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Utilizing Generative AI & Blockchain Ticketing to Improve Live Event Outcomes


Utilizing Generative AI and Blockchain Ticketing to improve live event outcomes with INSID3RS.io.

SUMMARY

  • 55% of event professionals are expecting most of their events in 2023 to be in person, with 85% planning 3 or more events this year.

  • Generative AI is a form of artificial intelligence that is designed to create unique and novel content. Unlike other forms of AI that are used for specific tasks, generative AI is focused on generating new content, including images, music, text, and even narratives.

  • The combination of blockchain ticketing and generative artificial intelligence can provide personalized recommendations for attendees, predictive analysis for crowd management, live content generation, and so much more!

  • When an attendee has a fantastic experience, the probability of them returning YoY greatly increases.



2023 is seeing exponential growth in the experience sector, specifically surrounding live music events (concerts, festivals, etc), as well as in-person conferences. In fact, according to a study by Bizzabo, 55% of event professionals are expecting most of their events in 2023 to be in person, with 85% planning 3 or more events in the year.


Given the last few years of hiatus amongst the live event community globally, this antiquated industry is now seeing an explosion of new technologies entering the ecosystem. Consumers are demanding more from live events, and event organizers are struggling to keep up with the demands thrown at them.


Technologies including Artificial Intelligence (AI) and blockchain ticketing are modernizing and improving the outcomes of live events. By evolving event processes, from curation to ticket sales, organizers are now in a position to distinguish themselves and their experiences.


What is Generative Artificial Intelligence?

Generative AI is a form of artificial intelligence that is designed to create unique and novel content. Unlike other forms of AI that are used for specific tasks, generative AI is focused on generating new content, including images, music, text, and even narratives.


This technology relies on deep learning techniques that allow computers to learn patterns and relationships within a dataset and use this knowledge to generate new content that is similar in style or structure.


Using deep neural networks, generative AI algorithms can analyze large datasets of items and learn to generate new items that resemble those in the dataset. This technology has already been used to create stunning artwork, generate realistic 3D models, and even create new designs for fashion and architecture.


What is blockchain ticketing?

Blockchain ticketing is a new way of managing ticket sales and distribution using the decentralized ecosystem. Each ticket is given a unique digital identity that is stored on a blockchain network, allowing for secure and transparent ticketing.


This technology empowers experiences to create digital collectibles that can be easily bought and sold on secondary markets, providing new opportunities for businesses to engage with their customers.


How can Generative AI be used with blockchain ticketing to improve live events?


Personalized recommendations for attendees


Generative artificial intelligence has the power to deepen personalized recommendations for every attendee, based on past engagement data that is secured on chain. With the consent of the attendee, given based on their wallet credentials, this data can provide personalized recommendations for food and drink vendors, merchandise, and other items within the experience.


This becomes increasingly critical as the "noise" around every attendee becomes more condensed. Every brand is vying for the attention of each consumer, so differentiating oneself by providing a micro-targeted, personalized experience for everyone is key.


For example, a multi-day music festival can utilize generative AI and blockchain ticketing to analyze an attendee's past music preferences and provide recommendations for which stages to visit and merchandise to purchase. This maximizes the reach of each individual experience with each attendee to increase YoY return and ROI.


Predictive analysis for crowd management


Understanding crowd behavior during large-scale events can ensure operations run smoothly for everyone involved. Provided a sound IoT infrastructure is in place, generative AI can analyze data points correlating to crowd behavior to predict and prevent potential bottlenecks before they arise.


Combined with blockchain ticketing, each attendee has a unique digital identity. This can be used to track their movements throughout an experience to ensure everyone has as perfect of a time as possible.


For example, at a sporting event, generative AI can analyze traffic flow in order to anticipate areas where congestion may occur and reroute attendees accordingly. It could also monitor crowd density to prevent overcrowding and ensure that everyone has a safe and enjoyable experience.


Having the ability to do this in real-time further enhances the experience for the attendee and keeps them wanting to return.


Live content generation


Have you ever attended a concert and the performer does something INCREDIBLE - only for you to wish moments later you had that memory to replay over and over again?


Event organizers can utilize generative AI in real-time to provide live, and even personalized, content for each attendee. Events can go a step further and utilize this technology to curate niche communities and share content personalized for those communities directly to the ticket holders.


Events can also utilize this technology to optimize their on-site marketing functions: auto-curate social media posts, email & SMS blasts, in-app or web notifications, and so much more without having to manually edit footage or images for hours on end.


Auto-engagement, in real-time, without the need for large resources makes generative artificial intelligence and blockchain ticketing a deadly combination.


For example, at a tech conference, generative AI can be used to analyze keynote speeches and create real-time summaries that attendees can access via a mobile app. This would provide attendees with a comprehensive overview of the conference, even if they were unable to attend every session. Not to mention ensuring each speaker and affiliated brand is in front of each attendee, no matter if they engaged in person.



So how do these work together to improve live event outcomes? When attendees have a great time at an event, they are more likely to get involved yearly with that event and brand. Customer retention continues to dominate top brands' marketing strategies in order to lower costs and engage in a more meaningful way with their current audience base.


We know that retaining a customer is significantly cheaper than acquiring a new one. When an attendee has a fantastic experience, the probability of them returning YoY greatly increases.


The combination of generative AI and blockchain ticketing can help to enhance the attendee experience, while also providing a secure and transparent way of managing events.


These powerful tools added to an event's current technology stack can provide personalized recommendations for attendees, predictive analysis for crowd management, live content generation, and so much more!


As technology continues to evolve, we can expect to see even more innovative uses of generative AI and blockchain ticketing in the world of live events.

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