Future of Calgary's Experience Economy
EXECUTIVE SUMMARY The spread of COVID-19 resulted in the authentic and still generate revenue may closing of all non-essential organizations. then be in a position to further leverage One of the hardest hit sectors was the these innovations for sustained growth. The collocated live experience economy. discussion paper considers three questions: Collocated live experiences are those sectors 1) Can innovative business models where a minimum of 50% of products or developed, tested, and implemented services revenue is dependent on both the during the pandemic trigger a live experience producer and their structural change in live experiences? customers being collocated in the same physical space. The collocated live 2) Will these innovations offer experience economy incorporates nine comparative, superior, or inferior sectors, including organized sport, active value to customers? recreation, arts and culture, food services, 3) Can a more stable and sustained live retail and personal care services. In pre- experience business model be COVID-19 Calgary, this included almost developed? 15,000 organizations employing 152,000 people. In this paper, we examine the factors that influence a customer’s decision to adopt or The consequences of COVID-19 mitigation measures have been not only the forced reject innovations in live experiences and closure of many collocated live experiences, the impact this will have on the financial but also the explosion of innovations, as sustainability of specific sectors. No LX organizations sought to engage their producer could have prepared for the customers through alternative means. At a unprecedented impact of a global pandemic. global level, examples of innovations include Nor could they have anticipated the Michelin Star restaurants offering food devastation that COVID-19 would have on delivery, museums providing robotic tours, the CLX industry.
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