LIVE ENTERTAINMENT
OUR PRICING SOLUTIONS
We help concerts and event organizers optimize their pricing to increase revenues and profits via demand prediction.
Challenges And Goals For the Live Entertainment Industry
The Live Entertainment business is increasingly fighting with digital competition, but also needs to focus on improving profitability. We help our customers to drive admissions and revenue with analytics and pricing software solutions.
Challenges for the Live Entertainment Industry
Hard to predict the demand for an event
Dozens of factors influence the demand for live events, such as date and time, weather, etc. Predicting the expected demand is key.
Attracting most visitors while also make enough profit
Event organizers want to attract as many visitors as possible. Cheaper tickets attract more customers, but hinder revenue optimization goals.
Difficulties to communicate price changes
A change of the current pricing model needs careful customer communication to avoid visitor alienation and bad press.
Possible revenue increase for dynamically priced shows
Pricing Goals for the Entertainment Industry
Drive Revenues
Utilize the willingness to pay for event visitors to increase overall revenue. Create product bundels that customers can choose from.
Individualize events for everyone
A good price mix offers the right ticket categories for all visitors and increase satisfation when everyone finds their preferred offer.
Incentivize online sales
Increase online sales through special discounts to collect more customer behavior information and get better planing security while saving money.
How We Can Help You Achieve Your Goals
To achieve the strategic goals of our clients we usually follow three steps:
Typical results for the LIVE ENTERTAINMENT INDUSTRY
What Our Clients Say
“Our goal was to make the concerts in the Kuppelsaal a success with a fair and well-structured pricing approach. Smart Pricer supported us with objective data analysis and visualization, helping us to organize subjective perceptions and generate new ideas for the future.”
“We had already implemented manual flexible pricing successfully, then working with Smart Pricer allowed us to take it to a professional level – with more structure, automation, and data-driven precision.”
“The optimization of our pricing strategy has completely convinced us. We decided to launch Dynamic Pricing with Smart Pricer to match each show to our strategic goals. ”
”Smart Pricer developed a model that allows us to determine the willingness to pay for individual customer segments. By tailoring our prices accordingly, we increased our revenue by more than 20%.”
“Smart Pricer analytics helped us to identify meaningful patterns in our data that we need to focus on in order to improve demand predictions and effective decision making in our pricing. Their insights also helped us to recognize blind spots in our sales process, that can be optimized and help our business grow.”
FAQ – Answers to Your Questions
Why is dynamic pricing suitable for entertainment providers?
The combination of fixed capacity and variable demand creates the perfect conditions for dynamic pricing. As price sensitivity for each event fluctuates depending on performer, date of the event, weather and several other factors, dynamic pricing can be used to increase attendance at low demand events/shows as well as slightly lift ticket prices for events/shows with high demand.
What specific goals can be reached with dynamic pricing?
Real-time dynamic pricing enables entertainment providers to achieve strategic goals such as:
-Drive ticket revenues
-Increase visitor attendance at low demand events/shows
-Lift online shares and collect customer data
-Secure earlier cash in by enticing earlier bookings
-Drive ticket revenues
-Increase visitor attendance at low demand events/shows
-Lift online shares and collect customer data
-Secure earlier cash in by enticing earlier bookings
What are the benefits of dynamic pricing for spectators ?
By booking early and/or attending low demand events/shows, spectators are rewarded with more attractive prices.
How to communicate dynamic pricing in the entertainment industry?
-Communication is key for a successful introduction of dynamic pricing. It is crucial to get spectators on board by communicating clearly and transparently what the dynamic pricing switch involves and how it can benefit spectators
-We propose to communicate how fans can get the best prices e.g. “Buy early buy smart”.
-We also encourage advertising using “from prices” or taking down the price lists from the website to maximize flexibility
-We help you with both online and offline communication with fans based on our world-wide experience
-We propose to communicate how fans can get the best prices e.g. “Buy early buy smart”.
-We also encourage advertising using “from prices” or taking down the price lists from the website to maximize flexibility
-We help you with both online and offline communication with fans based on our world-wide experience
What are the expenses for event providers implementing dynamic pricing?
The costs vary based on the amount of dynamically priced tickets. However, revenue uplifts achieved with dynamic pricing are typically 5x – 10x higher than the cost of implementation.
Will our prices increase as a result of dynamic pricing?
The choice is yours. Dynamic pricing works “up” and “down”
We recommend a dynamization around the current price level: for events with high demand an increase in prices to skim willingness to pay and for events with low demand a decrease in prices prices to stimulate demand.
We recommend a dynamization around the current price level: for events with high demand an increase in prices to skim willingness to pay and for events with low demand a decrease in prices prices to stimulate demand.
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Let’s talk about how we can help you reach your goals. We look forward to hearing from you!
Get in touch. Contact us and we’ll schedule your free consultation to discuss your pricing strategy goals.
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+49 176 1762 7802
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Our offices
Smart Pricer – Office Germany
Brunnenstraße 7d
10119 Berlin
Smart Pricer – Office Austria
Leopoldstraße 24/1
6020 Innsbruck
Smart Pricer - Office Frankfurt am Main
Atrium Plaza, Mainzer Landstraße 178-190
60327 Frankfurt am Main