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HomeMy WebLinkAbout2.b. 2016 Bravo! Vail RecapSurveyed Event Recap: Bravo! Vail 2016 December 7, 2016 Bravo! Vail: June 23 –August 6, 2016 Jennifer Teisinger, Executive Director Office: 970.827.4318 jteisinger@bravovail.org 2Town of Vail | CSE | 12/7/16 Attendance Estimate 3Town of Vail | CSE | 12/7/16 How would you impact attendance next year? •Bravo! Vail celebrates its 30th Festival season in 2017 with special artistic initiatives which should increase national attention and publicity, resulting in increased attendance. •In 2017, Bravo! will bring London’s Academy of St Martin in the Fields, with Music Director Joshua Bell, back to Vail. The Academy was a huge success in 2016, and there is a strong following and momentum behind this international orchestra. •Bravo! will continue to build loyalty, and extended visitor stays, through subscription packages which encourage customers to purchase tickets to three or more concerts for a discounted price. The Bravo! fixed subscriptions increased by nearly 50% for the 2016 season. Visitor Type 4Town of Vail | CSE | 12/7/16 Was this the visitor type split you expected? Why or why not? •The visitor type split is in line with previous years. The visitor mix is diverse, with the largest segment being overnight visitors at 34%. •Bravo! maintains a healthy mix of visitors, bringing significant destination visitors to the Town of Vail. What steps would you take to optimize visitor mix? •Communication plan for 2017 includes a new database segmentation project to target out-of-state visitors with specific destination travel messages. •Increase in-state visitors by building awareness of the Festival through strategic list trades with other arts organizations in the state, and Comcast spots along the Front Range. •Drive cultural tourism to Vail as a result of the special 30th Season artistic initiatives and the return of the Academy. •Bravo! will continue to offer affordable ticket prices for lawn seats and present free concerts in the Town of Vail to make the experience available to all. Overall Visitor Profile 5Town of Vail | CSE | 12/7/16 Who was your anticipated target demographic? •Bravo’s target demographic is highly educated, has disposable income to spend in Vail, and values cultural experiences. Did you reach your target demographic? •Yes we reached our target demographic. Of surveyed attendees, 94% were college educated; 64% had graduate degrees (per Corona Insights surveys). The demographic was similar to previous years. Bravo! has built a loyal following over the years through strategic marketing and development initiatives, and continues to focus on attracting new audiences. What would you change to reach that audience next year? •Bravo! will continue to cultivate new audiences through expanding the variety of programs offered including but not limited to films set to music, Pops programs, Classically Uncorked, Free Family Concert and Bravo! Vail After Dark, which appeal to diverse audiences. •Bravo! will continue to optimize digital and social acquisition and retargeting campaigns. •Bravo! plans to bring in new destination guests through the 30th Season artistic initiatives. Overnight Visitor Profile: Overnight Visitors & Seasonal Residents Only Only 6Town of Vail | CSE | 12/7/16 What measures did you take to incentivize attendees to book lodging in the Town of Vail? •Listing of lodging partners in 45K ticket brochures. Over 32K brochures mailed to the Bravo! Vail database and other arts organization list trades. •Links on Bravo! Vail website to all lodging partners under “Plan Your Visit” to encourage overnight stays. •Bravo! Vail works with the Dallas Symphony Orchestra to facilitate an annual Patron Tour –a group of Dallas residents who travel to Vail to attend Dallas concerts. The group stays in the Town of Vail and attends dinners, concerts, the Farmer’s Market and other activities. •New in 2016, all of Bravo’s lodging partners had the opportunity to promote an offer to Bravo’s Insider’s Club, which is Bravo’s VIP email list sent out bi-weekly during the Festival to subscribers and donors. Role/Importance of Event in Intent to Visit Vail 7Town of Vail | CSE | 12/7/16 What actions did you take this year to generate the number of overnight guests? •Subscription Packages Bravo’s subscription packages consist of three concerts, often on consecutive nights, encouraging overnight stays. •Cultural Tourism The Festival presents four world-class orchestras, including an international orchestra, which draw national and international attention resulting in increased cultural tourism to Vail. How would you increase the number of overnight Vail guests coming for the event next year? •Bringing back London’s Academy of St Martin in the Fields in late June to encourage earlier summer tourism for Vail. •Increase Front Range visitors by building awareness of the Festival through strategic list trades with other arts organizatio ns in the state, and increasing cable buys in the Denver metro area. NPS (Net Promoter Score)/Likelihood to Recommend 8Town of Vail | CSE | 12/7/16 Do you think the NPS scores reflect the attendee event experience? •Bravo! believes the NPS accurately reflects the attendee experience. Customer satisfaction is central to Bravo’s mission, and the organization makes it a priority by openly asking for feedback in post-concert e-mails and taking action on any comments to improve the customer experience. What steps would you take to improve the NPS scores for your event next year? •Bravo! will continue to ask for feedback in post-concert e-mails to improve customer satisfaction. Estimated Return on Investment (ROI) & Attendee Expenditures 9Town of Vail | CSE | 12/7/16 What did your event do to encourage spending in Vail? •Website: Bravo! Vail listed lodging and restaurant partners at bravovail.org. •Insider’s Club: Bravo! sent out special offers from