My Perspective on My Business
By Gary M. Jacob
Part I: Introduction
In the high-profile realm of location-based entertainment (LBE), be it concerts, travel, dining, nightlife, theatre, or the movies, the spotlight not only shines on the performance but also on the producers who craft and market the experiences for their ever-evolving audiences. One of the most perplexing problems producers face today is catering to a graying (salt and pepper?) demographic, which involves much more than simply putting their shows on sale.
The narrative of this new and significant Audience is indeed multifaceted. Contrary to just 50 years ago, many individuals now in their "golden years" defy stereotypes by leading more dynamic and vibrant lives than their parents (or even their children half their age).
Many seniors embrace arts, travel, and entertainment with an energy that defies their numerical age. Yet, even as many keep breaking boundaries, an undeniable reality looms: their numbers gradually diminish yearly.
The problem confronting producers of LBE is clear: they must promote, engage, inspire, and sell (and promote more) to an older audience of varying interests.
While many remain active, adventurous, and open to new experiences, the passage of time continues to thin their ranks. Replacing these one-time "party animals" with a younger, 40-50-something audience is no small feat, and the prospect of replenishing the ranks with new 70-year-olds primarily set in their ways poses an even greater Catch-22.
We find ourselves amid a remarkable human transition—a transformation where the traditional aging script is being rewritten. The over 70 population landscape is undergoing profound changes. While we are inspired by individuals who refuse to let time define their limits, the prospects for business growth in this space for events like ours do not seem realistic.
In this essay, I hope to shed some light on the dynamic interplay between age, talent, and the ever-shifting landscape of leisure, attractions, and entertainment.
All is well | All is not so well: In the not-so-distant past, thanks to the unwavering support of the 50 and under demographic they catered to, restaurants, concerts, cruises, clubs, and festivals like ours were thriving. Between 2000 and 2019, they enjoyed a still growing, robust, and reliable customer base, significantly contributing to the success of these sectors.
Today, the once-reliable ascendancy of the baby boomer generation in entertainment is facing an inevitable reckoning. As this generation ages and gradually modifies their pastimes, the torch is being passed to younger generations with their own cultural touchstones and interests.
If you were paying attention, 300,000 "youngish" concert attendees were in Louisville, KY, last week, and as Taylor Swift, Beyonce, and The Barbie Movie continue to amass record earnings, every major concert tour Live Nation and AEG present are selling at over 90%. Today, the median age in America is 38. The fundamental core audience is ready to spend money on the music, movies, and food they love. To them, the Pandemic is a distant memory.
Regardless of the year on their birth certificates and proving greatness still sells at any age, are Paul McCartney (who says he will live to be 100), Ringo, Bob, Mick, Smokey, Carole, Willie, Clint, and scores of other artists past their sell date still making music, films and selling tickets as if they were 25. Mere babies comparatively, and still touring are Bruce at 74, Dolly at 77, and Diana at 79.
Ed note: for perspective, yesterday, because of an ailment, Bruce postponed 2023 touring until 2024. Let’s hope he is well very soon!
Proposition: If we are lucky enough to dodge the inevitable physical slowdown, can we keep dancing as long as they keep performing?
Part II: The end of a six-decade era
In the next 5-10 years, many of the iconic artists and figures from the '60s and noted above will have passed away or retired. This transition marks the symbolic end of an era, and nostalgia events must adapt to this reality. It has been 60 years since JFK was assassinated and 60 years since the Beatles were on Ed Sullivan, and while to many of us that is yesterday, to the rest of the country, it is as far away to them as the birth of the Model T was to us in 1963.
Music Festivals and The Aging Performers: The performers themselves are the central factor. With each (almost daily) sad loss, the pool of available acts for these legacy events shrinks. Even if artists are still active, they may be unable to maintain the same level of energy and quality in their performances. The industry is facing a looming talent crisis, which directly impacts the quality and appeal of these events, making it difficult to replicate the magic that drew audiences in the first place.
While the legacy of these artists will endure, the events that rely on their presence must find new ways to remain relevant.
Festival Fatigue and Accessibility: The 70+ demographic is not as resilient as it once was. The physical demands of festivals can be daunting for older attendees, from standing and walking for long hours, navigating large crowds, and contending with heat and rain. Festivals that do try to accommodate these needs and provide more comfort features may retain some of their older patrons. Yet, trying to keep them may be more of a financial lose-lose.
Nostalgia Saturation: Abbey Road On The River, a festival dedicated to celebrating The Beatles, grew in the early 2000s due to the still upward mobility of its Audience. However, even the best nostalgia may have its limits. As our clientele ages, some may become less inclined to attend festivals. There's a limit to how many multi-day music events a person can attend before the allure begins to wane. As individuals in the 70+ age group find themselves with fewer opportunities to revisit their past, they might increasingly gravitate toward exploring fresh and varied experiences.
