Do Trends in the Travel Sector Holds Clues for Entertainment?
“History shows that the travel sector, more than most others, is at the mercy of the global economic tide, growing slightly faster than the economy in boom periods, falling slightly more than the economy during the downturns.” I wonder if entertainment responds similarly?
“Traditional cabin classes to be replaced by “virtual classes” as individual traveller preferences create a personalised experience. The future of the aircraft cabin is set to go through significant changes as customers are able to share their preferences with airlines and airlines will be expected to meet their individual needs leading to the decline of traditional cabin classes.” Looks like another example of simple segmentation not cutting the mustard, let alone ‘one size fits all’. More one to one marketing is likely to be demanded and that is increasingly technically feasible with information enabled relationship marketing.
“64% of people believe it is very likely that they will be booking the bulk of their travel online by 2015 (Fast Future 2009).” The rates of adoption we are seeing with online ticketing for entertainment would suggest that the majority of entertainment will be booked online in the very near future.
“Agents are likely to reinvent their role as bespoke travel advisors and as a trusted source of information.” Similarly, entertainment ticketing agents must become advisors and trusted sources of information moving beyond the current purely transactional focus. If not, here is another reason why the ticket agent is a dinosaur that has outlived its purpose.
“Agents to focus on industry niches and expert advice in the future. Their customer offer will focus on ensuring that their clients are assisted across the entirety of the travel experience.“
In discussing some of the possibilities to generate more revenue, ancillary revenues are mooted: “À la carte Ancillary Services, products and services which were previously included in the ticket price such as checked baggage/ sports equipment, seat assignment, priority boarding, in-flight meals, snacks, beverages and pillows. This also covers totally new added value services such as “elite security” lanes or guaranteed exit row seats.” I find this interesting as it suggests offering and being charged for extra services i.e. augmenting the basic service offered. Maybe entertainment could learn from this. However an important distinction is that this is charging for extra services, not just charging extra fees for “convenience” or “print at home tickets”! If entertainment could learn one thing from travel let’s hope it is getting rid of additional and annoying fees.
“It is likely that successful agents will exploit their traditional role as information aggregators – saving time and money for their clients. However, this is dependent on their willingness to embrace and work with new technologies rather than against them.“
Thanks to Roger Tomlinson for putting me on to this report.
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