AmCham Slovakia

The End of the Experience Economy?

The worldwide governmental response to COVID-19 has devastated many sectors of the global economy. And it is those enterprises firmly in the Experience Economy that have been most hurt – bars & restaurants, theatres, sporting events, museums, malls and the high street, and especially tourism, including not just destinations but airlines, hotels, ride companies, and so forth – for it is precisely in such places where people gather. So what should you as an enterprise – particularly one hard hit by the coronacrisis – do in response? First, be human. Then, you do not want to merely revive your business as the economy finally begins to improve and hopefully comes roaring back – especially if you are in the physical experience business. No matter what your business, you need to take this time that has been given to you to refresh your places, redesign your offerings, and renew your capabilities.

About the author

Co-author of The Experience Economy, Joseph Pine II is an internationally acclaimed author, speaker, and management advisor to Fortune 500 companies and entrepreneurial start-ups alike.

In 1999, Joe and his partner James H. Gilmore wrote the best-selling book The Experience Economy: Work is a Theatre & Every Business a Stage, which demonstrates how goods and services are no longer enough; what companies must offer today are experiences – memorable events that engage each customer in an inherently personal way.

In 2011, The Experience Economy came out for the first time in paperback as an Updated Edition with new ideas, new frameworks, and many, many new exemplars. Each of Mr. Pine's publications add a wealth of knowledge and experience to the business world, but The Experience Economy has become a quintessential read.

Mr. Pine also co-wrote Infinite Possibility: Creating Customer Value on the Digital Frontier with Kim Korn, Authenticity: What Consumers Really Want with Mr. Gilmore, and in 1993 published his first book, the award-winning Mass Customization: The New Frontier in Business Competition. Each book details Mr. Pine's breakthrough thinking as he has accurately charted many structural shifts -- from individualizing goods to today’s focus on customer experiences and many other changes in the economy and consumer sensibility.

The economic competitive reality of the future is fast-paced change. Mr. Pine helps clients design strategies to leverage these new economic opportunities and create experiences that drive revenue.

Since revolutionizing the way we should approach and think about business with The Experience Economy, Joseph Pine has continued to be at the forefront as a thought leader. In his speaking and teaching activities, Mr. Pine has addressed the World Economic Forum, the original TED conference, and the Consumer Electronics Show. A former Visiting Scholar with the MIT Design Lab, he is currently a Lecturer with the Columbia University School of Professional Studies, and has also taught at Penn State, Duke Corporate Education, the University of Minnesota, UCLA's Anderson Graduate School of Management, and the Harvard Design School. He serves on the editorial boards of Strategy & Leadership and Strategic Direction and is a Senior Fellow with both the Design Futures Council and the European Centre for the Experience Economy, which he co-founded.

Mr. Pine's experiences prior to co-founding Strategic Horizons include holding a variety of technical and managerial positions with IBM.

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