Smart ticket pricing has become the latest frontier for cinemas around the world, including UCI Kinowelt. Whom expect to conduct ticket-pricing test in several markets in early 2018.
The cinema business is entering the age of dynamic pricing. Here at Smart Pricer we have been discussing how to come up with a new and more dynamic pricing model for cinemas in general. We introduced the new model for UCI Kinowelt in particular.
Pricing in the German cinema industry has matured during the last years. Various price surcharges and discounts give customers more choice in what they are willing to pay. However, not all techniques are beneficial to customers and exhibitors. Recent pricing innovations that are likely to spread throughout the German market over the coming years. Those include discounts for online purchases, bundling of ticket and concession sales, installation of premium seats, offering up to four price categories for the same show and switching to true demand based dynamic pricing.
Abolishing reservations and giving online discounts. By giving discounts for tickets purchased online, cinemas can increase their online share. Unlike reservations, web purchases ensure revenue, reduce operational cost and allow cinemas to collect data.
Ticket and concession bundling. Bundling is beneficial for customers to purchase more. By offering bundles, cinemas simplify the purchasing experience for their customers and generate higher food and beverage revenues.
Launching Dynamic Pricing. Dynamic pricing allows the base price of films to adjust to the actual demand conditions, such as movie life cycle, show time, day of the week, and actual bookings.
About Smart Pricer
Smart Pricer’s team of pricing experts provides cinemas, sports clubs, entertainment venues, and ski resorts around the globe with the necessary tools to increase ticketing revenues and attract more visitors. With over 10 years of airline pricing experience and millions of price optimizations, Smart Pricer is the go-to-partner for companies such as Europe’s largest cinema chain Odeon-UCI, Berlin’s Bundesliga club, Hertha BSC and Swiss ski lift provider Zermatt Bergbahnen AG. Smart Pricer continues to help companies achieve an increase in ticketing revenues by +5-15% while enhancing visitor satisfaction.
Dynamic ticket pricing gives the consumer the ability to purchase film tickets at a wider range of prices. This depends on a number of demand variables, such as movie life cycle, time of day, day of the week, film title, venue, size of screen, actual bookings and several more. The number of seats in each price category for every film is based on demand conditions at the time of purchase.
Please head over to our cinema page to discover all solutions we provide in this industry.