local partners to subscribers and donors to encourage patronage at local establishments. Vail Brand Compatibility The Premier International Mountain Resort Community 10Town of Vail | CSE | 12/7/16 The event met the standard of excellence by: •Bravo! Vail is an experience you can have no where else. Bravo! is the only Festival in North America to host four of the world’s greatest orchestras: Academy of St Martin in the Fields, Dallas Symphony Orchestra, The Philadelphia Orchestra and New York Philharmonic. •International recognition. Bravo! Vail presents internationally renowned soloists and chamber musicians from around the world, as well as London’s prestigious Academy of St Martin in the Fields. •Bravo! Vail is a cultural leader. Bravo! Vail enriches the cultural life of Vail and increases the town’s prominence as a summer destination for cultural tourism. •Economic Growth. Bravo! Vail contributes to the economic growth and vibrancy of the Town of Vail by bringing a healthy mix of visitors to the Town of Vail. These visitors represent a highly sought-after demographic and bring revenue to the Town of Vail in the form of shopping, dining, lodging and recreation. Event Strengths & Weaknesses 11Town of Vail | CSE | 12/7/16 Exceeded expectations: •The diversity of programming and artistic quality presented generated critical acclaim. From Classical to Pops, and film nights to Cirque, the 2016 season featured a variety of programs (free and paid) to appeal to diverse audiences. •Held in June (earlier than the Bravo! Vail season has historically started), each of the three performances by the Academy of St Martin in the Fields greatly exceeded ticket sale goals. •An expanded videography project with in-residence videographers produced engaging content push out daily through social media and e-mail. •Increased investment in digital acquisition campaigns to target new customers, which resulted in strong KPIs. Measures that could be taken for event improvement: •Continually elevate the level of artistic excellence and international recognition through 30th season initiatives. •New website to launch in January; a major redesign is underway with the goal of greatly improving the user experience and conversions. The new site will be highly visual, and include Vail area imagery to showcase the beauty of the Valley. •Explore event marketing partnerships with the lodging community •Secure major corporate partnerships For repeat event, comparison to past years: •Increased ticket revenue by 10% •Increased ticketed event attendance up 17% •Total Town of Vail concert attendance increased by 5,750 people (nearly 11%) over 2015 Community Contribution 12Town of Vail | CSE | 12/7/16 Describe how the event impacted Vail’s sense of community: •Bravo! Vail has been a fixture in the community for 29 years. The centerpiece of the Festival is the orchestral series, in which 22 concerts are presented at the Gerald R. Ford Amphitheater, in the heart of the Town of Vail. •Bravo! Vail is one of the nation’s most respected classical music festivals, named one of the top ten in the country by NPR. The Festival provides both guests and residents the opportunity to experience world-class music in Vail. •Bravo! Vail is accessible to the entire community through affordably priced lawn tickets, free Education Programs and the Free Concert Series. The free concerts held at the Vail Interfaith Chapel (every Tuesday and Thursday in July) have continued to be extremely popular and well attended. •Bravo! Vail maintains its presence year-round through its expanded After-School Piano Program. •Bravo! Vail has long standing partnerships with countless local businesses including Vail Resorts, hotels, restaurants and retailers. •80 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. Topline Marketing Efforts 13Town of Vail | CSE | 12/7/16 Traditional Advertising:Comcast television spots ran in the Valley and on the Front Range for the first time (advertised on Discovery, HGTV, Food, History Channel, CNN, Golf, National Geographic Channel, AMC, Travel, and Discovery Channel). Print advertising in 5280 and Denver Post, focused on travel and summer getaway editions. Digital Advertising: •Increased investment in digital banner campaigns and pre-roll campaigns. •Increased acquisition spend, to target new customers with lookalike profiles to our current site visitors. Videography project:Second season of the new “videographers in residence” initiative, with the goal of capturing and sharing the Bravo! Vail experience to increase engagement and raise our profile. Results to date: •Viewers had spent 635 hours watching our videos (vs 322 hours last year) on Youtube and over 1,500 hours on Facebook, nearly a 100% increase in hours viewed over the 2015 season videos. •2016 videos have been viewed over 95,000 times vs 35,000 in 2015, a 170% increase. •As seen in 2015, the longevity of these videos is far beyond the season, views and engagement of these videos continue throughout the off-season –view them here Colorado Public Radio: Radio broadcasts for each orchestra (including the Academy), plus several artist interviews took place remotely over the course of the festival. These performances are re-broadcast throughout the year. Facebook: Increased investment in Facebook promoted posts •48% increase in page fans over the past year •Total reach of over 1,167,000 during the Festival, up 175% from previous year Potential for Growth & Sponsorships/Media Exposure 14Town of Vail | CSE | 12/7/16 •Bravo! Vail continues to make a focused effort to secure major corporate partnerships. •The addition of the Academy of St Martin the Fields provides international exposure to the Festival and Vail, which will be appealing to large companies. •Bravo! Vail is actively working with the Academy’s Marketing and PR team to increase exposure for the Festival abroad. •Bravo! Vail plans to hire a PR specialist for national media