TABLE OF CONTENTS After studying this chapter, you should be ableto:
further understand the importance of assessing financial feasibility in the planning process.
understand the value and critical nature of strategic exploitation of commercialopportunities.
identify the role and use of an event asset audit for income generation.
consider the key income generating areas of media rights and partnerships, ticket andhospitality sales, space sales, merchandising and licensing.
To achieve the greatest competitive advantage, anevent needs to fully exploit its revenue potential and much can be achieved at the feasibilitystage. Indeed, so much does have to be achieved at this point if the event is to be successful. Ifan event can be financially underwritten as early as this in the event planning process then thereis every chance of it achieving its objectives. However, it is not apparent that all events can, door indeed attempt to attain such a status before progressing.
This chapter continues with the theme of the last by highlighting the need for earlystrategic financial planning. Whilst the focus of the last chapter was onexpenditure and control mechanisms, the focus here is on maximizing revenue.
Event operational financial objectives may include the acquisition of income in the form ofexternal funding. The sources that are available for the funding of events differ from country tocountry. In the US, UK and Australia funding for events can be gained via both commercialenterprise and government support. Funding in the UK for larger sports events is provided by theNational Lottery,...
