Are Live Concerts Good for the Local Economy?

Music industry is becoming increasingly profitable. The global revenue of $60.7 billion in 2006 increased to $67.6 billion in 2011. Revenues of live music particularly increased from $16.6 billion in 2006 to $23.5 billion in 2011. That’s almost 50% increase in the span of five years. This increase could have been caused by the Internet’s help of making music promotion easier . YouTube, with its millions of viewers and more than 6 billion hours of viewing every month, is currently the best place to promote one’s music.

With this huge sum of proceeds, the question of how live concerts impact the local community of the concert venue arises. Do live performances benefit the local community or harm it? And how? To answer this question, here are some cases that show how live concerts affected the economy of local communities:

Waterfront Concerts Series in Bangor, Maine

A 2013 study by the University of Maine showed that since 2010, the Waterfront Concerts Series has brought over $30 million into the local economy of Bangor. Featuring big artists like Sarah McLachlan, Tim Mcgraw, and Cassadee Pope certainly helped rake in the large revenue. The study also furthered that the concert profits supported an annual average of 160 local jobs, peaking in 2012 with 252 jobs.

Live Concerts in Victoria, Australia

In 2011, the Deloitte Access Economics investigated how concerts affected Victorian economy. They found out that live music was responsible for $501 million in gross state product (GSP) of Victoria in 2009-10. It also directly and indirectly generated 17, 200 full-time employment for the locals.

Usher’s 2012 Concert in South Africa

The Tourism Research in Economic Environs & Society (TREES) investigated how Usher’s concert in Soweto, Gauteng, South Africa affected the local’s economy. The study revealed that the concert’s economic impact totaled of R31.2 million or $3 million USD.

These studies show that musicians and concert goers help the economy in their own ways. Who knew that buying Katy Perry tickets  to perhaps see a glimpse of the famous Katy Perry boobs can help boost the local’s economy and create more local jobs? If continuously supported, live music scenes can definitely contribute more to local economies.

The Science Behind Taking a Break

All work and no play dulls even the world’s brightest and richest business tycoon. Yes, there’s truth to that saying, and the science behind it has spoken for itself. In fact, more studies have proven this one same point over and over.

In a study of some 400 workers in a certain company, performance dropped with a decrease in their sleeping hours, leading researchers to conclude that amount of sleep is one of the best indicators of work-related burn-out. In another study conducted by Harvard scholars, it was found that US companies lose around $63 billion each year in terms of productivity.

On the other hand, a researcher from Stanford University, Cheri D. Mah, discovered that male basketball players who slept at least ten hours every night are more likely to dramatically improve their performance, as proven when the players improved their three-point and free-throw shots during practice by 9% each on average.

In yet another study, it was found that taking naps during the day can also have positive effects on performance. In the research, air traffic controllers who worked in the night shift were allowed to nap for 40 minutes each. After sleeping for an average of 19 minutes, the employees scored higher on tests that looked into their reaction time and vigilance.

And it’s not just about sleeping more, of course. In a study conducted by accounting giant Ernst & Young of its own staff, they found that for every ten hours added to their workers’ vacation time, their year-end performance ratings went up by 8%. Furthermore, it was shown that those who often took vacations were less likely to resign.

The point is obvious here – everybody needs their own personal time away from all the stresses of work, if only to perform even better in their jobs. If you’re worried about the costs of vacationing, who says you have to? It doesn’t have to be a trip to the Bahamas.

The important thing is to give your mind a break. For all you know, it can be about digging that secret cougar crush you’ve always had on one of those hot, young  artists today. Do Justin Moore tickets sound interesting? Or maybe you’ve always fantasized about meeting Katy Perry. That girl’s got tons of events you could crash, too! The information you need is all online.

It’s all about giving yourself some ME time. Something to relax that brain and give it a little candy, so when it’s time to get back to work, you’ve got everything all refreshed and energized. After all, that’s when you’re likely to be the most productive.