exposure. Sustainability Efforts 15Town of Vail | CSE | 12/7/16 •What measures were taken at your event to support the environmentally- friendly goals of the Town of Vail? •Bravo! Vail provided reusable shopping tote bags as gifts to donors to support the Town of Vail’s efforts to reduce the use of plastic grocery bags. •Staff, donors and guests have been provided Bravo! Vail branded water bottles to reduce use of plastic water bottles. •Bravo! Vail strives to reduce its paper consumption through electronic distribution of board packets, board voting, event invitations, order confirmations and other electronic communications that were formerly done on paper. •Subscription brochures, ticket brochures,and program books are all upload on issuu.com and embedded on the bravovail.org website for electronic use. •The Bravo! Vail office recycles paper, plastic, aluminum and cardboard. The office uses energy efficient appliances, light bulbs and many recycled fixtures. •Bravo! Vail ensures it recycles appropriately at all of its hosted events. •Program Book copies left behind at concerts are gathered, saved and redistributed at future performances. Event Budget 16Town of Vail | CSE | 12/7/16 •Total event budget: $6,984,400 •CSE funds: $256,100 •Profit and loss: Bravo! Vail’s 2016 fiscal year ended September 30. A full audit will be available in late December. Bravo! Vail projects a surplus for the 2016 fiscal year. •Funding utilization: $77,500 Academy of St Martin in the Fields $89,300 The Philadelphia Orchestra $89,300 New York Philharmonic •In-kind sponsorship: $1,542,234 •Cash sponsorship: $4,279,374 Bravo! Vail Music Festival - September 2016 2016 Income Statement & Budget 9/30/2016 2016 Budget 2016 Projtns Over/ Under Projtns 2015 PYTD 2015 Budget 2015 Actuals Over/ Under PYTD Fiscal Year 2016 Fiscal Year 2015 Revenue 01-40301 Event Income $1,915,705 $1,828,000 $1,938,236 ($22,531)$1,729,028 $1,675,000 $1,749,228 $186,677 01-40302 Soiree Ticket Sales $46,575 $45,000 $47,025 ($450)$46,600 $34,000 $46,600 ($25) 01-40303 Gala Auction & Ticket Sales $315,330 $313,500 $328,670 ($13,340)$307,180 $265,000 $304,975 $8,150 01-40304 Education Income $192,836 $204,400 $224,498 ($31,662)$258,359 $240,000 $263,359 ($65,523) 01-40305 Festival Contributions/Gifts $3,768,038 $4,092,500 $4,100,018 ($331,980)$3,454,007 $3,245,000 $3,592,442 $314,032 01-40306 Special Project Income $318,500 $281,000 $320,000 ($1,500)$0 $0 $0 $318,500 01-40307 Grant Revenue $0 $0 $0 $0 $115,600 $195,000 $188,400 ($115,600) 01-40309 Program Advertising $164,466 $167,000 $171,894 ($7,428)$147,918 $175,000 $167,267 $16,548 01-40311 Interest Income/Stock gains $2,043 $3,000 $2,636 ($593)$2,055 $1,000 $2,131 ($12) 01-40315 Endowment Contribution $0 $50,000 $0 $0 $0 $50,000 $0 $0 $6,723,493 $6,984,400 $7,132,977 ($409,485)$6,060,746 $5,880,000 $6,314,401 $662,746 Total Expenses Artist Fees/Travel 01-50401 Artistic Music Director $117,550 $117,550 $117,550 $0 $102,290 $102,290 $102,290 $15,260 01-50403 Artistic Staff Expenses $11,034 $15,000 $15,000 ($3,966)$7,871 $11,000 $13,699 $3,164 01-50405 Director of Artistic Planning $83,625 $82,500 $83,625 $0 $69,000 $69,000 $69,000 $14,625 01-50408 Artistic Liaison $15,627 $6,500 $15,627 $0 $5,656 $5,500 $5,656 $9,971 01-50413 Artist Fees $250,109 $334,500 $250,109 $0 $357,698 $375,000 $357,698 ($107,590) 01-50416 Special Artistic Projects $126,731 $139,500 $126,731 $0 $0 $0 $0 $126,731 01-50417 Artist Housing $40,177 $57,000 $40,177 $0 $20,082 $28,000 $20,286 $20,095 01-50418 Academy of St. Martin $453,745 $490,500 $453,745 $0 $0 $0 $0 $453,745 01-50419 New York Philharmonic $907,524 $905,000 $907,524 $0 $864,380 $873,000 $864,380 $43,143 01-50420 Philadelphia Orchestra $785,668 $775,000 $792,668 ($7,000)$694,725 $704,000 $690,725 $90,944 01-50423 Dallas Symphony Orchestra $548,705 $515,000 $548,705 $0 $496,186 $481,000 $492,646 $52,518 $185,967 $204,400 $192,967 ($7,000)$146,252 $220,000 $150,380 $39,716 01-50424 Education Programs $3,526,462 $3,642,450 $3,544,428 ($17,966)$2,764,140 $2,868,790 $2,766,761 $762,323 Total Special Artistic 01-50501 Concert Hall Rental $8,255 $20,000 $8,255 $0 $8,025 $12,500 $8,025 $230 01-50502 Vail Valley Foundation Fees $40,850 $50,000 $40,850 $0 ($4,240)$36,000 $36,000 $45,090 Page 1CONFIDENTIAL Bravo! Vail Music Festival - September 2016 2016 Income Statement & Budget 9/30/2016 2016 Budget 2016 Projtns Over/ Under Projtns 2015 PYTD 2015 Budget 2015 Actuals Over/ Under PYTD Fiscal Year 2016 Fiscal Year 2015 01-50505 Equipment Rental/Sound Engi $48,670 $56,000 $48,670 $0 $39,026 $51,400 $40,371 $9,644 01-50507 Piano Technician/Travel $7,845 $10,000 $7,845 $0 $9,309 $8,500 $9,309 ($1,464) 01-50513 Recordings $0 $0 $0 $0 $979 $5,500 $5,522 ($979) 01-50515 Program Note Writer $0 $0 $0 $0 $8,000 $8,500 $8,000 ($8,000) 01-50519 Production Crew Salaries $57,404 $60,000 $57,404 $0 $44,758 $53,000 $44,758 $12,646 01-50520 Concert Production $74,184 $78,000 $74,184 $0 $44,295 $68,000 $51,727 $29,889 01-50521 Operations Salaries $89,846 $93,100 $93,100 ($3,254)$82,975 $87,000 $85,775 $6,871 01-50523 Soiree Expenses $29,300 $30,000 $29,300 $0 $28,666 $22,500 $30,099 $634 $356,354 $397,100 $359,608 ($3,254)$261,793 $352,900 $319,585 $94,561 Total Marketing 01-50601 Advertising $211,616 $200,000 $213,000 ($1,384)$177,075 $185,000 $185,078 $34,541 01-50602 Box Office Salaries $104,311 $110,000 $107,500 ($3,189)$97,934 $101,200 $100,851 $6,377 01-50603 Website Design & Maintenanc $3,017 $6,000 $3,017 $0 $5,786 $45,000 $5,786 ($2,770) 01-50605 Collateral Delivery Service $2,183 $2,000 $2,183 $0 $0 $2,000 $0 $2,183 01-50615 Postage - Marketing $9,723 $12,000 $9,723 $0 $8,954 $10,000 $9,628 $769 01-50616 Special Marketing Projects $56,501 $60,000 $56,501 $0 $46,100 $0 $46,100 $10,402 01-50626 Season Pass Expenses $0 $0 $0 $0 $0 $1,000 $0 $0 01-50629 Festival Design/Collateral $77,329 $92,000 $77,329 $0 $46,373 $82,500 $46,603 $30,955 01-50630 Marketing