Business Plan (SHR4C007R-002)
2.1. This business plan will be detailing the concept, operational framework, market positioning and promotional plan of a new Film festival focused on nurturing new, passionate composers to help them reach their full potential. Firstly, the choice of the name of the festival was a very important step in efficiently and clearly displaying the values of the festival on first impressions. This is why I decided on “Rising Scores Film Festival”. It is direct and to the point which is valuable in today’s day and age as the time that you get for a viewer to glance at an add or poster is very short due to short form content and a flood of unwanted media being present ultimately reducing attention span. The festival is a relaxed and welcoming environment aimed towards Film music (and to a lesser extent Film) enthusiasts. Anyone is welcome but it’s a great place for young composers to brighten their futures through collaboration, feedback and experience. The events will take place in Leeds, a prime foundation to build from. Leeds is one of the best cities for this industry form many reasons. The history of Leeds’s music scene is deep which has created many “grassroots” venues, which are intimate, independent businesses usually passionate about live/original creative talent. The student population is another benefit of Leeds as a location. Relatively Leeds has one of the largest student populations out of any UK city, with over 200,000 students (including higher education), opening the doors to more than enough consumers. Leeds is also highly passionate about music and commonly paves the way for new sounds, potentially bringing more eyes keen for something new, to the festival. Three main experiences will take place. Screenings of Film and music, this can be a composer who has sourced the film legally or a collaboration between a director and composer. We also push for live performance of any scores which should set us apart from other small festivals. We will either raise funding for the best voted score of the night to be played live at the next festival or if the composer has friends or performers willing to play and show off their talents, they are welcome to plan this beforehand. This is further education and experience in live performance, a key component of understanding for Film music students as it teaches them how to write out scores and understand the realistic ranges and tones of live performers. Overall, this event is a friendly environment to help the up-and-coming creative industry through educational and collaboration in a friendly environment.
2.2 Rising scores Film Festival is a 1–3-day event held in Cinemas, venues etc. This festival holds many functions. It’s a place to connect with a range of Musicians from up-and-coming creators to novices of the industry. A place for creatives to represent their art to a varied audience and gain valuable, in person feedback. The real value of this event is how it will boost the next generation of Film composers by giving them a platform, broadening their understanding of the industry, what it’s like to work in it and knowledge on what to improve in their own work.
2.3 In terms of the target audience of this project, my focus is towards students of Film music and Film, Supporters and enjoyers of Film Music and Film and any local creatives or independent creatives. As streaming has been on the rise for years now (find roughly how long), demand for live music in general has increased accordingly (find better word). The ease now adays to be able to create music and to a lesser extent Films from your room because of tech and knowledge increase is another fact that solidifies my confidence that there will be a market for this project in performers and enthusiast alike. Events like “Composers Soundtracks Festival” and “Roca Film Festival” are good examples of what is being achieved with a similar format/idea already in the industry. The lower price of tickets will appeal to our customer base, especially in terms of students, the main demographic we will target. Focus on accessibility at the events will increase the size of the potential target audience while simultaneously consolidating our friendly, inclusive values.
2.4. Now our direct competitors will mainly consist of other similar scale Film Festivals/events especially locally run and or University events. Larger events like Live concerts, Cinemas and larger festivals will also challenge our market share but to a lesser extent as their unique selling point is more about efficiency over experience. As we specialise in the latter this shouldn’t be a major threat to have to overcome. I think the genuine focused energy on improving the future of new creatives while building a strong community, having affordable prices and the prize of the winning composers music being played live will set us apart from our direct competitors and will target a large enough gap in the market to be able to have confidence in our success in the market.
2.5. + 2.6 The festival will take place over a weekend period beginning on Friday and wrapping up Sunday for any final events and packing up. This will help align the festival with people’s common availability. A range of staff will need to be coordinated. An events coordinator is required for curating and overseeing the schedule for the day, making sure everyone is where they need to be, when they need to be there. They will Hire out Venues and contact and negotiate with any special guests and vendors that want to be part of the festival. Technicians will be vital for running everything from the projection setup to sound setup to lighting the venue accordingly. Ensuring that everything is prepared beforehand and runs smoothly during the event. Front of house and Volunteers will support each department and take care of the guests. Technical equipment for each department will need to be rented out such as a mixing desk or card machine.
