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Pricing

Tickets Are More Valuable When People Have Options

Imagine that you were considering buying a car for $25,000. It’s a car you like, and the payment fits your budget. You’re about to sign the paperwork when you notice a little provision at the bottom that says, “I hereby agree that I may not sell this car to a third party at any time.” In other words, you own this car 'til the wheels come off or blue smoke starts rising from the engine while you’re going down the...

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Pricing

A Quick History of Prices of Live Entertainment

A quick history of the last 20 years or so of prices for live entertainment: At first, prices were relatively low. In my opinion, we had just turned the corner into what many think of as an Experience Economy, and so the value that people placed on live experiences began to rise. Shortly thereafter, consumers’ expectations of what a live experience could be followed the new prices upward, which also drove costs upward, which drove ticket prices upward. In concerts and sports,...

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P&L

Orchestras, First Step to Financial Health is Happy Audiences

Don't expect the drumbeat of financial trouble for orchestras to stop. Here are a couple quotes that I think are helpful in thinking about the long-term resolution of this. First, from the Chairman of the orchestra's board, "Despite the Brooklyn Philharmonic's tremendous artistic successes over the last couple of years, the orchestra continues to experience financial difficulties." If an organization's definition of artistic success diverges too much from the definition of its audience or the potential audience that it needs, those...

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