Salaries $299,587 $330,500 $310,800 ($11,213)$264,785 $316,400 $276,176 $34,801 $764,267 $812,500 $780,053 ($15,786)$647,007 $743,100 $670,222 $117,260 Total Fundraising 01-50657 Donor Cultivation $30,717 $55,000 $30,717 $0 $35,744 $51,000 $37,721 ($5,027) 01-50659 Gala Dinner Expenses $97,185 $105,000 $97,185 $0 $90,561 $97,000 $90,561 $6,625 01-50661 Executive Planning/Travel $17,914 $17,000 $17,914 $0 $5,076 $9,000 $5,076 $12,837 01-50663 Donor Events $90,685 $99,500 $92,346 ($1,661)$65,640 $58,000 $66,006 $25,045 01-50664 Special Development Projects $19,812 $30,000 $19,812 $0 $19,587 $0 $19,587 $225 01-50665 Postage - Fundraising $9,960 $8,000 $9,960 $0 $7,073 $5,000 $7,726 $2,887 01-50667 Development Salaries $369,188 $381,550 $424,161 ($54,973)$289,500 $301,500 $302,141 $79,688 $635,461 $696,050 $692,095 ($56,634)$513,181 $521,500 $528,819 $122,280 Total Page 2 CONFIDENTIAL Bravo! Vail Music Festival - September 2016 2016 Income Statement & Budget 9/30/2016 2016 Budget 2016 Projtns Over/ Under Projtns 2015 PYTD 2015 Budget 2015 Actuals Over/ Under PYTD Fiscal Year 2016 Fiscal Year 2015 Administration 01-50701 Office Rent $78,343 $79,600 $78,343 $0 $78,343 $78,343 $78,343 $0 01-50703 Utilities $4,467 $6,700 $4,900 ($433)$4,616 $6,000 $4,653 ($149) 01-50704 Postage - Admin $4,684 $6,000 $5,000 ($316)$5,060 $5,000 $5,109 ($376) 01-50705 Telephone $10,232 $14,000 $10,936 ($704)$12,219 $13,000 $12,817 ($1,987) 01-50707 Office Supplies $15,548 $15,000 $15,750 ($202)$12,441 $13,000 $12,328 $3,107 01-50709 Office Equipment $21,050 $17,000 $21,050 $0 $18,671 $17,000 $18,907 $2,379 01-50710 Network Licensing & Mainten $69,929 $78,000 $90,000 ($20,071)$58,811 $69,100 $59,381 $11,118 01-50711 Stationery/Ticket Stock $9,845 $12,500 $9,845 $0 $7,011 $10,000 $7,011 $2,834 01-50712 Executive Dir. Expense Acct.$4,620 $5,000 $4,750 ($130)$5,033 $5,500 $5,033 ($413) 01-50713 Staff Travel/Long Distance $7,447 $12,000 $8,000 ($553)$9,495 $9,000 $10,058 ($2,048) 01-50715 Guild Expenses $12,999 $13,000 $12,999 $0 $12,065 $12,500 $12,065 $934 01-50716 Board Mtg./Admin Expenses $14,473 $15,000 $15,000 ($527)$12,850 $13,500 $13,087 $1,623 01-50717 Financial Review $13,914 $16,000 $13,914 $0 $15,263 $15,500 $15,263 ($1,349) 01-50718 Credit Card fees $84,864 $105,000 $90,000 ($5,136)$77,111 $80,000 $78,373 $7,753 01-50719 Office Maintenance/Storage $12,349 $8,500 $13,000 ($651)$7,687 $7,560 $7,687 $4,662 01-50720 Staff housing $23,607 $21,000 $23,407 $200 $16,412 $8,000 $16,412 $7,195 01-50723 Festival Insurance Policies $17,445 $20,000 $17,445 ($1)$14,315 $9,500 $14,315 $3,130 01-50724 Executive Director Search $0 $0 $0 $0 $66,588 $0 $81,146 ($66,588) $405,816 $444,300 $434,340 ($28,523)$433,991 $372,503 $451,987 ($28,175) Total Salaries/Taxes 01-50800 Administrative Salaries $541,983 $589,500 $567,626 ($25,643)$582,613 $580,000 $596,316 ($40,630) 01-50802 CPA and Lawyer fees $8,438 $5,000 $12,438 ($4,000)$2,552 $6,900 $2,477 $5,886 01-50803 Employee Health Benefits $138,935 $135,000 $139,500 ($565)$106,520 $103,000 $105,920 $32,415 01-50805 Retirement Benefit Mgt./457 P $16,100 $55,000 $21,000 ($4,900)$53,598 $53,500 $53,598 ($37,498) 01-50807 Employer taxes $131,530 $132,000 $135,500 ($3,970)$164,118 $114,800 $167,338 ($32,588) 01-50808 Worker's Compensation $2,143 $7,500 $2,143 $0 $6,554 $6,000 $0 ($4,411) 01-50809 Employer investment contrib $43,060 $48,000 $52,500 ($9,440)$34,259 $45,000 $46,773 $8,801 01-50811 Employee Development $26,406 $20,000 $26,406 $0 $11,720 $12,007 $19,148 $14,686 01-50817 Employee Recognition $0 $0 $150,750 ($150,750)$212,432 $100,000 $212,432 ($212,432) $908,596 $992,000 $1,107,863 ($199,267)$1,174,365 $1,021,207 $1,204,001 ($265,769) Total Page 3 CONFIDENTIAL Bravo! Vail Music Festival - September 2016 2016 Income Statement & Budget 9/30/2016 2016 Budget 2016 Projtns Over/ Under Projtns 2015 PYTD 2015 Budget 2015 Actuals Over/ Under PYTD Fiscal Year 2016 Fiscal Year 2015 ($6,596,956)($6,984,400)($6,918,387)$321,431 ($5,794,477)($5,880,000)($5,941,375)($802,479)Total Extraordinary Expenses 01-40313 Prior Year Operating Reserves $274,654 $302,000 $302,000 ($27,346)$0 $0 $0 $274,654 01-50822 Website Redesign $174,654 $202,000 $201,983 ($27,329)$0 $0 $0 $174,654 01-50823 Vail Valley Foundation Donati $100,000 $100,000 $100,000 $0 $0 $0 $0 $100,000 $0 $0 $17 ($17)$0 $0 $0 $0 Total In Kind 01-40332 In Kind contributions $1,542,234 $2,400,000 $1,900,000 ($357,766)$1,968,801 $2,450,000 $1,968,801 ($426,567) 01-50460 In Kind Expense $1,542,234 $2,400,000 $1,900,000 ($357,766)$1,968,801 $2,450,000 $1,968,801 ($426,567) $0 $0 $0 $0 $0 $0 $0 $0 Total In Kind $126,537 $0 $214,608 ($88,071)$266,269 $0 $373,026 ($139,733)NET SURPLUS/(DEFICIT) Page 4 CONFIDENTIAL Total economic impact per attendee day Lodging Restaurants/Bars/ Prepared Food Vendors Shopping Recreation (golf, bike rental, etc.) Other items, excluding lodging $0 $100 $200 Economic Impactper Attendee-Day$128 $28$34$61 $3 $2 Direct Economic Impact to TOV per Attendee-Day In paid lodging Vacation home/timeshare With friends/family Other Overnight Visitor Profile Myself Only 2 3 4 5 6 or more 63% 10% 11% 5% 3% 7% 1 2 3 - 5 6 - 8 9 - 14 15 or more 14% 31% 23% 13% 14% 3% Vail Beaver Creek Avon Edwards Eagle/Gypsum Summit County Other 67% 10% 9% 5% 0% 8% Under $50k $50k-$100k $100-$150k $150k or more 15% 22% 57% 6% Overall Visitor Profile Under 18 18 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65 - 74 75 or older 24% 38% 21% 1% 3% 4% 9% Male Female 36% 64% Detractor Passive Promoter 0% 20% 40% 60% 80%% of Total Number of Records13% 84% 3% Likelihood of Recommending Event to a Friend or Family Member 0: None, I would have come to Vail anyway 1 2 3 4 5: Half my reason for coming to Vail 6 7 8 9 10: My only reason for coming to Vail 0% 20%Percent Responding10%14%12% 33% 5%4%4%2%3%7%7% Importance of Event in Decision to Visit Vail Today - Overall 2016 Event funding Direct economic Impact to TOV