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The classic LBE/FEC business model based upon repeat business is being disrupted by consumers' desire to continually enjoy new, unique experiences and grow their Experiential CVs. Rather than repeat an experience - been there, done that - consumers are moving on to new ones, and festivals and other unique limited-time events are now one of their top choices.
We found 122 unique festivals and unique limited-time events in the Kansas City area in 2024, and we're sure we didn't find them all.
Click to enlarge.
(www.whitehutchinson.com/ news/ lenews/ 2024/ august/ festivals.shtml)
Today, for the out-of-home leisure and entertainment industry, it's an entirely new ball game with a new set of rules that requires new business models.
To succeed in today's highly competitive leisure/entertainment landscape requires new strategies. Offering one or a combination of entertainment attractions and counting on consumers' desires to repeat the experience, whether it is bowling, go-karts, laser tag, or whatever, and no matter how good the quality of the attraction might be, is no longer a sustainable business formula for success. The concept that an attraction can drive repeat visits for multiple years no longer works.
The first new rule is that the experience needs to constantly change, and/or there needs to be new and unique ones to get people to return. One way to drive repeat visits is with special limited-time events, no different than the limited-time offerings (LTOs) that restaurants use to drive new and repeat visits or the unique limited-time appeal of festivals. Many of the new model, successful LBEs use food and drink LTOs and limited-time special events as key attendance drivers.
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