Personal and Family Safety: Attendees at music festivals experience a fine balance between excitement and vigilance regarding personal safety and boundaries. They want to immerse themselves fully in the music and festivities while also staying aware of their surroundings and respecting the comfort zones of others. As they should, they count on organizers like us to be perfect; sadly, history has proven there is no perfect when it comes to safety. And while we cannot imagine having to run to safety, be it weather or worse, most of us probably cannot.
Identity politics: One of the defining characteristics of the 21st century is the increasing influence of identity politics. A precarious tightrope walk has emerged as identity politics meets an aging target market. People today are more conscious of their identities, whether based on race, gender, sexuality, political leanings, or other personal experiences. This heightened awareness profoundly impacts how individuals engage with the world, including the concerts and festivals they attend.
In the realm of generational brands, concerts, and festivals, while the goal is to adapt and embrace changing times, certain instances have demonstrated how these shifts can negatively affect the very essence of many iconic brands.
Bud Light's label featuring a trans person, Cracker Barrel and Target's celebration of Pride Month, and even a small brand like Abbey Road On The River speaking out on social and political issues have lost customers for their choices. Today, footballer Travis Kelce became a target of the right-wing for endorsing vaccines and friending Biden supporter Taylor Swift.
Generational brands are often seen as havens of tradition and familiarity. When they embrace social causes and identity politics, they risk triggering resistance from their patrons who may not share the same values.
Abbey Road On The River's Stance on Guns and Other issues or Straying from the safe "middle of the road":
Smaller brands like Abbey Road On The River may find themselves in a challenging situation when they take stances on contemporary social issues they believe in, such as gun control and abortion. While their intention may be to engage with pressing concerns, they risk alienating some audience members who do not want to accept or hear other opinions. "Shut up and sing or dribble (or whatever) is a common refrain."
The market, more notably the over 70 consumers, may view such events as inappropriate platforms. Still, the people who work for these companies believe it is their responsibility to address our social issues.
The era of baby boomer dominance in entertainment is indeed drawing to a close. Concerts, festivals, and cruises cater to this demographic are at a pivotal juncture. To remain viable and attract a new generation of audiences, these events must adapt to changing demographics, economic realities, health considerations, and evolving cultural values. The challenge is to balance honoring the past and embracing the future, ensuring that the legacy of the '60s lives on while welcoming new chapters in entertainment history.
Part III: Five reasons behind this shifting dynamic
Evolving Tastes and Preferences: As individuals age, their tastes and preferences naturally evolve. What was once an exhilarating concert experience might now be considered too loud or overwhelming. The adventurous palate that once ate out every Saturday night exploring new restaurants may now gravitate towards familiar comfort foods. The very essence of these entertainment venues and attractions may no longer align with the evolving preferences of the older demographic. The bottom line shows that over 70 dining has not returned since the Pandemic and won't.
Health and Physical Limitations: With age comes a greater awareness of health and physical limitations. The 70-plus demographic is more likely to be concerned about mobility, comfort, and overall well-being. This shift in priorities can make attending crowded festivals, ball games, standing for long concerts, visiting noisy and expensive restaurants, navigating cruise ships, and even just parking their cars less appealing or impractical.
Financial Constraints: Pondering retirement (and then retirement itself) often brings fear of decreasing income, which can impact discretionary spending. The 70-plus demographic may prioritize saving for healthcare, housing, grandchildren, and other essentials, overspending on entertainment. As a result, they are more discerning about where and how they allocate their resources.
Changing Social Circles: Social circles tend to shift as people age. Friends and acquaintances may move away or have different priorities, making group outings less frequent. The desire for more intimate gatherings with close friends and family may lead to a preference for quieter, home-based entertainment options. Aloneness for some is even preferred to social outings.
Pandemic Impact: The COVID-19 pandemic further accelerated all of this and created new alternatives. Many in the 70-plus demographic, still wary of a large crowd transmitting a virus, became more tech-savvy and comfortable with digital platforms, streaming, and Zoom during lockdowns, further reducing their reliance on traditional entertainment venues.
Too much competition or what happens when a shrinking market has too many choices:
In the world of Beatles and 60s-themed events, the landscape has evolved over the years, and today, we find ourselves in a situation where there might be too much competition. While the enduring appeal of the Beatles and the vibrant culture of the 1960s continue to captivate generations, the market has become saturated with countless options for fans. For us, finding affordable and reliable mediums to reach new customers, TV, radio, print, and social, is expensive and subjective. Pure alchemy.
This proliferation of choices has led to both positive and negative outcomes. On one hand, it has fostered creativity and innovation, resulting in unique and diverse events that celebrate the era. On the other hand, it has also made it increasingly difficult for event organizers to stand out and for attendees to choose where to spend their time and money.
In such a scenario, hosting or attending a Beatles or 60s-themed event in your hometown has gained newfound appeal. With so many options available, the convenience of experiencing the magic of the 60s right in your local community becomes a compelling proposition. It saves you from the hassle of traveling long distances, potentially enduring journeys of 500 miles or more, to relive the era's nostalgia. Instead, you can immerse yourself in the timeless music right in your backyard, creating memorable moments without the need for extensive travel. This shift highlights the adaptability and resilience of the Beatles and 60s culture, ensuring that the era's spirit can thrive wherever it finds a passionate audience.