Economic impact payback ratio $28.53 $7,306,558.47 $256,100.00 Return on Investment: Funding vs. Impact Summary of Key Trip Characteristics and DemographicsAttendee-Days0K 10K 20K 30K 40K 50K 60K 70K 57.0K Attendance Est 82% NPS Net Promoter Score Overnight visitor Seasonal resident of Vail Valley Full-time resident of Town of Vail Full-time downvalley resident Day visitor to Vail 0%Percent Responding34% 29% 16%14% 7% Visitor Type Colorado Texas Florida New York Arizona Missouri 2% 2% 3% 7% 10% 51% 2016 Vail Event Visitor Summary: Bravo! Vail, June 23 - August 5, 2016 Survey technique: Post-trip web. Overall sample size: 828 (Please note that sample sizes are smaller for subgroups.) Number of years event has taken place in Vail (including 2016): 29 Average Overall Overnight visitor Seasonal resident of Vail Valley Full-time downvalley resident Full-time resident of Town of Vail Day visitor to Vail 8.7 7.4 7.9 5.1 6.3 6.5 Are you staying: Including yourself, how many people are in your travel party? Nights in the area this trip Where are your lodging accommodations located? Annual Household Income Age State/Country Gender Nightly Rate (if Paid) Average: Median:$304 $220 Overall Overall N/A Direct Economic Impact Report 2016 Audience and Orchestra Surveys Table of Contents Topic Page Introduction 3 Direct Spending 6 Tax Revenue and Direct Economic Impact 14 Appendix 19 2 2016 Audience Survey Introduction Overview • Background and High-Level Results 2016 Audience Survey 3 Overview This report summarizes the economic impacts that the 2016 Bravo! Vail season had on the various local economies A separate report is provided that summarizes the key findings from the 2016 Bravo! Vail audience surveys with regard to marketing and public relations implications 4 2016 Audience Survey Background and High-Level Results Bravo! Vail retained Corona Insights to estimate the direct economic impact created by the 2016 Bravo! Vail Festival on Eagle County. Bravo! Vail, a six-week annual festival, is a leading cultural attraction in Colorado and Eagle County and draws guests from around the world. Bravo! Vail provides substantial direct benefit to the local community through audience and orchestra member spending and generates tax revenue for the town, county, and state. In 2016, a total of 50,349 guests paid to attend Bravo! Vail in addition to thousands of other attendees at free events. Overall, 494 musicians, chorus members and staff traveled to Eagle County. On average, musicians were accompanied by 1.2 guests. The direct impact model of the 2016 season estimates a total direct impact (including tax revenue) on Eagle County of approximately $19.1 million and approximately $10.1 million in the Town of Vail. This report documents the economic impact methodology and summarizes the direct economic benefits to Eagle County and other jurisdictions resulting from Bravo! Vail. 5 2016 Audience Survey Direct Spending Food and Beverage • Lodging and Hotel Expenses • Bravo! Vail Direct Expenses • Shopping • Activities 6 2016 Audience Survey Direct Spending in the Town of Vail The total direct spending associated with Bravo! Vail in the town of Vail specifically was approximately $9.7 million in 2016. This is a moderate increase (+5%) from 2015, again driven primarily by higher lodging expenditures (likely as a result of the extended season), but counteracted by decreases in shopping and parking expenditures. These figures are examined in detail in the following slides. 8 2016 Audience Survey Note: Bravo! Vail direct expenses include costs associated with running the festival including hosting events, food, venue leases, permits, parking, and board meetings. Associated tax revenues are not included in these figures. Expenditure Food and beverage $3,444,520 $245,088 $3,689,608 13% Lodging and hotel expenses $3,188,677 $524,974 $3,713,651 9% Bravo! Vail direct expenses -$168,288 $168,288 -5% Parking $18,288 -$18,288 -26% Shopping $1,284,440 $49,342 $1,333,782 -17% Activities $642,489 $115,690 $758,178 3% Total Direct Spending $8,578,413 $1,103,382 $9,681,795 5% Total Direct Spending % Change from 2015 Orchestra Spending Audience Spending Food and Beverage The 2016 Audience Survey asked Bravo! Vail guests how much their party would spend on dining out, groceries, and liquor store expenditures for one day. On average, audience members spent roughly (per person, per day): >$40 on dining out >$24 on groceries >$16 on alcoholic beverages For guests that indicated that Bravo! Vail was a primary reason for their trip, Corona included all of their dining and grocery expenditures for the average trip length. 1 For those audience members who indicated that Bravo! Vail was not a primary reason for their trip to Eagle County, Corona included the expenditures for one evening of dining out if they said that they dined out on the evening they attended Bravo! Vail (48% of these attendees). Bravo! Vail audience members spent roughly $6.9 million on food and beverages in Eagle County and approximately $3.4 million on food and beverage just in the Town of Vail. The 2016 Orchestra Survey asked orchestra members how much their party would spend on dining out, groceries, and liquor expenditures during the duration of their stay in Eagle County. Orchestra members and their parties spent roughly $301,000 dining out, on groceries, and on liquor while in Eagle County, $245,000 of which was spent in the Town of Vail, specifically. Corona also included concessions expenditures from Bravo! Vail concerts throughout the summer. During the season, audience members spent approximately $249,000 on concessions.2 9 2016 Audience Survey 1 Average trip length was calculated from survey respondents who indicated that they were not residents of Eagle County and did not stay for more than 14 nights. The average total nights spent in Eagle County was 4.9 nights. 