The Experience Economy: All Puff or a Breath of Fresh Air for the Live Events Industry?

Life after COVID-19 has been…different.?

We’ve all felt it. People who didn’t think much about their health before are now focusing on wellness. Meanwhile, businesses are going digital, not just with remote work, but also contactless meetings.

Yet, the most shocking change of all has been how people are moving away from material purchases and instead prioritizing experiences.??

What’s driving this transformation? And why now, after COVID?

After all, experiences are neither tangible nor a new economic offering. However, they’re desired because they create the perfect setting for people to make unforgettable memories.

This screams possibilities for brands looking to tap into the FOMO on visiting bespoke destinations, dining at exclusive restaurants, or even catching their favorite artists live.

The Global Surge of the Experience Economy

At the cusp of such growth, it's no surprise that entire nations are also embracing this new shift.

Take Saudi Arabia, for example.

In line with Saudi Vision 2030, the Gulf country’s Qiddiya city is slated to become a hub for all things entertainment, which include the Six Flags Qiddiya City and Dragon Ball theme parks.

It gets even better.

The city is also developing sporting facilities and cultural venues to showcase Saudi Arabia’s ability as a major sports hub, as well as its rich heritage and culture.

Similarly, the live events industry in the experience economy has immense potential.

Powering the Growth of Live Events Within the Experience Economy

The industry is poised for an average yearly growth rate of 10.3% to reach an astonishing US$2.33 trillion by 2026. Spending on live events is also anticipated to grow by 7% annually over the next five years.

This presents All Access Anonymous with a huge opportunity to lead a new wave of real-world experiences (RWEs) with our brand partners in Asia and Australia.

To prove the concept’s feasibility, AAA integrated gamification and totems at the Watera Festival in Ho Chi Minh, Vietnam to achieve a 68% redemption rate for limited edition merchandise and exclusive experiences like artist meet-and-greets.

Our recent collaboration with It’s the Ship in South Korea also saw fans being rewarded with a chance to interview their favorite artists.

But AAA’s mission goes beyond just hooking fans up with money-can’t-buy experiences.

We’re also aiming to supercharge fan engagement through our dynamic token ecosystem that rewards participation and loyalty.

Firstly, users can stake their $AAA tokens into a liquidity pool to earn a share of the revenue from the prediction market. But if they choose to hold onto their tokens, they’ll earn the right to have a say in the shaping of their favorite festivals and qualify for even better rewards.

There’s more.

AAA memberships also use a smart pricing strategy that adjusts as users come and go, ensuring a steady revenue flow.

This isn’t just a win for the platform’s bottom line, but guarantees more funds to keep operations running smoothly, reward creators, and reinvest into the ecosystem to improve the overall experience.

In the era of the experience economy, festival organizers must recognize that success isn’t just measured through ticket or merchandise sales, but also the unforgettable experiences they curate for fans. The only question is, which side of the fence will they choose during the evolution of the live events industry?