The problem
The entertainment industry has an endless need for new experiences as its consumers grow bored with current content or services. In addition, many people feel guilty about enjoying entertainment since in a time starved world, it may seem like wasted time. It is why parents justify having fun with their children since it is their duty to create memories for their children.
However, the past offers an enormous source of old experiences that would be “new” to today’s consumers. Also, experiencing the past in theatre or historical recreations is “learning” about the past and therefore there is an educational bonus to mitigate the threat of time wasted solely on entertainment. The range of possibilities is very great, from recreations of ancient sites (tour of the pyramids) or an interactive play where the audience is in the court of Elizabeth 1. Such facilities and events do exist and do attract audiences. The response, however, does not seem to stimulate further aggressive development. Mistaken assumptions and observations may account for this.
Importance and scale
In 2019, the combined revenue of historic sites and historical museum in the US is $3.69 billion, according to IBISWorld. The American Alliance of Museums found that museum and cultural sites attract more than 850 million visitors each year, which is significantly more than the combined attendance of all major league sporting events and theme parks (483 million in 2011).
Furthermore, a well preserved and marketed historic site can often be developed into an international tourist destination, boosting the local economy while spreading local culture. One such example is the Singapore Botanic Gardens, a 160-year-old tropical garden that was inscribed as a United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage Site in 2015. Based on information from Foursquare, a location-intelligence company that provides data exclusively to Bloomberg, the Singapore Botanic Gardens saw a 204% increase in visits since the UNESCO designation.
As people become more easily bored and increasingly guilty about consuming traditional passive recreation like television watching, entertainment companies that can create an unforgettable user experience stand to capture the consumers’ attention. A unique and intellectually stimulating recreational experience will also benefit from word-of-mouth marketing as consumers of all ages share photos on social media. There is a strong conspicuous consumption aspect about unique entertainment experiences – one that historical recreation providers have not fully utilized in marketing their events. The industry is budding with potential and yet to fully bloom.
Additional project details
More information about this project will be shared during the kickoff meeting. Students will receive all the details they need at that time.