(BPT) - Live events bring audiences worldwide a level of excitement unequal to anything else. Whether a concert, sporting event or action-driven event that draws a crowd, there are primal reasons people need these larger-than-life experiences. A huge part of showcasing the talent of performing artists or the skill of an elite athlete happens behind the scenes. Hosting a spectacular live event requires incredible organization, operations and innovation to bring the atmosphere to life. Stunning environments require intentional thought, programming and design, and technology is the catalyst for that creativity.
While the pandemic paused many events, ASM Global, the world’s leading venue management company and producer of live event experiences, now declares, “Live is back!” as it prepares 350 venues for shows and sporting events worldwide, from conventions and concert events to global events like the Super Bowl, Final Four and FIFA Women’s World Cup.
"Going to a game or seeing your favorite artist creates memories that last a lifetime," said Alex Merchan, executive vice president of marketing, ASM Global. "One thing we’ve learned over the past two years is that there is no substitute for live, in-person experiences."
Live events are more exciting that ever thanks to companies like ASM Global and its partner in cutting-edge AV technology, Anthony James Partners (AJP). Both are leading the industry in providing guests and fans with the ultimate live experience from the moment they arrive at the venue.
How technology transforms venues
Today’s demands to enhance the guest experience are greater than ever. Advanced technology makes the entire experience seamless — and spectacular — and helps create a safer, more inclusive and more exciting environment.
From the design of North America’s largest custom LED scoreboard displays to state-of-the-art experiential spaces, concourses and digital signage systems, Anthony James Partners sets the industry bar for audio-visual system design and implementation at venues you love. The industry-leading Owner's Representative and AV Consultant specializes in the design, financial modeling, procurement and construction oversight for any large-scale technology implementation.
"There was a time when we thought of technology as a bulb-filled scoreboard and a scratchy PA system. Innovation and progress since then have been unbelievable. Technology is now the central hub that controls every aspect of communication with fans, including what they see, what they hear, and inevitably, how they feel about an event," said Michael Rowe, CEO and co-founder of Anthony James Partners. "ASM Global's partnership has provided us with a palette for exploring new and immersive technology applications that will lead the entertainment community into the next generation of fan experience."
Unique entertainment spaces have their moment
You may not think about technology while exploring entertainment areas offering dining and shopping, concerts and sporting events — like the Westgate Entertainment District in Glendale, Arizona. But ASM Global and AJP collaborated on renovations — including a digital replacement program — to transform this area into a gorgeous and lively public space. New LED display systems and more wow fans at the district's newly renamed Desert Diamond Arena during action-packed events.
But if gaming is more your thing, you’ll definitely be impressed with a visit to Tech Port Center + Arena in San Antonio, Texas. The two companies partnered to level up this multi-use space for hosting esports competitions, with state-of-the-art AV technology design including an advanced arena LED display system and gaming center featuring 60 LAN gaming stations, making it the most technologically advanced concert and esports facility in the U.S.
Bringing iconic venues into the 21st century
For die-hard sports fans, some locations carry deep traditions that may seem at odds with cutting-edge technology. Fortunately, it’s possible to have the best of both worlds. The iconic Memorial Stadium at Clemson University in South Carolina boasts generations of loyal fans who love the venue as much as they love the game. AJP’s technology renovation is enhancing the game for Clemson fans with almost 7,112 square feet of 10mm, HDR-capable LED, making it the highest resolution LED videoboard in college sports. A state-of-the-art sound system, LED lighting and digital signage upgrades stadium-wide also help loyal fans bask in the roar of the crowd and excitement of the action.
AJP collaborated with ASM Global once again to elevate fan experience and sponsorship opportunities at the KFC Yum! Center in Louisville, Kentucky. It took less than six months to overhaul the premiere arena’s audio-visual experience, everything from broadcast control systems and cabling to concourse and concession displays. For the arena bowl, AJP designed a massive six-display LED center hung video system, auxiliary displays and continuous LED Ribbon boards for a fully immersive experience. Combined with an overhauled audio system and LED sports lighting, any sporting event or concert you attend at this venue will be even more thrilling.