2 Audience members spent $248,870 in concessions during Bravo. Corona deducted 3 percent for standard credit card fees, bringing the total direct concessions impact on Vail Valley to $241,404. Lodging and Hotel Expenses Audience members were asked how much their party would spend per night on lodging. Corona only included lodging expenditures for audience members who indicated that Bravo! Vail was a primary reason for their trip to Eagle County. Corona calculated lodging expenditures for guests based on the average trip length (4.9 nights). Bravo! Vail guests spent approximately $5.7 million on lodging in Eagle County, over half of which ($3.2 million) was spent in the Town of Vail. Bravo! Vail provided Corona with the total lodging expenditures for orchestra members. Orchestra members spent about $485,000 on lodging, all of which was in the Town of Vail. This does not include the value of in-kind contributions from local lodging partners. Orchestra members were asked how much their party would spend on hotel expenses other than lodging (e.g., room service and private functions) during the duration of their trip. Orchestra members reported spending about $40,000 in hotel expenses, all of which was in the Town of Vail. Bravo did not collect data on hotel expenses other than lodging for audience members. 10 2016 Audience Survey Bravo! Vail Direct Expenses and Parking Bravo! Vail Direct Expenses >Bravo! Vail provided Corona with their total direct expenses in the Town of Vail. These expenses included costs for events, food, venue leases, permits, parking, and board meetings. >These direct expenses totaled approximately $168,000. Parking >Audience members were asked how much their party spent per night on parking. Corona only included parking expenses for those who were not full-time residents. >Total parking expenditures were approximately, $33,000, $18,000 of which were in the Town of Vail. 11 2016 Audience Survey Shopping The 2016 Audience Survey asked guests how much their party planned to spend on shopping while in Eagle County. Corona included shopping expenditures only for those guests that indicated that attending Bravo! Vail was a primary reason for their trip. Audience members spent approximately $3.1 million shopping in Eagle County during the duration of their stay, $1.3 million of which was spent shopping in the Town of Vail. Orchestra members spent about $75,000 shopping in Eagle County, $49,000 of which was spent shopping in the Town of Vail during their stay. 12 2016 Audience Survey Activities The audience and orchestra member surveys asked respondents how much they spent on activities (e.g., spa visits, bike rentals, rafting, tours) during their stay in Eagle County. Corona only included activities expenditures for audience members who indicated that Bravo! Vail was a primary reason for their visit. Audience members spent roughly $1.3 million on activities in Eagle County, $642,000 of which was spent in the Town of Vail. Orchestra members spent roughly $116,000 on activities in Eagle County during the duration of their stay, all of which was allocated to the Town of Vail. 13 2016 Audience Survey Tax Revenue Generated and Direct Economic Impact Impacts on Eagle County and the Town of Vail 14 2016 Audience Survey Tax Revenue Generated Direct spending associated with Bravo! Vail generated substantial tax revenue for Eagle County and for the Town of Vail. The above table is a breakdown of tax revenue collected in Eagle County and the Town of Vail. In total, Corona estimates that spending associated with Bravo! Vail generated approximately $852,000 in tax revenue for the county and municipalities, $382,000 of which was tax revenue for the Town of Vail. 15 2016 Audience Survey To estimate tax revenues for the Town of Vail, Corona used a rate of 4 percent for food and beverage (excluding groceries), shopping, and activities and a tax rate of 5.4 percent for lodging. For other municipalities, Corona applied appropriate tax rates on food and beverage (excluding groceries), lodging, shopping, and activities. To estimate tax revenues for Eagle County, Corona applied a 1.5 percent tax rate on food and beverage (excluding groceries), lodging, shopping, and activities. Expenditure Food and beverage $283,328 $124,303 Lodging and hotel expenses $352,462 $173,792 Shopping $148,104 $53,351 Activities $68,091 $30,327 Total Tax Revenue $851,986 $381,773 Town of Vail All Eagle County Governments Direct Economic Impact The table above shows that the total direct economic impact (direct spending plus tax revenue) generated by Bravo! Vail in 2016 was approximately $19.0 million, $10.1 million of which was in the Town of Vail. 16 2016 Audience Survey Expenditure Food and beverage $7,449,035 $3,813,911 Lodging and hotel expenses $6,592,660 $3,887,442 Bravo! Vail direct expenses $168,288 $168,288 Parking $32,778 $18,288 Shopping $3,285,377 $1,387,134 Activities $1,489,245 $788,506 Total Direct Impact $19,017,383 $10,063,568 Eagle County Town of Vail Total Direct Impact on the Town of Vail 18 2016 Audience Survey Bravo! Vail Attendees: 50,349 Orchestra members: 494 Food & Beverage $3,689,608 Note: The total Bravo attendance figure used in the impact model includes all paying attendees. Lodging & Hotel Expenses $3,713,651 Bravo! Vail Expenses $168,288 Parking $18,288 Shopping $1,333,782 Activities $758,178 Direct Spending Tax Revenue Total Impact $9,681,795 $381,773 $10,063,568 This flow chart presents the total direct economic impact generated by Bravo! Vail on the Town of Vail. Combined, audience, orchestra members, and Bravo! Vail spent roughly $9.7 million in Vail and generated approximately $382,000 in tax revenue, creating a total direct impact of roughly $10.1 million in the Town of Vail. Appendix Data Collection Overview • Methodology Detail • About Corona Insights 19 2016 Audience Survey Data Collection Overview Research Mode >Written surveys distributed to audience members during Bravo! Vail performances Sampling >Surveys were