ICMP Music Business students learn from The Lost Estate

Our Music Business students recently gained exclusive insight into The Lost Estate, a multi-million-pound venture hosting immersive events in London.

Students studying on the innovative 'Principles of Entrepreneurship and Marketing' module, of our popular BA Music Business and Entrepreneurship degree, were treated to a three-part lecture from The Lost Estate director and co-founder Eddy Hackett.

As part of this experience, Eddy threw open the doors of his company's recent production to demonstrate to our students exactly how he has managed to turn a fledgling idea into a highly successful and sustainable creative business.

Eddy, who trained as a classical percussionist and spent over 10 years working in the music industry as a performer, started The Lost Estate hoping to develop a financially viable creative business. Eddie explained,

The landscape of performing arts is a slightly tenuous one; funding from the government and charities has diminished, especially for the classical music sector. I thought to myself; how could I present the classical arts - music performance particularly - in a way that is not only accessible, exciting and engaging but also profitable?"

Combining hospitality, performing arts, and immersive setups in secret locations around London, The Lost Estate is a great example of how the creative sector can still be a profitable one to work in.

Following an initial lecture at ICMP, where Eddy explained the conception of the idea and how the business founded and launched, Eddy kindly invited the students to visit the set of the latest The Lost Estate event in London Bridge.

Students were given a full behind the scenes tour where the magic happens. Eddy guided them through the impressive set design and went on to explain the inner workings of the venture, covering everything from the audio-visual experience through to the exceptional hospitality that forms part of the experience.

Our students were then invited to attend one of the immersive shows and experience it as consumers. To conclude the series, Eddy returned to ICMP to deliver a 'wrap-up' lecture where he laid-bare the successes and pitfalls of hosting these productions, including the financial and marketing specifics of his venture.

Ken Foreman, Programme Leader of the BA in Music Business and Entrepreneurship, organised the sessions and was really happy with the result;

Our students had the great opportunity to full-circle experience a business enterprise from idea generation, to planning, delivery of the event, and to a final summing up of accounting, marketing objectives and results, right down to the profits made and the turnover."

We want to thank Eddy for sharing the in and outs of his company with our Music Business and Entrepreneurship students.