Ticketmaster To Try Dynamic Pricing
Ticketmaster will introduce dynamic ticket pricing this year, which will change the cost based on consumer demand. The company has partnered with MarketShare to develop a suite of tools to help clients adjust prices before and after the on-sale date. The tools will use a wide range of data sources, such as historical ticket sales, search and video activity, and social media data.
Ticketmaster CEO Nathan Hubbard says that with the new system “clients will be able to retain economic value that is normally siphoned off by the secondary market, and to sell more of their tickets that go unsold today. Meanwhile, more fans will have more opportunities to enjoy live entertainment events because tickets will be more accessible and pricing options will broaden.”
Ticketmaster plans to roll out dynamic pricing starting with sporting events and concerts. As part of the initiative it has launched its own LiveAnalytics.
MarketShare is a leading company that has worked with entertainment outfits as well as numerous global brands.
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