Background and challenge
A live-concert streaming platform was looking to drive its growth strategy by partnering with new artists to expand the library of live concert streaming videos in its portfolio.
The company enlisted L.E.K. Consulting to help prioritize future partnerships with artists and inform its negotiating strategy.
Approach and recommendations
L.E.K. created a detailed fact base across 12 key artist value dimensions to help determine the relative value of different artists and their live concert performances. We leveraged multiple industry-recognized databases and other sources to conduct research on the top worldwide live-performing musical artists. We dove deep to understand key metrics for artists and live performances.
The core of our assessment was the development of a proprietary “live performance power” index for our client, based on detailed analysis of over 200 individual artists/shows, to inform our client’s bidding strategy. The live performance power index provided a relative valuation metric to help our client decide how aggressively to bid for the rights of a specific artist.
With L.E.K.’s help, the live concert streaming platform was able to gain a robust understanding of each top artist from a live streaming value perspective. Our proprietary live performance power index gave the company a tool to supercharge its artist rights acquisition efforts.