Entrepreneurship and new business ventures Essay

Entrepreneurship and new business ventures - Essay Example Andrew Bengry-Howell from the University of Bath, stated that the people he interviewed at 4 of the largest music festivals were there to escape their daily routines (Tickle, 2011). These people view these festivals as havens where they could experience that sense of release. Some people said that they deliberately left their cellphones at home and tried to drift aimlessly inside the festival and disappear. The music festival kit will targeted towards these consumers who frequently spend 2-4 days at music festivals, depending on the length of the festival, and require materials for overnight stays. The attendance at these music festivals can give us an idea of the target market. Below is a list of the biggest festivals around the globe and their attendance numbers (MTV Contributer , 2013). It is important to note the attendance figures as it gives us an idea of the potential market size: These numbers show that the size of the target market is relatively large. What is interesting to note is that these festivals comprise of a sizable chunk of foreign participants. The SZSW festival held in Austin comprised of registrants from 64 foreign countries (SXSW, 2013). So it is worthwhile to note the global hubs of music festivals since the participants of the music festivals do not restrict themselves to their localities. They regularly visit other cities and even countries hunting for the best and biggest music festivals to attend and hence are a part of the potential market. In Australia, attendance at such festivals went up by 0.6% since ticket prices fell by 0.7%. Revenue from this sector averaged around $1.3 billion, which shows the growth potential of this market (AlNewstead, 2012). Contemporary music was the biggest drawcard and hence contributed $539.2 million in revenue which is 41.3% of the total share. Ticket sales from this sector amounted to 5.9 million tickets. Australia is considered to be the strongest market in the world right now for music