(RECORDING) Fireside Chat with Bob Lefsetz

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We are thrilled to share highlights from our latest Make More Money Live webinar, where we hosted a spirited fireside chat with legendary music industry analyst and critic Bob Lefsetz. For 38 years, Bob has been the voice behind The Lefsetz Letter, the go-to resource for the music industry. During our conversation, Bob offered hot takes on the state of the independent venue, touching on current topics and offering wisdom to venue owners.

Recording and Highlights

For those who missed the live session, you can check out highlights below, and watch the full webinar recording here with key highlights at:

35:45: The changing dynamics of touring
36:12: Alcohol Convo and the cost of experiences
38:18: "You (the club) have what the act wants"
58:00: Clubs as tastemakers

Highlights

The Changing Economics of Clubs

One of the points Bob discussed was the shifting economics of running a club. "Alcohol revenue - the economics of the club is changing," he noted at the 1:12 mark of our recording. Bob emphasized the importance of understanding and adapting to these changes to remain profitable. Key takeaway: It's not just about selling tickets; it's about creating an experience that brings people back and makes them spend.

Understanding Your Audience

Bob stressed the importance of being in touch with trends in your audience. "Your research is your children, niece, nephew. Understand the demo," he advised. Knowing your demographic allows you to tailor your offerings and marketing strategies effectively. This understanding can help you book acts that resonate with your audience, connect audiences that want to see the acts you’re booking, and fill your venue.

The Balancing Act of a Successful Venue Owner

A significant theme that emerged from our chat was the dual role of a successful venue owner. You can’t just be a music lover/lifer, and you can’t just be all business—you have to be both. This means balancing the passion for music with the practicalities of running a business. It’s about knowing the landscape and demographics, reading trends and the market, and genuinely caring about the community you're creating, all while employing the skills and tools of a savvy entrepreneur.

Navigating Deals and Talent Buying

Lefsetz nailed it when he said "You have to be more savvy as a talent buyer than ever before." This involves developing a deep understanding of which acts will draw what type of audience and designing offers that reflect their market value. He went on to advise, “Understand what a show is worth, and make a deal to reflect that.”

The Role of Clubs in Shaping Music Trends

At 58:00, Bob discussed the role of clubs in being tastemakers in the current age. "Clubs are where careers are made," he asserted. Despite the fragmented nature of the music industry today, and whatever the charts may say, clubs remain critical in launching and sustaining artists' careers. They are the platform for new acts to connect with audiences and build a following.

The Importance of a Personalized Experience

Bob emphasized that "everything is diversified, fragmented, and unique, so each concert experience needs to be personalized too." This means offering unique and memorable experiences for your patrons. Whether it's through VIP packages, themed nights, or exclusive performances, personalization can set your venue apart.

The Future of Independent Venues

Looking ahead, Bob sees "more opportunities for independents to thrive." He encouraged venue owners to "play your own game, don’t compete with AEG/Live Nation. Find the talent that they don’t want to buy." By focusing on niche markets and emerging acts, independent venues can carve out a unique space in the industry.

Final Thoughts

Bob Lefsetz provided his well-known unfiltered thoughts into what it takes to run a successful live music venue today. From understanding your audience to navigating deals and creating memorable experiences, his advice is a must-hear for anyone in the industry. As Bob said, "If this is a hobby, get out!" Running a venue is demanding and requires dedication, savvy, and a deep understanding of both music and business.

Stay tuned for the announcement of our next Make More Money webinar, where we bring industry experts to share their knowledge and help you thrive in the live music business.