Ticketmaster Launches New, Interest-Scaled Pricing System to Effect the Arts Soon
According to the Hollywood Reporter, Ticketmaster, with the help of data analysis company MarketShare, is set to launch a new ticket pricing system. As described in the April 18 announcement by parent company Live Nation, "Under the 'dynamic pricing' system, tickets to major shows and sporting events will be priced according to consumer interest. If an event is in high demand, initial prices for desirable seats will increase, while harder-to-sell tickets will see price cuts."
The new system is designed to make sure that scalpers don't make a profit from purchasing the best seats for any given event. Chief Executive Nathan Hubbard commented: "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."
A trial for the improved system will be put into place this summer, and will be tested on concerts and sporting events. It will later be expanded to include theatre events.
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