Financial Management Strategies for Families on Budget

When economy takes a downturn, many families suffer from budget constraints. Some of them may be forced to make sacrifices such as cutting costs on food, fuel, utilities and education. It is a pity, really, to see people suffering from the effects of poor economy and people are compelled to give up some necessities of life. Nonetheless, with certain methods, financial limitations can be managed successfully.

Financial management

You can pick up useful advice on financial management from reading business materials, or you can enroll in financial management classes to learn more about effective measures in coping with a tight budget. You may watch self-help videos online where you can listen to talks from financial managers. However be careful not to fall to traps from posers who pretend to be financial advisers but turn out to be scammers. The indication that you are being lured to scam is when the offers are too good to be true but you are not really receiving direct and concrete help regarding your situation.

Budgeting strategies

In this age, people are mostly enslaved to their credit cards. If you are among those who maintain more than three credit accounts, it is wise to discard the minor ones and maintain just one or two. For the rest of your expenses, use cash. By using cash when spending, you see the actual flow of your money. You also witness how quickly money slips from your hand whenever you purchase something. This will have an effect on your psyche and you will then become more conscious of your spending practice. It is easy to just swipe your credit card when shopping because you do not see the money you are spending. However with cash, the exchange of goods with your money happens right before your eyes.

Cutting down on travel expenses

It is nice to travel for leisure and fun. But in times of austerity, you need to limit your mobility expenses. Also, try to take vacations in places near your area to avoid more spending. One way to cut down on expenses without necessarily compromising the quality of time and money spent is taking the chance to watch a comedy show for entertainment. Contact Daniel Tosh Tour through its website.

The Impact of the Economy in Sustaining a Furniture Business

The state of the economy affects the feasibility and profitability of a furniture business. Furniture is considered a discretionary product rather than a necessity. When the economy is good or in the upswing, consumers tend to invest heavily on furniture because they have the money to buy this optional item. In a recession, consumers will place their money more on basic necessities such as food instead of indulging in a new product they can easily do without.

A furniture business, or any business for that matter needs to benefit from a strong economy and survive a weak economy to remain profitable or at the least, feasible. When the economy is on an upswing, the purchasing power of consumers increase. A weak economy on the other hand is characterized with low purchasing power brought about by high rates of unemployment.

The economy always creates winners and losers. As a business owner, you cannot simply sit back and wait for the economy to improve. Doing this will make your road to bankruptcy faster. You need to take a proactive approach and make innovation, standing out from the competition and marketing your products in a new way, your main business goals.

Quality Furniture

Regardless of the state of the economy, consumers always look to buy top quality furniture. The usual impulse purchase pricing strategy is no longer working as much as it used to be. Consumers today take their time and think hard before making a purchase, instead of purchasing on impulse. Consumers consult more with family and friends and rely more on the internet to be able to make educated buying decisions. The economy has changed decision making of consumers. Furniture buyers today are more aware, making them wiser consumers who always look for quality. Consumers give more premium on value for money instead of low prices as those offered at: http://www.unfinishedfurnitures.com/

Furniture with Universal Design

During a weak economy, consumers invest on furniture they can use for a long time. Consumers choose furniture whose design will allow them to live with it for the rest of their lives. Furniture is often a big investment and choosing one with a universal design will never go out of fashion. Furniture with universal designs are purchased more to satisfy a need instead of a desire. When the economy is strong, however, some consumers buy trendy furniture, even if they know they will only be of good use for a short period of time. This is often a result of impulse purchases.

Furniture and Global Markets

Most furniture businesses rely on the local economy for survival and profitability. With the widespread use of the internet, furniture retailers and manufacturers can now easily penetrate global markets. Some furniture businesses use this marketing strategy on the onset. Some have started taking this option when the local economy weakens. The furniture business has a lot of distribution options, other than the local market. The global market is a huge market waiting to be tapped. There are a lot of foreign economies that are stronger than its local counterpart.

The Music Business in the Digital Age

musicFor most music fans all over the world, the music industry might be just the artists and their hit songs. In truth, there is more behind the music industry than meets the eye. There is no denying that artistic aspect of music, where the artist can express himself in lyrics and song. However, the serious musician who intends to carve a niche for himself in the music industry and make a career out of it has to deal with the business side of making music.

