PredictHQ Unveils Predicted Event Spend Algorithm for Unprecedented Event Insights
SAN FRANCISCO – November 14, 2023 – In a groundbreaking stride towards enhancing event intelligence and demand forecasting, PredictHQ proudly announces the launch of its revolutionary "Predicted Event Spend" algorithm. This innovative tool harnesses PredictHQ's advanced artificial intelligence and machine learning models, along with comprehensive event data to provide businesses with unparalleled insights into the economic impact of major events.
Predicted Event Spend empowers businesses to capitalize on events generating the most spend relevant to their business. The tool provides insights at scale on anything from Taylor Swift concerts which generated $870M for local economies, all the way through to Swedental in Stockholm, which alone will generate $3,891,478 over just two days.
Drawing on its proven track record in event viewership predictions for live TV events where for three years running we have been on average 96% accurate in predicting the Super Bowl viewership two weeks in advance. PredictHQ's Predicted Event Spend algorithm leverages cutting-edge technology to generate data-driven predictions. Attributes included in the prediction include; event type and duration, location, expected occupation based on event type, surge pricing, inflation, historical trends, and much more, PredictHQ’s Predicted Event Spend offers a comprehensive understanding of expected consumer spending patterns associated with events.
For example, consider the Macy’s Thanksgiving Day Parade, which is taking place on November 23 in New York City, where Cher, Jon Batiste and more will be performing. PredictHQ's Predicted Event Spend algorithm forecasts that the Macy’s Thanksgiving Day Parade will generate a staggering $179M+ in economic activity. This prediction includes an estimated $48.3M+ for accommodation, $28.1M+ for transportation, and $102.6+ for restaurants, enabling customers to filter event impact relevant to their business or requirements.
PredictHQ's CEO, Campbell Brown, underscores the transformative potential of this innovative tool, stating, "We are uniquely positioned to bring Predicted Event Spend to our customers, introducing a new dimension to event intelligence. It equips businesses to anticipate consumer behavior and make data-driven decisions, particularly in the quick-service restaurant, transportation and accommodation sectors, where knowing when and where to allocate resources can significantly impact revenue. This is just the beginning of a new wave of intelligence we are baking into our product to help businesses better inform their teams or train their models."
The Predicted Event Spend algorithm is poised to redefine how businesses plan for and seize opportunities associated with major events. By harnessing the power of data and state-of-the-art machine learning models, PredictHQ continues to lead the way in giving its customers a huge competitive advantage in their demand forecasting and predictive analytic strategies.
WPP, a global leader in creative transformation, has been an early tester of the tool and recognizes the power of having access to Predicted Event Spend data to capitalize on the current era of consumer demand, where people are prioritizing spending on memorable experiences. Vipul Parmar, Global Head of Data Management at WPP adds, “Having access to this type of data unlocks the ability to be as prepared as possible to be hyper-targeted and customized with marketing campaigns for our leading brands.”
With this tool, we’ll help businesses identify the next “Taylor Swift effect” on locations important to you, which are likely events that you might not expect. To explore the full capabilities of Predicted Event Spend and learn more about PredictHQ, please visit PredictHQ's official website.
PredictHQ is a global leader in event intelligence and predictive analytics. By tracking and analyzing 19 different categories of events, including concerts, college calendars, sports, and more, PredictHQ offers businesses a comprehensive understanding of event-related data to drive better decision-making. With a strong track record of accurate predictions, PredictHQ empowers companies to plan effectively, optimize resources, and thrive in an ever-changing business landscape.
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