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艺术与娱乐管理代写 Question 6 (Mandatory) (10 points) CASE ESSAY ANALYSIS QUESTION: Refer to the Economics and the Arts PPT lecture as well as the article “How Coronavirus will Reshape the Concert Business?”
CASE ESSAY ANALYSIS QUESTION:
Refer to the Economics and the Arts PPT lecture as well as the article “How Coronavirus will Reshape the Concert Business?”
If you don’t have a copy of this article, copy and paste this article link on your browser: https://www.billboard.com/articles/business/9342389/coronavirus-touring-concert-business-billboard-cover-story-2020.
The COVID-19 pandemic has impacted the socio and cultural perspectives, psychological and emotional well-being of everyone and the overall economic state of all businesses. This very unforeseen circumstance has affected the concert business of presenting live music.
As mentioned in the article “How Coronavirus will reshape the concert business,” billions of dollars in ticket revenue and artist payments were frozen in accounts controlled by two major promoters Live Nation and AEG, together with the 4 (four) major talent agencies: William Morris Agency (WME), Creative Artists Agency (CAA), Paradigm and United Talent Agency (UTA). Live music business went from preparing for a summer with over 50 million advance tickets sold to nationwide directive prohibiting gatherings of 10 or more people.
The lecture on Law of Demand stated in the “Economic and the Arts” PPT specifically describes the relationship between the amount of good or service that a buyer both desires and is able to purchase, and the price charged for the good. The PPT lecture also describes the factors affecting the Law of Demand theory including substitute goods or service, income, expectations, and tastes.
Based on this perspective, present an argument how law of demand and the factors affecting it can impact the decision making of Live Nation moving forward. Make sure to describe the factors in your argument and provide a logical narrative.
In support of your argument and narrative, you can cite facts and information from the article as well as relevant topics discussed in class.
You MUST include in your argument the factors affecting law of demand including substitute goods or service, income, expectations, and tastes.
TO RECEIVE THE HIGHEST POINTS POSSIBLE (10 POINTS), you must:
Which interpersonal communication medium can lead to ambiguity if contradicts verbal message? (1.25 points)
Six Flags operates in an industry dominated by some other large theme park venues including Disney and Great Adventure. About 85% of the industry revenue is generated by the 50 largest companies. Thus, it is not fragmented like, for example, the plumbing industry where no one has a large share. It is common for larger venues to change pricing and to have special attractions to increase attendance and to seek to take attendance and share away from Six Flags parks. There are also substitute form of entertainment such as cruises and movie theaters and casinos. Gasoline prices have continued to rise. Theme park demand varies with disposable income much as vacations to resorts and hotels vary.
Digital entertainment software and hardware (as distinct from actual rides like a roller coaster) is now everywhere and constantly changing. As a result, there is increasing pressure to offer more simulations or reality type experiences. There is a benefit to this move in that such rides use less land and software can be changed to change the attraction. The challenge is to keep the thrill, personal feeling of risk, and group interaction in place. Also, the U.S. population is aging causing some fundamental changes in the age mix of visitors to parks and the older generation tends to like leisurely activities. There is also an overall trend to year-round schooling in the K-12 schools.
The U.S. is one of the most litigated countries in the world. There are many class action suits for all kinds of reasons including those seeking the award of damages or torts. The size of the awards can be substantial. Government regulations vary from state to state but typically there are age and height regulations for Six Flags rides and some rides can require retrofitting to meet safety requirements. U.S. manufacturers who make the rides are far fewer in number than the parks who need the rides. Given that Six Flags is a seasonal business; the need to get new rides in place can involve a lot of logistics issues and pressure.
Those who go to Six Flags and other theme parks are increasingly looking for water rides. There is also increasing pressure to make the rides more thrilling on the part of younger attendees while older attendees tend to want tamer rides and picnic areas. For the thrill seekers, rides can seem tame in a relatively short time. It doesn’t take long for rides to age too quickly in their eyes. Vampirism is now a hot item, as an example. The mix of those going to a theme park varies with families on certain days and times, young adults on other dates and times, and older adults mixed in with both. Destination based theme parks attract many visitors but, in some cases, there are locals who attend parks regularly.
