Cryptic Adventures Escape Room - BTEC Business Unit 2 Watch
ECONOMIC- link to how the prices of escape rooms will affects customers decisions on whether to spend out on doing one.
SOCIAL- how they are great social events, and how they are popular in peak times such as Christmas and the school holidays
LEGAL- legal requirements that they have to go through, such as health and safety risks
ENVIRONMENTAL- about locations that escape rooms are currently in,and how the business should take this into consideration when deciding where to put their escape room
Cryptic Adventurers Escape Rooms UK market growth and market size The market has grown quickly in recent years and is estimated that the number of escape rooms has grown from 1 in March to 598 by December 2016 and now over 1500 by 2019. They are very popular in the UK and has shown how popular the game is. The market is fragmented as only a handful of operators of stores have more than 5 – 6 branches. Most of the operators have only 1 – 3 rooms per branch. From August 2018 there were 1138 companies whereas in December 2019 there is 1592 this means that there is a 40% increase. Also, with the companies in August 2018 there were 288 companies compared to the 355 from December 2019 this means that there is a 23.2% increase. Venues has also got a 25.5% increase. The estimated market value has gone up from 53.3 Million to 74.5 Million which is a 40% increase. Geographic Distribution The expansion of the rooms in the UK in the 18 – 24 months show that customers have a range of choices of who they can go to within a small geographical area. This makes it harder for new entrants to successfully enter the market. From the picture it shows that there is less of a demand for escape rooms around the midlands and the south of the UK and clearly shoe that there is a higher demand of them up to the north of the UK Main competitors Competitors Clue HQ – They have escape rooms all over the country, from Birmingham, to Glasgow, to Somerset. They allow you to have teams of 2 – 6 which allows for the bigger teams and the smaller teams to play. They are given 60 minutes to escape so they will need to have bigger facilities. They are one of the biggest escape room venues in the UK and have locations nationwide that offer various escape room scenarios. They have had over 6000 5 Star reviews on Trip Advisor across the UK. They provide a themed experience and are impossible to complete without working as a team so this would be perfect for team building opportunities. Clue HQ says that it is available for most age ranges and most physical abilities. They have good customer service and they help plan the event with you and can discuss the requirements you may need prior to the confirmation of your booking. They have 11 different scenarios according to their website for Birmingham for example Core reactor A, B and C. Online booking will need to be made 48 hours in advanced, however you can book on the day if you ring them up to discuss what you are wanting to book. They refuse any alcohol on the premises and will have to have an adult as part of their group if they are under 18 years of age. They do not accept cancellations, transfers or refunds once you have booked your slot. For 2 – 3 players then it will cost £25 per person. 4 – 5 players will cost £20 per person. 6-7 players will cost £18 per person. They do gift vouchers for 2 – 6 players ranging from costs from £50 - £108 depending on how many players that are joining in. Escape Reality – They have different escape rooms around the country but also around the world, they have one in Dubai, Las Vegas, Delhi and Birmingham. This sets them out from Clue HQ as they have rooms in different countries whereas Clue HQ has them only in the UK. The one in Birmingham has 6 new ‘immersive’ escape rooms. You have 60 minutes to escape one of the rules. You can book for friends and family, corporate events, Hen and Stag parties. This shows that they have a range of events that can be booked for the customers. They have 6 scenarios that are playable for the customers. They don’t have as many scenarios as Clue HQ, but they are different compared to them. You can book online and games for 2 people can play for £44 this means that per person it would cost £22. They can have 6 people per group and have different kind of promo codes available. You can gift games and use them as gifts for birthdays and other social events and holidays. As the same as the last one it shows on their website that once the booking is confirmed, refunds, cancellations or reschedules are not accepted as part of their terms and conditions of booking. Share Size For share size it is currently a strong buy on the company Escape hunt on the website X this basically means that it is very good to invest in the company you can defiantly make profit from it. The market capitalization shows that it lies at £4.31 million and that there are 26.93 million shares in issue shows that there is a lot of people that have bought shares in this company. Trends in the industry The use of updated technology like AR as it is cheaper than VR this means that AR requires no special equipment other than a smartphone with a camera. They are becoming more popular in the industry with more owners incorporating them into their rooms. Being immersed into the room is very important for the story and the more the player is offered in terms of choices means that they will become more incorporated in the story and will mean that his choices have consequences. Another trend would be hat they are educational and can build communication, teamwork and more general knowledge. Another trend is mobile escape rooms which brings the escape room to them rather than them having to travel. They are not common and are quite expensive as you will need to buy the bus ad repair and maintain it. kind of what i have so far don't know if it'll help you out at all