Los Angeles Times: "In the music business there is a old adage that says there is no such thing as a bad concert, just bad prices. So it was with this in mind that Live Nation Entertainment Inc.'s Ticketmaster on Monday announced it would adjust ticket prices based on consumer demand. The world's largest purveyor of live event tickets said it has partnered with MarketShare to help price its shows.
Thursday, April 21, 2011
Ticketmaster moving to flexible ticket pricing
Los Angeles Times: "In the music business there is a old adage that says there is no such thing as a bad concert, just bad prices. So it was with this in mind that Live Nation Entertainment Inc.'s Ticketmaster on Monday announced it would adjust ticket prices based on consumer demand. The world's largest purveyor of live event tickets said it has partnered with MarketShare to help price its shows.
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I'm unsure how to react to this one... to one point, adjusting the ticket price is incredibly advantageous for producers who would rather fill seats with a lower ticket price than go with unsold seats, but let's not forget that airlines and the like have agreements with ticket buyers that they will get a refund if the price of a ticket goes down. What would happen to a person who buys a ticket early, notices a price cut and demands a refund of the balance? Now the producers are losing funds already promised to them only in the hopes of bringing more people in. It would be more advantageous for patrons to wait and let the price drop before paying in for their seats, and that's bad news for the pricing scheme. Additionally, how would things work in the opposite direction? You're certainly not going to ask for more money from people who buy before prices go up, are you? I understand the intent, but I don't think it'll work for theatre and I'd be interested to see how it works out for live music.
I guess this is one case where being a hipster and liking bands that others don't like is a good thing. All joking aside, I am all for this change, the points they make about how almost every other industry has some kinds of discounts are valid. This also allows people to see Ticketmaster shows even if they normally wouldn't have the means to see the shows. It is good for the ticket sellers, it means that they can charge more for more popular things, and sell more expensive tickets. I think that this is around a good idea.
This is great to hear that they are lowing price for show that doesn’t sell out. I know when I go events and it is half full I hate that. I like it when there is a ton of people there and they are all having a good time. It will be intresting to see if the price will change much or if it will just be a few bucks or a lot of money. I just hope for the big shows that they always sell out that they don’t up the prices for them and make them unreachable for a lot of people. I know that they have currently raised the price for front row seats to shows to $300 plus, I just hope that they don’t make it any more for those shows. I am interested to see how this works in the coming months.
I think that this is a good concept that they should explore. This could help people who want to see a performance that could not afford it to be able to, and also help sell more seats which could still make money. In response to Brian, I feel that they will not ask for more money if prices go up, or give a refund if prices go down. Most airlines wont refund you if a ticket price goes down, that mostly occurs through a travel agency or a big name travel website. This will be something to follow and see how the prices change and how it is affecting everyone.
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