On PARAGRAPH #3 colored RED and marked ①, analyze the situation.
In you analysis, you must include the following:
1) Which category (either demographic, technology, audience or …) best fit the description and which type of environment (external environment or information source) best describe the statement? (0.5 point)
2) Provide a clear explanation why this category and type of environment? Define the category and the type of environment? (1 point)
3) Support your explanation why this category and type of environment? Define the category and the type of environment? (1 point)
Write your analysis on the space (box) provided below.
How to receive full possible points? See below for breakdown of points:
1) Indicate which category and type of environment or source = 0.5 point
2) Clear explanation of the category and environment or source = 1.0 point
3) Support your explanation and logic as to why? = 1.0 point
TOTAL POSSIBLE POINTS = 2.5 POINTS
Please provide NOT LESS THAN 2 paragraphs.
Be precise and direct in your analysis. You have the option of writing your answer in an essay format OR answer the questions 1, 2 and 3 in sequential order.
Six Flags operates in an industry dominated by some other large theme park venues including Disney and Great Adventure. About 85% of the industry revenue is generated by the 50 largest companies. Thus, it is not fragmented like, for example, the plumbing industry where no one has a large share. It is common for larger venues to change pricing and to have special attractions to increase attendance and to seek to take attendance and share away from Six Flags parks. ② There are also substitute forms of entertainment such as cruises and movie theaters and casinos. Gasoline prices have continued to rise. Theme park demand varies with disposable income much as vacations to resorts and hotels vary.
Digital entertainment software and hardware (as distinct from actual rides like a roller coaster) is now everywhere and constantly changing. As a result, there is increasing pressure to offer more simulations or reality type experiences. There is a benefit to this move in that such rides use less land and software can be changed to change the attraction. The challenge is to keep the thrill, personal feeling of risk, and group interaction in place. Also, the U.S. population is aging causing some fundamental changes in the age mix of visitors to parks and the older generation tends to like leisurely activities. There is also an overall trend to year-round schooling in the K-12 schools.
There are many class action suits for all kinds of reasons including those seeking the award damages or torts. The size of the awards can be substantial. Government regulations vary from state to state but typically there are age and height regulations for Six Flags rides and some rides can require retrofitting to meet safety requirements. U.S. manufacturers who make the rides are far fewer in number than the parks who need the rides. Given that Six Flags is a seasonal business; the need to get new rides in place can involve a lot of logistics issues and pressure.
Those who go to Six Flags and other theme parks are increasingly looking for water rides. There is also increasing pressure to make the rides more thrilling on the part of younger attendees while older attendees tend to want tamer rides and picnic areas. For the thrill seekers, rides can seem tame in a relatively short time. It doesn’t take long for rides to age too quickly in their eyes. Vampirism is now a hot item, as an example. The mix of those going to a theme park varies with families on certain days and times, young adults on other dates and times, and older adults mixed in with both. Destination based theme parks attract many visitors but, in some cases, there are locals who attend parks regularly.
On PARAGRAPH #1 color GREEN and marked ②, analyze the situation.
In you analysis, you must include the following:
1) Which category (either demographic, technology, audience or …) best fit the description and which type of environment (external environment or information source) best describe the statement? (0.5 point)
2) Provide a clear explanation why this category and type of environment? Define the category and the type of environment? (1 point)
3) Support your explanation why this category and type of environment? Define the category and the type of environment? (1 point)
Write your analysis on the space (box) provided below.
How to receive full possible points? See below for breakdown of points:
1) Indicate which category and type of environment or source = 0.5 point
2) Clear explanation of the category and environment or source = 1.0 point
3) Support your explanation and logic as to why? = 1.0 point
TOTAL POSSIBLE POINTS = 2.5 POINTS
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