…By Henry George for TDPel Media.
The O2 has launched a new members club that will allow VIPs to watch every show at the venue from a private walkway above the arena.
The Residence at the O2 is a 1,150 sq meter space that includes a champagne bar and restaurant, and was created as a result of a £7 million investment by the venue.
The O2’s senior director of premium, Matt Botten, said that there is currently no similar proposition in the entertainment industry.
A Football Season-Ticket Model for Entertainment
Botten explained that the concept of the members club was inspired by the football season-ticket model, but with access to 220 varied events instead.
This means that members will have the opportunity to attend a range of events, from Iron Maiden to Little Mix.
Prices for the 300 tickets will start between £15,000 and £16,000, and there has been interest from a variety of sources, including large corporates, smaller businesses, and wealthy individuals.
Meeting Demand for Premium Experiences
According to Botten, the new members club is in response to demand, as the O2’s suites and other shared products are already sold out.
The Residence is expected to be used in different ways by members, depending on the occasion.
For high-profile events, corporate clients may use the restaurant space, while friends may prefer the bar.
Commentary
The O2’s new members club is a clear attempt to meet demand for premium experiences, and is likely to appeal to high-net-worth individuals and businesses looking to entertain clients or treat themselves to a luxury experience.
However, the high cost of membership means that the club is not accessible to most people.
Nonetheless, the launch of the club is an example of how businesses are constantly seeking new ways to offer unique and exclusive experiences to their customers, and is a reflection of the growing importance of the experience economy.
As the entertainment industry continues to evolve, it will be interesting to see how other businesses respond to this trend and whether similar offerings become more common in the future.