If no one’s buying tickets to events later this year, Ticketmaster will start to lower the price of admission as the date draws nearer. The concept, which it’s calling “dynamic pricing,” will punish early buyers and reward those who hold out until the days before a slow-selling event takes place. On the other hand, if ticket sales start speeding back up, Ticketmaster could raise the prices.
The Los Angeles Times reports Ticketmaster will roll out the strategy later this year, starting with major concerts and sporting events. Eventually arts and theater will enter the fold.
The Times says Ticketmaster was forced to make the adaptation due to slow sales brought on by the struggling economy. Ticketmaster CEO Nathan Hubbard puts this in corporatese:
“Efficient pricing is one of the most important and untapped opportunities. By utilizing MarketShare and Ticketmaster’s technology, our clients will be able to retain economic value that is normally siphoned off by the secondary market, and to sell more of their tickets that go unsold today. Meanwhile, more fans will have more opportunities to enjoy live entertainment events because tickets will be more accessible and pricing options will broaden.”
Will dynamic pricing make you think twice about buying tickets early?
Ticketmaster to roll out ‘dynamic pricing’ [Los Angeles Times]