Technology has drastically altered the music business because of the proliferation of websites that allow users to stream or download music directly to their personal computers or mobile devices like the iPod and smartphone. Hence, an increasing number of consumers prefer to purchase music online. In the United States, the sales figures of digital music have exceeded that of compact discs and vinyl records.

Advancement in technology does not necessary translate to more income for artists though. For some, it may mean less profit.  Today, a user can watch free music videos on YouTube. There are also internet radio stations that allow users to customize and listen to their preferred music genre of artists. Music streaming can also be done for free on some sites. In the past, artists earned a few dollars for every disc sold as royalty. With digital music, royalties only amount to cents for every download.

Compact discs offer an avenue for artists to earn more. An independent artist who is not signed with any record label can keep all sales profits. However, being with a label has the advantage in terms of song promotion and audience reach. The artist’s share for each sale is determined by the terms in a contract agreed upon by a musician and the record label. The more popular the artist is, the bigger his share of the profits.

Currently, the most profitable option for musicians is touring. Revenues from concert tours can earn a band or a musician hundreds of thousands of dollars per night, depending on ticket sales as well as the sales of merchandise. To illustrate, if country pop sensation Florida Georgia Line sells ten thousand tickets at $30 each, revenues would amount to $300,000. Granting that they get 25% of ticket sales, then the band’s earnings is $75,000. Estimating merchandise profits to be $3 per concertgoer, this would be an additional $30,000. In total, the profits generated are more than $100,000, just for a single night in a Florida Georgia Line tour.

The digital age has made consumption of music more convenient and less expensive for people. Musicians and artists, however, need to adapt to these changes in order to stay relevant and to continue providing their fans with the kind of music that they want.

Something to Ponder: Stay Up to Speed with Technology and Social Media

Indeed, the world is in the era of mechanics, machines, web, and social media. The different innovations nowadays are proofs that Science and Technology has totally taken over this planet. As a matter of fact, it’s quite difficult to imagine how the world looks like without any of the existing innovations today.

So how can one stay up to speed with the latest trends in technology and social media?

Staying up to Date with Social Media and Technology

Visit Sites that Offer Social Media News

Visiting and reading different sources of information regarding a variety of social media companies is indeed time-consuming. Thankfully, there are analysts and excellent writers who do summaries and give comments on the latest trends in the world of social media and technology, and then feature them in couple of news sites.

Among the most suitable news sites that can make people in loop about everything social media and tech are:

Social Media Examiner

This particular news site is more focused on social media that can be used for marketing. However, if people will ante to the site’s Social Media News tag, they can acquire a hefty summary of the most recent updates.

TechCrunch

As of today, this website is considered as the major news site for the most recent technological updates. Aside from technology based news, people can also find social media related news in this site.

The Next Web

This website features news on technology; however, people can drill down to its Social Media channel to check out topic-specific write ups.

Mashable

This website renders the most extensive commentary and news on the world of social media.

Sign up for Weekly Summary Newsletters

Those people who don’t like the idea of visiting one website to another, they may consider signing up for a technology summary newsletter. Most of these newsletters acquire the articles from the major news websites in the World Wide Web.

Check out RSS Feeds

As highly cognizable, RSS Feeds offer real-time web updates. Once people find news or blog websites that are related to technology and social media, they can subscribe to RSS, Really Simple Syndication, or RSS Feed- this is a form of technology that enables people to subscribe to, visit and read a variety of websites in one place.

Set up Podcasts

These are digital video or audio episodes which people can download in their computer, smartphone, or tablet. New episodes are being featured on regular basis, which are usually about the latest and most modern technological dates.

In this age of web technology and computers, people need to stay up to speed or else, they’ll be left behind the race for development and success. Nowadays, majority of the practical needs of people are gradually becoming dependent on technology, which is why it is now considered as an integral part of the lives of people of this generation.

Tagged ,