I heard something extraordinary at an event last week.
And it got me very excited.
Sir Chris Bryant, the UK’s Minister for Trade, was speaking at the Science Museum and said:
There's a third Industrial Revolution happening – and it's about experiences".
In other words, we’re moving from an economy that manufactures things to one that makes memories.
That’s quite a shift. If you’d said that ten years ago, most economists would have looked at you as though you’d suggested GDP should be measured in hugs.
Richard Thaler once told me he spent years arguing with Danny Kahneman about whether economists should measure happiness – or just count the widgets.
For a long time the Experience Economy was something discussed mainly by designers, creatives and people who made strange things happen in warehouses.
But suddenly it’s becoming… official.
Last year the Mayor of London backed the Experience Economy in his 10-year vision for the city.
Apparently the future of London isn’t just finance and tech. It’s moments.
Which is interesting, because the Industrial Revolution had a huge impact on the world.
It turned scarcity into abundance. It transformed standards of living in a way never seen before. It made billions of people live richer, longer lives. And it made many businesspeople rich.
So, what will an Experience Industrial Revolution do?
My guess is that it will do something similar. Except, the fortunes will be made by the people who design moments rather than products.
Because when everything is available in an instant, what matters is what’s memorable.
And the numbers suggest something big is happening.
This week I heard two startling statistics:
"The UK Experience Economy has grown at a compound annual growth rate of 20% since 2021".
"The global immersive experience sector will grow from £98B to £350B by 2030".
Sam Fay, Head of Major Events and Experiences, London & Partners
Which brings me to London Experience Week in April.
It’s where the people building this strange new industry gather to compare notes – what works, what doesn’t, and how to build and run experiences that not only make life more interesting, but also make very good business.
The event sold out in 2024 and 2025.
At the time of writing, there are still tickets available.
If you haven’t already checked it out, I hope you might consider joining us.
