tech Research Group

Optimizing the in-venue fan journey through modernization will develop unmatched 360-degree fan experiences and allow organizations to remain competitive through the power of hyper-personalization.

TORONTO, May 3, 2023 /PRNewswire/ - While the demand for virtual events grows and the needs and wants of fans change, the sports entertainment world has been left with empty stands and fans who are less engaged than ever before. On-demand streaming platforms continue to occupy the valuable entertainment real estate they first gained at the height of the COVID-19 pandemic. This means venue modernization is critical to staying competitive and attracting a younger generation in today's digital experience economy. However, organizations are often met with obstacles in the pursuit of modernization, including legacy infrastructure challenges and justification to business stakeholders. To support organizational leaders in their pursuit of venue modernization, Info-Tech Research Group has published its newest digital use case report, Modernize the Venue to Revitalize Live Events.

The leading IT research and advisory firm's data-backed industry resource was created to help organizations understand why venue modernization is critical to their success, the high-value use cases that an organization can adopt in their own venues, and the next steps required to develop an effective modernization strategy. It is particularly important to remember that live events are competing not only with one another, but also with virtual events.

"Over-the-top (OTT) platforms like Netflix and Amazon Prime have a large role to play in the rise in on-demand desire, as live events are not the only way fans can have immersive experiences with their favorite teams, idols, or events," says Elizabeth Silva, research analyst, Sports Entertainment Industry, at Info-Tech Research Group. "It's crucial that sports and entertainment organizations modernize the in-venue experience to create compelling and unique experiences that convert casual fans into fanatics and boost live event revenues through the strategic use of technology and innovation."

To accomplish modernization, organizations will need to determine the vision, establish the value of modernizing the venue, and analyze the chosen modernization projects.

In the report, Info-Tech spotlights four disruptors that are demanding modernization and that will need to be key considerations in the modernization process:

1. Consumer adaptive – Adjust in-home experiences to in-venue services.
2. Frictionless service – Fan journeys come first.
3. Digital sustainability – Design with the future in mind. 
4. 360-degree fan experiences – Create holistic and engaging fan experiences. 

Equally important to evaluate as the disruptors are the five industry value drivers outlined in the firm's research. The value drivers highlight the outcomes and impacts a modernization project should have on the organization and provide organizational leaders with a point of reference when considering whether a project is a good fit for their goals. Understanding how they impact venues on an industry level is crucial before implementing any trending modernization projects. The drivers are as follows:

1. Business growth drivers – Drive sustainable growth, diversify methods of generating revenue, increase the business market reach, and improve the profitability margins of the organization.
2. Risk & resilience drivers – Mitigate and withstand rapid changes across the IT landscape; secure guest information while protecting brand assets; easily integrate with current technologies, projects, and strategies; and are readily adopted by fans, employees, and associates.
3. Fan value drivers – Surprise and delight associates and fans alike. Connect associates with fans on a personal level, focus on enhancing efficiency and convenience. Also create high engagement with fans as well as new and different experiences.
4. Brand impact drivers – Use readily available technology, enable first-to-market or unique market positioning, and support the positive reputation and awareness of the organization.
5. Operational excellence drivers – Provide transparency in the flow of value to the fan, empower associates and promote teamwork, and improve responsiveness in problem solving.

Info-Tech also advises organizational leaders that considering business risks and issues that impact modernization is a crucial step in the modernization process. When an organization takes all aspects of the business into account, it enables a holistic strategy where failure is unlikely to occur, allowing venue modernization projects to be seen as successful value and revenue drivers rather than as cost centers.

To access the complete digital use case report, including more in-depth analysis of the four disruptors, the holistic fan experience strategy, and real-world use cases, download Modernize the Venue to Revitalize Live Events.

For additional resources on transforming fan experiences with technology, see Discover High-Value Fan Experiences.

For more information about Info-Tech Research Group or to view the latest research, visit infotech.com and connect via LinkedIn and Twitter.

Info-Tech Research Group is one of the world's leading information technology research and advisory firms, proudly serving over 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For more than 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

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SOURCE Info-Tech Research Group