Explore the magic behind creating your favorite venues at AnthonyJamesPartners.com and ASMGlobal.com.
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(BPT) - The last few years have been rocky times for the 32.5 million U.S. small businesses, according to the U.S. Small Business Administration (SBA). They have faced big challenges such as the COVID-19 pandemic, labor shortages and rising inflation. These firms, which account for 43.5% of gross domestic product, are also facing a lending crunch. The Associated Press reported in April that banks have been less generous with loans. In 2019, about 50% of businesses received the full amount of loans they requested. But in 2021, it was 30% — a steep drop.
Minority- and women-owned businesses also feel they have a big hill to climb when it comes to loans. For example, Black-owned businesses feel they are less likely to secure the full amount of financing they request. For women, a Bank of America study stated that 60% of female business owners felt they didn’t have the same access to financing as male entrepreneurs.
In the face of this challenging environment, more business owners are taking a hard look at how to improve cash flow, from traditional sources to emerging alternatives.
Traditional sources of capital
To fund their business ventures, business owners have typically turned to their personal savings or family and friends. Outside of that, bank loans remain a go-to option because of their relatively low rates. But those loans are becoming harder to secure. Another issue is that many banks require multiple years of financial records, which emerging companies may not be able to provide.
Loan financing also comes with strings attached, such as administrative red tape, restrictions, lag time in receiving the actual funds, and shorter coverage periods.
Another “traditional” route is asset-based lending, which requires collateral. This type of capital has its own detractors, including substantially higher overhead to maintain and higher interest rates over time. Also, lenders prefer liquid assets such as securities, which many business owners may not have.
A third option is factoring programs, which involve businesses selling their unpaid invoices in return for immediate working capital. Downsides include lack of control and higher costs compared to regular loans. Another detractor is stigma — factoring may signal to customers possible cash flow problems.
Alternative sources of financing
Many business owners have now turned to alternatives such as online lenders and crowdfunding.
Businesses with a new product have turned to crowdfunding sites like Kickstarter and Indiegogo. But there can be pitfalls. Setting up a campaign that goes viral and attracts supporters isn’t guaranteed.
Online lending platforms are another attractive form of financing, but while the cash flow may be instantaneous compared to traditional banks, these online loans come with higher interest rates and big late penalty fees. A cursory look at online lenders reveals APRs at 10% or higher. Traditional bank loans are 3% to 7%.
New solutions for financing and managing cash flow
For business owners who find the drawbacks of traditional financing overwhelming or are leery of alternative modes, there is another route to consider when managing cash flow. Increasingly, nonbank companies are integrating bank-like services into their tech platforms, a concept known as embedded finance. These bank-like services could include payments and invoice processing and lending. Advantages of embedded financing, like Plaid or Apple Pay, are transparency, ease of transactions, the capture of relevant customer data, and they offer another revenue stream to businesses.
Business owners who are considering this as a solution should consider speed and ease of payments, costs and other benefits when deciding between platforms. For example, C2FO, a fintech software company, offers an integrated and secure platform where businesses can accelerate the payment of invoices while offering a discount to customers who pay early. An advantage of this platform is improved cash flow, giving the businesses the power to determine the best time and terms for getting paid. Business owners who partner with C2FO also sidestep the red tape and costs of traditional and alternative financing routes.
For another solution, C2FO is now offering the C2FO CashFlow+TM Card, a new card that expands on C2FO’s established early payment system. The process is as follows: Business owners choose which invoices to accelerate, and early payments are sent to the CashFlow+ Card. Where this differs from typical early pay is that there is no discount given to secure early payment when the card is used. Businesses get paid early and in full and then can use the card, which also offers 1% cash back on purchases. Business owners get rewarded for getting paid now so they can expand, transform and innovate — a different approach from more traditional and alternative means of getting capital.
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