Millennials and Gen Z Foregoing Live Events.

• Position: ONLINE STREAMING SERVICES

Venues and arenas have an uphill climb if they want to attract and retain millennial and Generation Z consumers, as 65% of both groups spend their downtime binge-watching TV shows or movies at least once a week, while only 24% use their free time to hit up a concert or sporting event at a venue location, relates research from Euclid, San Francisco, Calif., a data platform for offline attribution and visitor retargeting.

"We're living in the Netflix Age," says Brent Franson, CEO of Euclid. "More than ever before, consumers have an abundance of high-quality entertainment options that are affordable, accessible, and enjoyable. Venues and arenas need to radically step up their game to compete and attract younger fans with higher expectations."

Based on a survey of consumers, Euclid's report outlines consumers' behavior and preferences around what venues and arenas can do to compete for visitors' attention and loyalty. The good news for venues and arenas is that most fans still enjoy attending events a couple of times a year.

That said, they clearly indicate they would go more if costs were not so prohibitive; 64% cited overall admission costs as too expensive. Conversely, 56% of respondents rank priority seat selection, priority parking spots, and the ability to enter a venue location quickly as important drivers for event attendance.

Beyond cost and convenience measures, arenas and venues need to deliver additional creative, engaging...