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Pricing

The Perils of a “Break-Even” Price

If you’re not careful about the way you evaluate the price at which you need to sell tickets in order to break even, you could be setting yourself up for some big losses.Here’s how a "break-even" price gets established a lot of the time: somebody, somewhere takes the total cost of delivering a show and divides it by the number of tickets they believe, based on experience, intuition data or whatever, they will likely sell.For example, the total costs...

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Pricing

This Week’s Top 10 Broadway Shows, as Sorted by Revenue Per Seat

Here are the top 10 Broadway shows last week, ranked by Revenue Per Seat, and with grosses to the right:Revenue Per Seat reflects the efficiency of a show’s marketing and the strength of its appeal, where Gross Sales reflects the effectiveness of the show as a money-making entity. Both are important to understand.

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Customer Service

The Ticket Business Baffles Customers

I have talked about the Convenience Gap faced by our industry before, and how important it is to combat it by avoiding increased friction in getting people to shows and events.But when I see stories like this one, I’m reminded that it’s not just the logistics of going to an event that stump people. It’s the buying process too.The gist of the story is that people don’t know how to buy tickets to “concerts.” (You know it’s local media...

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ICYMI

In Case You Missed It

Each week we gather up stories we think are worth a read. And now, in case you missed them ...Is your venue sending the right message? Goldstar CEO Jim McCarthy explains how important it is for theaters and other live entertainment venues to be clear on what they're presenting.James Cameron + Avatar + Cirque du Soleil = A live show everyone will be talking about. Variety has the full story.Disney made the news with their ticket price increases and...

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News

Broadway’s Making Bank

The 2013-2014 Broadway season has just ended and the numbers are looking great. Broadway.com is reporting that shows grossed $1.27 billion during the period and total attendances reached 12.21 million. The reason for the more than 11 percent increase in grosses? A combination of more running weeks (the previous season was impacted by Hurricane Sandy), big shows like Aladdin and Les Miserables and big stars like Daniel Craig, Neil Patrick Harris and Denzel Washington.For the rest of the good...

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Customer Service

Disney’s Price Increase: A Customer Service Move?

Disneyland’s increase to its prices and its reduction of the availability of passes for locals got a lot of attention last week.While most of the attention was of the "greedy bastards!" variety, I was thinking about the move from my own, strange perspective. First, since I think quite a lot about pricing tickets to things, I looked at it from that perspective, and second, since I really despise the crowds at theme parks, I looked at it from that...

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Pricing

Sometimes People Prefer to Pay More

Terence McFarland, his team, and volunteers did a great job with LA Stage Day on Saturday.I had a group of eight or 10 very enthusiastic listeners for my discussion of pricing. It was late in the day and there was math involved, so given that, the energy was great. I talked about Revenue Per Seat and the potential dangers in managing by Average Ticket Price. We also had time to open the discussion up to any and all questions...

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Pricing

Even a “Free” Ticket Isn’t Free

The price of a ticket is much more than just the amount of money they give you to be allowed in the venue.I don’t just mean parking or the babysitter or the other legitimate hard costs that might come with a trip to see an event, though those are very real too.Recently, we talked about realizing that we are, as an industry, on the wrong side of the Convenience Gap compared to other forms of live entertainment, and I...

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Bright Ideas

Variable Versus Dynamic Pricing

Do you have one of those friends who can’t resist correcting people on the proper use of “who” versus “whom”?  Perhaps you don’t because you are that person. Regardless, you’re all welcome here.Personally, I let the who/whom thing go because I’ve never misunderstood anything said to me because of it.Other frequently mistaken words though aren’t as harmless. They have the potential to get you all mixed up, crazy, and worse still, losing out on money from ticket sales.So we’re...

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Word Stock

Word Stock: Print at Home

Hard tickets are stupid. Imagine stacks of printed, unique tickets shipped to ticket sales outlets, each one completely untraceable and unreplaceable. If you don’t have to imagine it because you can remember it, you’re probably thinking “good riddance” right now, and if you are imagining it, you’re probably scowling in puzzlement and confusion. What the heck kind of system was that?Of course, it got better. First, the tickets were organized into a central data base and printed on-site via...

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