2.7.A strong brand identity is vital for gaining awareness for this festival. This should set us apart from competitors and briefly illustrate our core goals and general vibe. A simple logo will be created to attach to any leaflets and social media presence to catch the eye. It will not be complex and should contain key characteristics of the festival. This will come along with a phrase like “Film Music Festival focusing on emerging talent”. A strong marketing plan is vital for the launch and growth of our Festival. Social media is a key component to the marketing plan. Social media accounts are low cost to make across all major platforms and can successfully boost exposure. As long as an employee is posting at least semi-regularly (2-3 times a day) more attention will be brought to the festival. This would also build a natural community where people can meet and talk about the event. The accounts will be professional and organised. The content will require someone creative behind them to keep things interesting and engaging. Even if views remain around 200 views per post, a good portion of those viewers will consider the event. We can also work with our competitors to bridge that gap in the market and build each other’s reach to new consumers. Other promotional schemes will include offers like student discounts and behind the scenes content. Finally, the stories gathered and shared by individual is usually a major part of gaining recognition as a Music Festival, our positive environment should kindle that word-of-mouth momentum for the brand.
2.8. Cost and pricing strategy is a vital component to clearly understanding what funding will be required. This neatly illustrates the revenue generated after calculating how much of what will be sold minus expenses. This will be the first of many events so we will not make much revenue yet, but the event will gradually gain traction exponentially from this and therefore will reap more reward on each next event put on.
Projected Costs
| Category | Item | Estimated Cost |
| Venue | Cinema/Venue hire (2days) | £2,500 |
| Additional screening rooms | £600 | |
| Technical | AV equipment rental | £550 |
| Tech support | £350 | |
| Marketing | Print materials (Posters, Programmes) | £350 |
| Social media advertising | £150 | |
| Local press/PR outreach | £100 | |
| Licencing | Film screening rights | £900 |
| Staffing | Volunteer Coordination | £0 |
| Front-of-house manager | £250 | |
| Hospitality | Guest filmmaker travel/accommodation | £300 |
| Opening night reception | £250 | |
| Contingency | 10% buffer | £645 |
| insurance | Maybe 100 idk | |
| Total | £7,145 |
Revenue Streams and Pricing
| Revenue Source | Unit Price | Projected Units | Projected Revenue |
| Weekend Passes | £30 | 70 | £2,100 |
| Single screening tickets | £8 | 350 | £2,800 |
| Student/concession tickets | £5 | 150 | £750 |
| Sponsor packages | £1250-£500 | 4 | £1,200 |
| Programme advertising | £40-£100 | 5 | £300 |
| Potential Local arts-funding micro-grant | N/A | 1 | £500 |
| Total Revenue | £7,650 |
2.9. Potential for future development is vast for Festivals like this one. Firstly, the size of the festival can always be increased in relation to demand. Larger and higher quality venues can be hired out usually coming with higher quality facilities and better acoustics. This would bring much more recognition with it. If a venue like Hyde Park Picture House and or City Varieties Music Hall was hired out, people would be intrigued by the energy and scale of the event. As ticket revenues increase and sponsorships come in, things like the prize of getting a live performance of the winners score can be covered, reducing reliance on third parties and giving way for improvement of all parts of the event. Partnership potential will eventually arise. Formal collaboration with universities could provide increased reach and more potential new talent to boost the status of the event. Volunteers could also come from this through a work experience programme. Returning Alumni would eventually become an opportunity to enhance the festival by giving it a new educational angle from someone who was in the new composer’s shoes. We would also gain attention from more renowned Industry professionals eventually, improving status and exposure. Finally, the brand itself could begin to create revenue streams through merchandise and sponsorships, generating funds that will help consolidate the festivals long term position in the market.
Overall, I am certain that “Rising Scores Film Festival” can be a successful community of bright minded individuals helping each other grow, experience and enjoy the industry of Film Music. There is a clear gap in the market for what This Festival has to offer and its location in Leeds will consolidate its position there. There is ample demand for what we are selling, and the future of this project has countless opportunities for growth in Status, revenue and reach. Through this project I have learned gained an understanding of the importance of fully comprehending and planning for all areas of a business venture, be it legal/financial to promotional or logistical. I now also understand how beneficial a venture like this could be for me in connecting with others and getting a grasp of the whole inner workings of the industry.
