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HomeMy WebLinkAbout3.a. 2013 - BRAVO! Vail - RecapEvent Recap: Bravo! Vail 2013 Commission on Special Events October 2, 2013 Photo by Jack Affleck © Zach Mahone Bravo! Vail: June 28 – August 3, 2013 Jim Palermo, Executive Director Office: 970.827.5700 jpalermo@bravovail.org 2 Town of Vail | CSE | 10/02/13 © Zach Mahone Vail Brand Compatibility “Premier International Mountain Resort Community” 3 Town of Vail | CSE | 10/02/13 Standard of excellence met by: •Bravo! Vail is an experience you can have no where else. The only festival in North America to host three of the world’s greatest orchestras: Dallas Symphony Orchestra, The Philadelphia Orchestra and New York Philharmonic. •International recognition. Bravo! Vail hosts internationally renowned soloists and chamber musicians. •Bravo! Vail is a cultural and community leader. Bravo! Vail enriches the cultural life of Vail and increases its prominence as a summer destination for cultural tourism. •Music transcends boundaries . Bravo! Vail’s Education and Community Engagement Programs create experiences to be shared and enjoyed equally by all. Event Strengths & Weaknesses 4 Town of Vail | CSE | 10/02/13 •Exceeded expectations: •Artistic and critical acclaim for a diverse programmatic offering •Record ticket sales in 2013; Five orchestral performances broke sales records •New brand which elevated perception and visibility of Bravo! Vail •Successful new subscription campaign •Nine new free Vail Chapel concerts • Measures that could be taken for event improvement: •Earlier launch of subscription and single ticket campaigns •Enhance campaign planning to included increased follow-up through e-marketing and direct mail •Improved purchase path on website •For repeat event, comparison to past years: •Increased ticket revenue by $102,533 or 7.5% from 2012 •Increased overall attendance by over 2,000 Event Budget 5 Town of Vail | CSE | 10/02/13 •Total event budget: $4,909,500 •CSE funds: $177,500 •Profit and loss: Bravo! Vail’s 2013 fiscal year ends September 30. A full audit will be available in late December. Bravo! Vail projects a surplus for the 2013 fiscal year. •Funding utilization: $85,000 The Philadelphia Orchestra $85,000 New York Philharmonic $7,500 Education •In-kind sponsorship: $2,460,000 •Cash sponsorship: $2,950,000 Estimated Results* Attendance Numbers 6 Town of Vail | CSE | 10/02/13 * Based on survey results. Survey respondents increased to 722 in 2013 from 418 in 2012. Variances from 2012 to 2013 are due to adjustments made to reflect even more accurate formulas and calculations. A reset in calculation methodology in 2013 will provide a basis in moving forward. •2013 Bravo! Vail total attendance: 60,982 (an increase of 2,285 from 2012) •Paid concert attendance: 40,390 •Free concert and education program attendance: 20,592, up 33% from 2012 •For non-ticketed events, staff members counted and recorded attendance •% of people in Vail specifically for event: •49% of audience members said Bravo! Vail was a primary reason for their visit to Vail and 89% were aware of Bravo! Vail prior to their visit to Vail •% of people attended previous years: •85% of audience members are past Bravo! Vail attendees •The median number of past seasons attended is 5-7 seasons •The largest percent of attendees (30%) attended more than 11 seasons 2% 5% 8% 16% 23% 16% 30% < 30K 30K - 50K 50K - 100K 100K - 150K 150K - 200K 200K - 250K 250K+ Estimated Results* Demographic Profile 7 Town of Vail | CSE | 10/02/13 Primary Residence 1% 3% 4% 8% 23% 45% 14% 2% 18-24 25-34 25-44 45-54 55-64 65-74 75-84 85+ Age Income 26% Eagle County 29% Other Colorado 44% Out of State 1% International Estimated Results* Event Attendee Estimated Spending 8 Town of Vail | CSE | 10/02/13 •Lodging: •% attendees stayed in Town of Vail: 57% •Average amount spent on lodging/day: $233 •Estimated room nights booked due to event association: 10,557 •Lodging call to action: •Listing of lodging partners in 9,000 ticket brochures, 9,000 Program Books, post-festival thank-you advertising campaign •Links on Bravo! Vail website to all lodging partners •Increased marketing presence in Dallas market, through the Dallas Symphony Orchestra subscriber tour campaign, resulting in new destination guests; 55 room nights booked from tour •Dining: $3,865,426 •Shopping: $1,618,672 •Other Activities: $1,040,035 Estimated Return on Investment (ROI)* 9 Town of Vail | CSE | 10/02/13 •Additional Town of Vail spending event generated: •$9,177,054 an increase of 17% from 2012 •Ratio of increased revenue to amount of funding received: •Tax Revenue Ratio- 1:1.79 (For every $1 funded, $1.79 dollars of tax revenue was generated) •Total Spending Ratio- 1:50.70 (For every $1 funded, $50.70 dollars of spending was generated) •Sales tax revenue generated by event and accrued to Town of Vail including sales and lodging tax:** •$317,578 * Based on survey results. ** The TOV collects 4% sales tax with the exception of short-term lodging which collects 5.4% after the addition of a 1.4% local marketing