collected from the following performances: Jun 25 (Sat) - 6:00 PM (Academy of St. Martin in the Fields) Jul 2 (Sat) - 6:00 PM (Dallas Symphony Orchestra) Jul 6 (Wed) - 6:00 PM (Dallas Symphony Orchestra) Jul 8 (Fri) - 6:00 PM (The Philadelphia Orchestra) Jul 12 (Tue) - 6:00 PM (Chamber Music) Jul 14 (Thu) - 6:00 PM (The Philadelphia Orchestra) Jul 22 (Fri) - 6:00 PM (New York Philharmonic) Jul 24 (Sun) - 6:00 PM (New York Philharmonic) Sample Size >A total of 828 surveys were collected. However, sample sizes vary for individual questions due to some respondents leaving questions blank 20 2016 Audience Survey Methodology Detail (1 of 2) The methodology for 2016 was replicated from the 2015 survey (and previous surveys conducted by another consultant) in order to ensure that the 2016 results would be as comparable as possible to the results of previous years. The following is a general overview of the methodology used in 2016. 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. Corona reviewed and provided recommendations for the audience and orchestra member surveys prior to Bravo! Vail using them to collect data. 21 2016 Audience Survey Methodology Detail (2 of 2) 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. Corona 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. Corona created an economic impact model that identifies spending in Eagle County and in individual communities within Eagle County by audience and orchestra members. The model is a conservative estimate of the impacts of Bravo! Vail because it only counts the dollars spent by attendees whose primary purpose for coming to Vail was to see Bravo! Vail. In addition, only those attendees spending in a category are included in the model (e.g., only 19% of attendees spent dollars on parking). In addition, we report only direct impacts, not the indirect or multiplied impacts that come from spending dollars in a community. 22 2016 Audience Survey About Corona Insights Our founder named the company Corona because the word means “light.” It’s the knowledge that surrounds and illuminates an issue; exactly what we do. Our firm’s mission is to provide accurate and unbiased information and counsel to decision makers. We provide market research, data analysis, and strategic consulting for organizations both small and large. Learn more and watch an overview video at www.CoronaInsights.com 23 2016 Audience Survey 1580 Lincoln Street Suite 600 Denver, CO 80203 Phone: 303.894.8246 Fax: 303.894.9651 Marketing and Public Relations Findings 2016 Audience and Orchestra Surveys Table of Contents Topic Page Introduction 3 Attendance History and Overall Reactions 5 Children 11 Respondent Profile 14 Appendix 20 2 2015 Audience Survey Introduction Overview 2015 Audience Survey 3 Overview This report summarizes the key findings from the 2016 Bravo! Vail audience surveys with regard to marketing and public relations implications A separate report is provided that summarizes the economic impacts that the 2016 Bravo! Vail season had on the various local economies 4 2015 Audience Survey Attendance History and Overall Reactions Overall Ratings • Prior Knowledge • Past Attendance • Sources of Awareness • Supporting Bravo! Vail 5 2015 Audience Survey Overall Ratings Satisfaction ratings of Bravo! Vail remain high 6 2015 Audience Survey Overall, audience members are very satisfied with Bravo! Vail, are very likely to return, and are very likely to recommend Bravo! Vail to others The percentage of respondents giving the highest score increased slightly in all three categories compared to 2015 (with scores of 52%, 67%, and 66% reported in these three areas in 2015) How would you rate your overall satisfaction of the Festival? n=607 How would you rate the likelihood of returning to the Festival, either this season or in future seasons? n=624 How likely are you to recommend Bravo! Vail to family, friends, and/or co-workers? n=619 0 = lowest rating, 10 = highest rating 12% 10% 13% 28% 15% 14% 58% 71% 70% 0%25%50%75%100% Overall Satisfaction Likelihood of Returning Likelihood of Recommending Exhibit 1: Satisfaction, Likelihood of Returning, and Likelihood of Recommending 0-6 7-8 9 10 Mean 9.4 9.4 9.4 Prior Knowledge Most attendees have heard of Bravo! Vail before this visit to the Vail Valley 7 2015 Audience Survey Roughly one in seven attendees had not heard of Bravo! Vail previously, but a majority had heard of the organization Did you know of Bravo! Vail before this visit to the Vail Valley? n=600 86% 14% Exhibit 2: Prior Knowledge of Bravo! Vail Yes No Past Attendance A vast majority (82%) of attendees have attended a prior season 8 2015 Audience Survey Approximately one in six attendees had never been before Over one-third of audience members have been coming to Bravo! Vail for more than 10 seasons Including this season, how many Bravo! Vail seasons have you attended? n=622 18% 20% 13%11% 38% Exhibit 3: Past Attendance 1 season 2-4 seasons 5-7 seasons 8-10 seasons 11+ seasons Sources of Awareness Word of mouth is a key source of awareness 9 2015 Audience Survey Over half (58%) of first-time attendees heard about the concerts from a friend or family member >The Bravo! Vail website (16%) and web searching (9%) are also common sources of awareness for first-time attendees Among repeat attendees, Bravo Vail communications and the Vail Daily are both common sources of awareness, though friends and family remain a key source of awareness among this group How did you learn of Bravo! Vail concerts? n=105 (first-time attendees); n=499 (repeat attendees) 35% 34% 32% 28% 13% 9% 6% 5% 5% 4% 4% 3% 3% 3% 16% 58% 4% 16% 4% 6% 5% 10% 9% 4% 3% 2% 4% 1% 1% 12% 30% 40% 35% 34% 15% 10% 5% 5% 6% 5% 4% 3% 4% 3% 17% From a friend or family member Email from Bravo! Vail Bravo! Vail website Mail from Bravo! Vail Vail Daily News Article Vail Daily Print Advertisement Radio Web search Poster Social media (ex: Facebook, Twitter) Ticket brochure