Just two decades ago, a song typically stayed on the Billboard Top 100 charts for 20 weeks. Right now, it's closer to two weeks. Similarly, the skillset that would once last your whole career now requires a complete job refresh every three to five years.
The half-life of relevance has never been shorter, and it's no wonder: Technological advancements, cultural shifts, pandemics, and global conflicts are reshaping the world at a record pace. And the resulting change isn't just happening faster - it's happening in a more profound way.
Facing this barrage of uncertain and chaotic external forces, people are rethinking who they are and what matters to them. An Accenture survey of 25,000 global consumers, released in July 2022, found that 60% said their priorities are changing based on global events. Nearly the same number say they've completely reassessed their life purpose and values in 2022, up from 50% in 2021.
Trends die out faster today. Fast-changing consumer preferences can shorten the life of many location-based entertainment venues (LBEs). Today, for LBEs to have long-term viability, they need to be based on concepts that have stood the test of time and far, far less on the latest fad.