district tax. For more information: http://www.vailgov.com/subpage.asp?dept_id=48 Visitor Intent to Return* 10 Town of Vail | CSE | 10/02/13 Satisfaction ratings (on a scale from 1 – 9) •Overall satisfaction with Bravo! Vail: 7.84 •Likelihood of returning to Bravo! Vail: 8.53 •Likelihood to recommend Bravo! Vail to others: 8.50 * Based on survey results. Topline Marketing Efforts 11 Town of Vail | CSE | 10/02/13 •Strategic rebranding to elevate perception and awareness of Bravo! Vail •Focused marketing initiatives: •Scale of House adjustment •Demand Management •Subscription Campaigns •Patron Loyalty •Use of data and analytics to inform strategy •Expanded and targeted direct mail campaigns •List trades with regional and national arts organizations •Increased e-marketing campaigns •New partnership with Colorado Public Radio •Six broadcasts of Bravo! Vail performances •Broadcast statewide and streamed worldwide on cpr.org Community Contribution 12 Town of Vail | CSE | 10/02/13 Impact on Vail’s sense of community: •Vail is home to Bravo! Vail, one of the nation’s most respected classical music festivals providing guests and residents an opportunity to connect through world- class musical experiences. •Bravo! Vail has been a fixture in the community for 26 years. •Bravo! Vail is accessible to everyone through affordably priced lawn seats, free concerts and free educational events. The new Vail Interfaith Chapel Concert Series, consisting of 9 free concerts, was incredibly well attended. •Bravo! Vail has year-round educational efforts at local elementary schools through the After-School Piano Program. •Bravo! Vail has long standing partnerships with countless local businesses. •More than 75 local residents (primary and second home owners) serve on the Board of Trustees and Advisory Council as ambassadors within the community and around the world. Sustainability Efforts Green Measures 13 Town of Vail | CSE | 10/02/13 •Bravo! Vail orchestral concerts are held outdoors during daylight hours, with very little requirement for HVAC or lighting. •At each concert the Program Book copies left behind are gathered, saved and redistributed at future performances. •By printing only one edition of the program book for the entire season, Bravo! Vail reduced the use of printed materials and instead promoted electronic methods, including website and e-blasts to generate ticket sales. •Electronic distribution of board packets, event invitations, order confirmations and the implementation of an electronic auction system reduced paper consumption. •The Bravo! Vail office recycles paper, plastic, aluminum and cardboard. The office uses energy efficient appliances, light bulbs and many recycled fixtures. Additional Information 14 Town of Vail | CSE | 10/02/13 •Provide detailed budget in attachment please •Provide ROI explanation in attachment please Additional documents attached to presentation: Bravo Vail Valley Music Festival 2013 Budget Budget Revenues Earned/Unearned Income 01-40301 Ticket Sales (Orchestra/ Chamber)$1,400,000 01-40302 Soiree Ticket Sales $35,000 01-40303 Gala Auction & Ticket Sales $170,000 01-40304 Education Income $180,000 01-40305 Festival Contributions/Gifts $2,747,500 01-40307 Grant Revenue $202,500 01-40309 Program Advertising $172,000 01-40311 Interest Income $2,500 01-40315 Endowment Contribution $0 Total Earned/Unearned Income $4,909,500 Expenses Artist Fees/Travel 01-50401 Artistic Music Director $87,725 01-50403 Artistic Expenses $11,000 01-50405 Director of Artistic Planning $64,000 01-50407 Artistic Admin. Expenses $0 01-50408 Artistic Liaison $6,500 01-50409 Artist Long Distance Travel $14,850 01-50411 Artist Local Travel $0 01-50413 Artist Fees $72,000 01-50415 Artist Catering/Promotion $4,000 01-50417 Artist/Staff Housing $15,000 01-50419 New York Philharmonic $896,000 01-50420 Philadelphia Orchestra $718,000 01-50421 Special Project Expenses $80,000 01-50423 Dallas Symphony Orchestra $505,000 01-50424 Education Programs $180,000 01-50425 Young Professional's Program $0 01-50427 Composer Commission $15,000 Total Artist Fees/Travel $2,669,075 Special Artistic 01-50501 Concert Hall Rental $10,000 01-50502 Ford Facility Fees $32,000 01-50505 Sound Engineer $17,000 01-50507 Piano Technician/Travel $8,000 01-50509 Music Scores/Parts/Library $1,000 01-50511 Royalties $500 01-50513 CD's and Recording $5,000 01-50515 Program Note Writer $8,000 01-50517 Photographer/Videography $1,500 01-50518 Ticketing Crew Salaries $26,000 01-50519 Production Crew Salaries $50,000 01-50520 Concert Production $14,600 01-50521 Concert Production Manager $12,000 01-50523 Soiree Expenses $28,000 01-50524 Bach on Rocks Expenses $0 01-50525 Season Pass Expenses $800 01-50527 Production Crew Catering $2,400 Total Special Artistic $216,800 Marketing 01-50601 Advertising $100,000 01-50603 Website Design & Maintenance $20,000 01-50605 Collateral Delivery Service $3,500 01-50607 Fund Raising Expenses $70,000 01-50609 25th Anniversary Promotion $0 01-50611 Gala Dinner Expenses $65,000 01-50613 Board Mtg./Admin Expenses $10,000 01-50615 Postage $15,000 01-50617 Credit Card fees $70,000 01-50625 Primer Editor $1,000 01-50627 Strategic Planning/Travel $4,000 01-50629 Festival Design/Components $115,000 Total Marketing $473,500 Administration 01-50701 Office Rent $68,700 01-50703 Utilities $6,000 01-50705 Telephone $12,000 01-50707 Office Supplies $15,000 01-50709 Office Equipment $18,950 01-50710 Network Licensing & Maintenance $56,000 01-50711 Stationery/Ticket Stock $8,000 01-50712 Executive Dir. Expense Acct.