The AV equipment you bought five, three or even as little as one year ago may be obsolete. This is due to the fact that technology advances at a rapid pace.
Producers of entertainment products have to determine how to time the market entry of a new product. This involves a complex mix of long-term and mid-term factors.
Cost
The cost of backline equipment rental can be a huge expense for event producers. This equipment can be costly, but it’s also essential for a successful event. Fortunately, technology like Current RMS can streamline the quoting process and make it easier to manage projects, even across time zones.
AV rental costs are dependent on the type of equipment and the duration for which it’s rented. For example, projectors are typically rented for a day or a week. The cost of the equipment can also vary based on its brand. AV equipment from well-known brands will be more expensive than lesser-known brands.
Another important factor is the location in which the event is being held. This can influence the amount of equipment needed to accommodate a large audience. It can also affect the costs of acoustics and power consumption.
Flexibility
The type of equipment you need will impact your rental cost. For example, a low-cost speaker won’t provide the same quality as a more popular brand. Carefully considering these factors can help you budget for your event and negotiate with the AV company of your choice.
Since entertainment products are information goods, they can be copied at relatively low costs. This offers tremendous economic benefits to producers who can quickly extend their supply worldwide. But it also provides an incentive for consumers to engage in illegal duplication, which can hurt the industry’s profits.
Entertainment companies must decide when to enter the market with new products. They must consider long-term and mid-term timing factors, as well as short-term aspects, such as how much a movie might cannibalize theater attendance in a given week (Gutierrez-Navratil et al. 2010). Developing heuristics to evaluate these aspects can be difficult and error-prone. But understanding the economics behind this challenge is essential to successful entertainment production.
Reliability
The reliability of AV equipment rental is crucial for many events. Whether the event is a wedding, corporate presentation, or another type of large-scale gathering, reliable equipment can mean the difference between success and failure. This is especially true for events involving multimedia production, where quality is paramount. In this case, the best option is to rent audiovisual equipment from a reputable company with proven track record and reputation.
In addition to the hedonic nature of entertainment products, which limits their comparability, consumers have strong normative beliefs about what is worth paying for. For example, many consumers believe that a movie in a theater is superior to one on TV or a smartphone (Frank 1994; Luan and Sudhir 2010).
While there are a variety of cost factors when it comes to renting AV equipment, the most important factor is the type and brand of equipment you need. Taking these factors into account will help you determine how much you should budget for your next event.
Convenience
Every event with a large audience needs efficient audiovisual equipment. It’s a crucial factor for event success and without it, audiences may have trouble understanding announcements or enjoying the presentation or performance.
Rental equipment providers offer high-end gear for a limited time at a low cost. They can also take care of logistics, organizing rigging and power and making sure the PA system and screen sizes are appropriate for the audience size.
Lastly, they can help with the set-up and teardown of the equipment. They can also ensure that all the equipment is well-maintained. Malfunctioning equipment can greatly hinder a company’s productivity. Therefore, renting equipment can save you a lot of time and money by ensuring that it is always functioning at its best.
AV rentals are a great solution for those in the entertainment industry. They can provide you with all the necessary tools to make your event successful and ensure that the audience will have a good experience.