As industries continue to make a shift from standardised, one-price-for-everything charging, Ticketing Technology Forum explores the benefits of dynamic pricing to live entertainment ticketing businesses and asks whether the industry is ready for a new approach.
Already proving to be a huge success within hospitality, travel and retail, dynamic pricing is a method for setting highly-flexible costs on products and services taking into account competitor rates, supply and demand.
As more companies adopt the pricing strategy, which has the potential to widen profit margins considerably for those who can implement it effectively, we will explore the benefits and pitfalls through our panel of leading industry experts:
Jim McCarthy, Co-Founder/CEO, Goldstar, USA
Jim is an 18-year veteran of the internet and e-commerce who has spent a career in high growth businesses. He’s the Editor to SellingOut.com, a website for live entertainment and arts marketers and is a noted ticketing commentator and is widely acknowledged as one of the best commercial thinkers on ticket pricing. His company Goldstar is a US-based members-only discounted/late-availability clearing house.
Eric Valley, Ticket Sales Director, Cirque du Soleil, Canada
Eric has been involved in live entertainment since his teenage years. His career at Cirque du Soleil started in 2001 developing new ticketing operation processes before moving on to overseeing ticket sales for worldwide productions. As Director of Ticket Sales, Eric has recently introduced a new demand-based pricing approach.
Áine McVerry, Director of Marketing & Communications, The MAC Belfast, UK
The MAC is Belfast’s flagship arts venue in the Cathedral Quarter which opened in April 2012. Áine has been with the organisation since 2004 and was part of a small team that delivered the capital build. Áine has previously worked in marketing and fundraising and has been chair of the Belfast Arts Marketing Group.
Tom Schößler, Deputy Administrative Director, Theaterhaus Stuttgart
Tom is co-responsible for financial operations at Theaterhaus Stuttgart, Germany’s largest non-for-profit theatre venue. Tom is also a Lecturer for Arts Management, which he has taught at several Universities and other educational institutions. He recently completed a PhD program with a research on the Pricing Strategies of Publically Funded Theatres in Germany.
Among the topics and questions for debate will be:
- What key lessons can the live entertainment industry learn from others?
- How can dynamic ticketing work when there are multiple organisations after the lion’s share?
- A look at what communication and technology methods will best manage dynamic pricing;
- A focus on legal and moral issues;
- A look at best understanding the demand for expensive and VIP tickets;
- Analysis of the industry and pinpointing sectors where dynamic pricing may prove unworkable.
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