Monetising the future of fan engagement
Due to evolving consumption habits of fans and the COVID-19 pandemic, ticket sales for games, concerts and festivals have been substantially hit. This has made digital interaction and building lasting relationships with fans more important than ever. By going digital, teams, artists and others in the entertainment industry can engage their loyal supporters on multiple fronts and diversify their revenue streams.
To further engage existing fanbases and attract new supporters regardless of their location and even in the absence of live events, clubs and artists can expand their digital offering. From loyalty programs through fan tokens to digital collectibles and streamlined payments, there are numerous opportunities that can help clubs and artists to better serve their fans and sponsors while diversifying and boosting revenue generation.
One streamlined ecosystem
With blockchain technology, all of this can operate within a streamlined ecosystem, greatly improving the user experience. Digital content and assets can easily be made, stored and transferred but not copied, while transaction data can easily be collected to improve insights for both teams and sponsors. With transactions that can be made at extremely high speeds for very low costs, this provides many opportunities in fan engagement and enables completely new business models.
For example, traditional collectibles can be ‘upgraded’ with blockchain technology. Digital collectibles can be programmed to be provably unique or rare and can be verified on the blockchain, making counterfeits impossible. Moreover, they cannot deteriorate over time like their physical counterparts. This makes them much more attractive to fans and more profitable for teams or artists.
Or companies could introduce fan tokens to incentivise and reward fan loyalty and engagement. For example, fans could earn these tokens through a variety of digital and physical purchases or by interacting with teams or artists through social media in the form of shares, likes, comments, videos or blogs. These tokens could then be redeemed with teams or sponsors in the form of discounts or special rewards such as exclusive merchandise or VIP fan experiences.
Fan engagement with NEXUS
Such an ecosystem can easily be created with our NEXUS technology, which enables companies to benefit from the multiple advantages of blockchain technology while focusing on what they do best.
We help established companies to create new and competitive revenue and business models based on the benefits of blockchain technology. We are a highly experienced team of 17 people and can create and execute the solution you are looking for!
Get in touch to discuss the future of fan engagement for your business!