$4,000 01-50713 Staff Travel/Long Distance $8,000 01-50715 Guild Expenses $11,000 01-50717 Financial Review $7,500 01-50719 Office Maintenance & Refuse $6,250 01-50723 Festival Insurance Policy $10,000 01-50724 Executive Director Transition Expen $0 Total Administration $231,400 Salaries/Taxes 01-50800 Employee Compensation $1,017,775 01-50802 Contracted Staff Accountant $4,000 01-50803 Employee Health Benefits $86,500 01-50805 401k Management/457 Plan $57,500 01-50807 Employer taxes $102,000 01-50808 Worker's Compensation $4,500 01-50809 Employer 401(k) match $41,450 01-50811 Employee Development $5,000 01-50815 Festival ED Policy $0 01-50817 Employee Recognition $0 Total Salaries/Taxes $1,318,725 Total Expenses $4,909,500 In Kind 01-40332 In Kind contributions $2,460,000 01-50460 In Kind Expense $2,460,000 Total $0 October 2, 2013 Town of Vail Commission on Special Events Meeting The Bravo! Vail explanation for the calculation of Return on Investment of the Town of Vail Commission on Special Events funds: ROI = (gain from investment) – (cost of investment) / (cost of investment) Tax Revenue ROI [$317,578 (tax revenue generated) - $177,500 (CSE funds) / $177,500] = .789 or 79% return on investment The .789 ROI number represents a 1:1.789 ratio of increased revenue to amount of funding received; for every $1 of CSE funds, $1.79 dollars of tax revenue was generated. Total Spending ROI [$9,177,054 (tax revenue generated) - $177,500 (CSE funds) / $177,500] = 50.701 or 5070% return on investment The 50.701 ROI number represents a 1:50.70 ratio of increased revenue to amount of funding received; for every $1 of CSE funds, $1.79 dollars of tax revenue was generated. Direct Economic Impact Calculations: Bravo! Vail retained BBC Research & Consulting (BBC) to estimate the direct economic impact created by the 2013 Bravo! Vail Festival on Eagle County. In 2013, more than 60,982 guests attended Bravo! Vail, including more than 40,000 paid attendees. Overall, 527 musicians, chorus members and staff traveled to Eagle County. On average, musicians were accompanied by 1.4 guests. The direct impact model of the 2013 season estimates a total direct impact (including tax revenue) on Eagle County of more than $19 million, and more than $9 million in the Town of Vail. Methodology and Data Bravo! Vail’s direct economic impact on Eagle County is generated by direct local spending by audience members, orchestra members and their guests, and the associated tax revenue. These estimates do not include indirect and induced impact from this economic activity. The most critical factors influencing the economic benefit are the number of attendees; their length of stay; and their food and beverage, lodging, parking, shopping and activities expenditures. Bravo! Vail gathered spending data from audience and orchestra members through intercept and online surveys that were collected throughout the Festival. BBC reviewed and provided recommendations for the audience and orchestra member surveys prior to Bravo! Vail using them to collect data. A total of 790 surveys were collected from audience members over the course of the season. Audience survey respondents identified expenditures on food and beverage, lodging, parking, shopping, activities, and spa treatments. Respondents also identified where — e.g, the Town of Vail, Avon, Minturn, Beaver Creek — in Eagle County they spent money. Orchestra members identified expenditures on food and beverage, hotel expenses (other than lodging), spa treatments, shopping, and activities and indicated where they spent money. Hotel lodging expenditures for orchestra members were provided by Bravo! Vail. In addition to dollars directly spent by Bravo! Vail on orchestra lodging, participating hotels made significant in‐kind contributions that are not included in the impact model. BBC aggregated personal responses from the intercept and online surveys and relied on total concert attendance and orchestra data provided by Bravo! Vail. This analysis distinguishes between Festival attendees that live in the Valley and those that traveled from outside the region, and between visitors to Eagle County who listed Bravo! Vail as a primary reason for their visit and those who did not. BBC created an economic impact model that identifies spending in Eagle County and in individual communities within Eagle County by audience and orchestra members. The addition of parking spending data is the only deviation from the 2012 economic impact model. For specific details of the Bravo! Vail Economic Impact study please contact Carly Winn at cwinn@bravovail.org.