CAA ICON data-driven ‘icon’ic venues

Article posted by Coliseum, July 23^rd, 2024

Image: Coliseum GSVA

Richard Seymour works for the strategic management consulting firm CAA ICON, UK, in a key post. Seymour and his team have their fingers on the pulse of the fans and the venue industry through data. And data has played a crucial role in helping CAA ICON script the success stories of many venues around the globe.

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He avers that data is key for the venue operators/owners to make decisions in their venues whether it is renovation or a new build – “Data is very important. It cannot be an afterthought and it definitely cannot be an afterthought while renovating a venue or in a new build.”

Richard Seymour is based out of CAA ICON’s London (UK) office. He has nine years of experience in the sports industry in consumer research-led insight, rights valuations and business feasibility. He has over 10 years of experience in data analysis and consumer insight for both online and offline multinational brands. He is experienced in leading consulting, research and data teams and delivering projects grounded in consumer research, insight and data analysis.

In an exclusive talk with ‘Coliseum’, Richard Seymour, Strategic Advisory Director, CAA ICON, UK, gives a brief overview on how to utilize the global trends and data to drive decision-making in European stadia. He stated that as part of running fan surveys (which resonated globally) it has come to the fore that “the fans go in for savory food and prefers more seating options”. Seymour also underlined that the CAA ICON surveys further revealed that while for the venue owners/operators generating handsome revenue counts the most the same does not hold good for the fans – “For the general fans smooth ingress-egress to the venue matters the most and they are not interested in the premium seating and the hostesses.”

CAA ICON

A division of the leading entertainment and sports agency Creative Artists Agency (CAA), Denver (US)-based CAA ICON is the world’s leading Owner’s Representative (a person or company that represents the owner of a building or facility project) and strategic management consulting firm for the public and private sports and entertainment facility owners/operators, professional franchises and leagues. With more than 55 sports, entertainment and public assembly projects and over 2,500 consulting engagements, CAA ICON has managed the development of many of the most successful venues around the world.

CAA

Los Angeles (US)-based the Creative Artists Agency (CAA) is the leading entertainment and sports agency with global expertise in filmed and live entertainment, digital media, publishing, sponsorship sales and endorsements, media finance, consumer investing, fashion, trademark licensing, and philanthropy.

Richard Seymour kicked off the discussion by informing that CAA ICON focus on owner’s representation and strategic management consultancy in the sports entertainment industry – “We are into project management and I work for strategic advisory feasibility and planning. We have a physical presence in Europe since around 2020.”

Premium Offerings (US vs. Europe)

He observed, “We have seen major improvements in the premium offerings in the venues in the United States and the proliferation of the high-end premium offerings. We have also seen international ownership groups bring their expertise and new ideas for their venues in the US and their experience in US to the venues in Europe. The 26,000-capacity TQL Stadium in Cincinnati (US) focus is not just on its home team – the Major League Soccer (MLS) club FC Cincinnati – but the stadium also comes equipped with 365 days of retail, hotel, residential and commercial complexes.”

He pointed out that the 53,400-capacity Etihad Stadium in Manchester, England (UK) is one among the venues in Europe which measure up to the TQL Stadium in terms of premium offerings.

Fan Behavior (US vs. Europe)

Seymour observed further that “the premium seats closest to the pitch holds great significance for fans in the US but not so with fans in Europe though gradually fans in Europe too want seats closer to the sidelines and the same is now being implemented around the stadia in Europe.”

Further drawing a comparison, he added, “At the 20,738-capacity Q2 Stadium in Austin, Texas (US) the members have access to the bar, pre-game and post-game and the venue has various seating options and a much more relaxed environment similar to what the ambience would be at the Premier League team Everton F.C. new home – the 52,888-capacity Everton Stadium which is under construction in Liverpool, England (UK).The Q2 Stadium provides that premium experience and helps drive revenue not just on a matchday but on a non-matchday too.”

Seymour made a pertinent observation, “The matchday necessities – the logistics, clean bathrooms, proper parking spaces, and plush seats dominate the fans needs but they do not drive revenue for the venue operators/owners. Rather, the operators will have to spend more to improve the infrastructure and provide best-in-class offerings to the fans. For the venue operators it is only in food and beverage (F&B) where they see the revenue drivers.”

Seymour pointed out that the venue operators “should not just think about increasing the revenue but what holds significance is improving the overall match experience for the fans”.

Challenges

He said that the venues in Europe had space issues – “Many European buildings were built decades ago in residential areas so that leaves very little room for extensive renovations. So, we are helping our clients to use the existing spaces with novel ideas to squeeze our concepts in or compromise using the data to find out what is the most optimal improvements. All the stadiums have data but they have limitations to leverage so again compromising on the renovation and to ensure that one can fit in one’s needs.”

Seymour also said that the “development projects can be expensive and time-consuming and disrupt the event schedules. So, it is really crucial to have a well-defined development program with realistic timelines and budgets. And then comes the funding requirements – securing funding for major renovations require strong data-driven case. The stadium operators need to demonstrate the potential return on investment and it takes time to mobilize good data collection.”

Close-up

Richard Seymour wrapped up by stating, “Every building is unique, every team is unique. It is not one-size-fits-all. In one-size-fits-all too we need to consider the specific characteristics and nuances of the stadium but by using the data to understand these key trends and put them into the context of your fan base and understanding the fan preferences and tailor into their needs, coordinate with the marketplace and into the venue. And data can help the venue operators identify the right mix of seating options, concession choices and amenities. Last but not the least, data also helps in major improvements and renovations.”

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