Is It Time for Variable Ticket Pricing?
What exactly dictates a variation in ticket prices? Well, there are a few factors:
- Demand
- When shows are popular, demand increases – this is how blockbuster Broadway shows manage to skyrocket ticket prices after the Tony Awards or New York Times reviews.
- Competition
- If other theatres in your area maintain lower prices, this may force your hand and limit how high you can mark your tickets. Guests may gravitate towards the cheaper option.
- Season
- Theatres experience seasonal impacts in sales. Like most retail examples, the holiday season often brings a large spike in popularity while the summers may cool down your box office.
What does variable ticket pricing look like?
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- Surge pricing
- Ticket prices rise as demand increases and competition grows between buyers for the same show.
- Discounts
- Tickets are marked at a lower cost, or guests with certain qualifications may have access to a discount code, in order to boost audience numbers or draw in new guests.
- Surge pricing