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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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ICYMI

In Case You Missed It

Each week we're sharing a few stories we found interesting and worth a read. And now, in case you missed them ...Goldstar CEO Jim McCarthy illustrates how live entertainment is on the wrong side of the convenience gap -- and how that doesn't have to be a bad thing.Over on Top Rank Blog, Lee Odden got some of the top marketing professionals around to share their marketing predictions for 2015.We had a chat with the incredibly talented and successful...

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Pricing

How Much Does it Cost to “Make” a Ticket?

Let’s start answering that question by asking a different one.How much does it cost to make a sandwich?Let’s say that you buy bread, condiments, meat and cheese for about $2 and each time you turn on your sandwich press, it costs you $.50. Ignoring labor costs for a moment, it costs you $2.50 to make a sandwich. If you sell it for $6, you’ll probably end up with a profit after you pay for everything else a business needs...

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Bright Ideas

Monty Python to Broadcast its Last Show

In July, the legendary comedy troupe will provide another hint to the live entertainment industry about what the future could look like by broadcasting The Last Night of Monty Python from the O2 Arena in London to theaters all around the world.If you are still wondering whether the business model-broadening powers of live broadcast aren’t real, here’s the key piece of the article I just linked: “Originally, members John Cleese, Terry Gilliam, Eric Idle, Michael Palin, and Terry Jones had...

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Customer Service

The Wrong Side of the Convenience Gap

I’m going to ask you a question, and I’d like you to be honest with me about the answer. (Especially since you don’t actually have to say anything.)Imagine it’s lunchtime and you’re at home. Now think of two things that you sometimes eat: One that you eat because it’s convenient to get or inexpensive, and one that you really, really like. One that’s fine and meets your lunchtime needs, and one that you really enjoy.Got those in your mind?So...

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