Thursday, June 05, 2008
It seems apparent this summer the country will be facing gas prices that may hit $5 per gallon. Even if this doesn't happen, $4 per gallon sucks just as well. What does this mean for our economy? Well seeing how gas was only $1 per gallon nearly eight years ago, probably not much. Translation - "if they don't revolt at $3 per gallon, why not charge $4?" But, this is not what this conversation is about. This has much more to do with the responsiveness of business to address the societal changes that will result from limited travel and disposable income.
Yesterday, I went to TicketMaster's website to look up some jazz concerts in Nashville, as well as around the country. The result listing was pathetic at best. Nashville only had 3 events (compared to the 40 Country and Western Concerts for the summer), and other larger cities have only a few more. I looked up festivals in the area, and they were limited as well. It's extremely likely that most people will not travel far this summer for vacation. Based on this likelihood, it would seem that local promoters and business-owners would begin taking advantage of a market that normally alludes them during the summer.
In the midst of the digital age, and $6 cups of coffee, I believe we've lost our essential creativity to address a local market situation as we are facing today. I find it amazing that the music industry is crying "Uncle" because sales are down on CD's, but they won't take the talent to the streets to generate a grass roots following.
If I had to make a bet this summer, I would bet on local attractions thriving in this economy, and local entertainment finding a new renaissance in their patronage. It won't be the "bling-bling" situation we have been used to in the recent past, but a traditional success where every ticket sale makes sense - not only to the business, but to the consumer.
If you read this, and you have a local business, as Gordon Gecko said in "Wall Street", "LET'S GO TO WORK!"