in local activity racks Hotel staff/concierge Vail Daily Online Advertisement TV8 Vail & Beaver Creek Other Exhibit 4: Sources of Awareness Total First-time attendees Repeat attendees Supporting Bravo! Vail General operating support is the most desirable form of support for Bravo! Vail 10 2015 Audience Survey Aside from general operating support, most respondents prefer to support one of the visiting orchestras >The New York Philharmonic is the most desirable of the three to support If you were to support Bravo! Vail – financially or otherwise – what would you choose to support? n=556 46% 39% 34% 27% 20% 18% 12% 11% 7% General operating support New York Philharmonic The Philadelphia Orchestra Dallas Symphony Orchestra Chamber Music Music Education Pops Opera New Music/Composer Commissions Exhibit 5: Supporting Bravo! Vail Children Children in Attendance • Free Performances and Educational Programs 11 2015 Audience Survey Children in Attendance Approximately one in seven audience members attend with a child 12 2015 Audience Survey Those with children are most likely to attend with a child age 7- 12 (55%), followed by children age 13-17 (46%) and children age 0-6 (23%) Did any children attend Bravo with you? If so, what are their ages? n=598 (total); n=89 (with children) 14% 86% Exhibit 6a: Children in Attendance Yes No 23% 55% 46% 0-6 years 7-12 years 13-17 years Exhibit 6b: Child Ages Free Performances and Educational Programs Over one-fourth of attendees with children say their children also attend Free Performances and Educational Programs 13 2015 Audience Survey 29% of those with children said their children attend such programs >However, this is slightly lower than the figure of 39% seen in 2015 Did they attend any of the Free Performances and/or education programs? n=84 29% 71% Exhibit 7: Child Attendance at Free Performances and Educational Programs Yes No Respondent Profile Age and Gender • Primary Residence • Property Ownership • Household Income and Net Worth 14 2015 Audience Survey What is your age? n=619 What is your gender? n=587 Age and Gender 15 2015 Audience Survey A majority of audience members are age 65 or older Only 18% of respondents were under age 55, up slightly from 22% in 2015 One in five respondents were age 75 or older 5% 4% 9% 24% 38% 21% 18-34 35-44 45-54 55-64 65-74 75+ Exhibit 8a: Respondent Age 64% 36% Exhibit 8b: Respondent Gender Female Male Primary Residence Half of audience members are not from Colorado 16 2015 Audience Survey The most common primary residences for attendees (aside from Colorado) were Texas and Florida (10% and 7% respectively each) >The most common states for visitors remained consistent with those seen in 2015 Where is your primary residence? n=397 State Pct CO 53% TX 10% FL 7% AZ 3% NY 3% MO 2% PA 2% CA 2% GA 2% KS 2% Others 17% Exhibit 9: State of Residence Eagle County Property Ownership and Location 17 2015 Audience Survey Do you currently own property in Eagle County? n=609 Where do you currently own property? n=272 More audience members owned property in Eagle County in 2016 compared to 2015 54% of audience members owned property in Eagle County in 2016 compared to 47% in 2015 Vail is by far the most common location for property (42%) followed by Edwards (21%) 54% 46% Exhibit 10a: Own Property in Eagle County Yes No 42% 21% 9% 8% 8% 7% 4% 4% 1% 1% Vail Edwards Avon Eagle Vail Beaver Creek Eagle/Gypsum Arrowhead Cordillera Bachelors Gulch Minturn Exhibit 10b: Where Property Is Owned Visitor Category 18 2015 Audience Survey Three in four audience members are not full-time residents Just under one-third (30%) of respondents were visitors from out of state, and 24% were second home owners from out of state In-state visitors and second home owners make up a relatively small portion of audience members (14% and 7% respectively) 30% 14% 24% 7% 25% Exhibit 10c: Visitor Category Out-of-state visitor In-state visitor Out-of-state 2nd home owner In-state 2nd home owner Full-time resident Household Income and Net Worth 19 2015 Audience Survey What is your Household Annual Income before taxes? n=373 What is your Household Net Worth? n=295 Over half of audience members have household incomes of $150k or higher The median net worth for attendees was $1.5M-$3M 1% 5% 5% 10% 22% 16% 25% 16% Under 30K 30K up to 50K 50K up to 75K 75K up to 100K 100K up to 150K 150K up to 200K 200K up to 500K 500K or more Exhibit 11a: Household Income 10% 9% 20% 26% 22% 9% 5% Less than 250K 250K-500K 500K-1.5M 1.5M-3M 3M-10M 10M-25M 25M+ Exhibit 11b: Household Net Worth Appendix Data Collection Overview • About Corona Insights 20 2015 Audience Survey Data Collection Overview Research Mode >Written surveys distributed to audience members during Bravo! Vail performances Sampling >Surveys were collected from the following performances: Jun 25 (Sat) - 6:00 PM (Academy of St. Martin in the Fields) Jul 2 (Sat) - 6:00 PM (Dallas Symphony Orchestra) Jul 6 (Wed) - 6:00 PM (Dallas Symphony Orchestra) Jul 8 (Fri) - 6:00 PM (The Philadelphia Orchestra) Jul 12 (Tue) - 6:00 PM (Chamber Music) Jul 14 (Thu) - 6:00 PM (The Philadelphia Orchestra) Jul 22 (Fri) - 6:00 PM (New York Philharmonic) Jul 24 (Sun) - 6:00 PM (New York Philharmonic) Sample Size >A total of 828 surveys were collected. However, sample sizes vary for individual questions due to some respondents leaving questions blank 21 2015 Audience Survey About Corona Insights Our founder named the company Corona because the word means “light.” It’s the knowledge that surrounds and illuminates an issue; exactly what we do. Our firm’s mission is to provide accurate and unbiased information and counsel to decision makers. We provide market research, data analysis, and strategic consulting for organizations both small and large. Learn more and watch an overview video at www.CoronaInsights.com 22 2015 Audience Survey 1580 Lincoln Street Suite 600 Denver, CO 80203 Phone: 303.894.8246 Fax: 303.894.9651