When an event like Abbey Road on the River finds itself in a competitive arena against larger companies for talent, staff, stages, sponsors, venues, and advertising, it faces a unique set of problems. While smallish events like Abbey Road on the River (under 25,000 attendees) often possess a genuine passion and dedication to their niche, we cannot match the financial resources and infrastructure of more prominent players, who attract hundreds of thousands and gross tens of millions of dollars. As larger companies lure talent and secure prime venues, it can limit the availability and affordability of these resources for smaller events.
For example, there was no Star Vista Live or Danny Wimmer Presents when we started. Not only have we lost customers and mid-tier talent to SVL, but they also now have won over many of our customers, some who stopped coming entirely; some who have cut back their trips, tickets, or spending at Abbey Road On The River, and many who now plan their travels around the bands who no longer come to Abbey Road. So far, they have successfully re-engaged an affluent 70-plus audience willing to spend $5,000 or more for a week at sea.
Not a positive outcome for what was supposed to be a national partnership and growth plan.
The Wimmer group (maestros), whom you might not consider our competitors, have taken over the metro Louisville festival scene in such a way that our event, once actually one of two prominent local music festivals, now finds itself so "off the radar" that recruiting sponsors, staff, production, food trucks, vendors, suppliers, etc. is now much harder.
Sidebar anecdote: I remember the day I met Danny Wimmer back in 2013 during the Abbey Rd. on the River event. It was one of those moments etched in my memory. The city events manager had brought him into our office for an introduction.
My initial reaction was quite skeptical. But as he spoke for the next five or ten minutes and eventually left the office, I turned to a few of my colleagues who were present and remarked, "You see that guy? he is the end of me." And while that might be hyperbole, I knew then that Abbey Road On The River would never be a top dog in Louisville again, and boy, was I right. More right than I ever could have imagined.
Sour grapes? No. We are just keenly aware of our reality and where we fit into the Beatles, 60's, Festival, and Louisville ecosystems.
Part IV: Navigating the Crossroads: Strategies for Abbey Road on the River's Economic Viability
Like many narrow-cast niche events, Abbey Road on the River finds itself at a crossroads, facing the dual threat of changing demographics and economic sustainability. The Festival must carefully consider its options to ensure its continued success and relevance. Here are some strategies for our consideration.
•Lower Prices (But Risk Not Drawing New Fans):
Lowering ticket prices may make the Festival more accessible to a broader audience, potentially including younger attendees and those on tighter budgets. However, this idea risks devaluing the event and potentially alienating fans who value its current pricing and experience.
•Cut Costs (by cutting back on programming):
Trimming expenses by reducing the Festival's programming may help maintain financial stability. Yet, cutting back on programming may diminish the Festival's appeal, as the variety and quality of acts and events draw attendees.
•Accept the Reality of Aging Demographics (and do more for the 50-and-Under Audience)
Recognizing the Festival's aging demographic is the first step toward addressing the issue. Seeking innovative ways to engage and attract a younger audience, such as those aged 21 and under free, (a policy we started over 20 years ago) and continuing to find younger bands can help Abbey Road on the River remain relevant. While this plan may require substantial changes, it offers the potential for long-term sustainability by broadening the Festival's appeal.
•Keep Going as Usual (and let the future play out):
Maintaining the status quo may appeal to loyal fans who appreciate the Festival's current format, lineup, and pricing. However, this approach may not address the underlying demographics, potentially leading to decreased attendance and financial difficulties.
•Sell The Event (to deeper pockets, better resources):
We did that in 2016 -Star Vista Live- the plan was to develop Flower Power and Rock and Romance on Land and Abbey in more markets. While they still have a minority ownership, when the time came to execute their option and buy 100%, they (maybe for many of these reasons) let it expire. I doubt we can sell Abbey Road On The River (lol, especially after reading this).
•Run for two or three more years, and gracefully say goodbye: Letting the festival goers and stakeholders know about the decision to end Abbey Road on the River after two or three more years (2025-26) should be done thoughtfully and well in advance. This will allow attendees to plan their participation accordingly and allow them to share their sentiments and memories. After almost 25 years, this will be more bitter than bittersweet.
In conclusion, Abbey Road on the River faces several pivotal decisions that will significantly impact our future. While each road carries its own risks and benefits, the Festival's ultimate choice should align with its management's, fans', artists, and other stakeholders' vision and goals. Combining elements from multiple strategies may also be a viable option. Regardless of the path chosen, adapting to changing demographics while maintaining the Festival's unique spirit will be key to our continued success and economic viability.
About the writer: I am approaching 75, still attend a concert or two, bike and swim a bit, and fall into the small social circle demo (me). I know that all of you reading this are still dancing.
I have been writing this for a week. It is all original. I do use Grammarly to check my work and, when stumped for a phrase or idea, ran it through AI. I do not know if it is good or redundant, or simplistic; however, recent events caused me to start typing. I think about my business all the time.
September 28, 2023
Gary M. Jacob