The music industry’s most vilified monolith is shaking up the way it does business. Event ticket seller Ticketmaster is rolling out new technology that will allow clients such as sports teams, promoters and musicians to set and adjust prices for their live events.
That’s because Ticketmaster, a Live Nation Entertainment Inc. company, has teamed up with analytics firm MarketShare to create a slew of dynamic pricing tools. Essentially, these tools help users get a better handle on the value of their ticket inventory throughout the entire ticketing process, from start to finish.
For example, a promoter of a rock band could inflate prices for front-row concert seats while lowering prices for balcony seats as demand dwindles. Through dynamic pricing, Ticketmaster argues that it will able to eat into scalpers’ profits and help artists and sports teams boost their revenues.
“At Ticketmaster we have been relentlessly focused on improving the fan experience and giving our clients amazing tools to sell more tickets,” said Nathan Hubbard, CEO of Ticketmaster, in a press release.
He continued, “Efficient pricing is one of the most important and untapped opportunities to unlock value for fans, clients, artists and teams. Our partnership with MarketShare adds to our unparalleled combination of data and analytical resources that inform our clients on the true value of their tickets, while giving them the flexibility to rapidly respond as that value fluctuates over time.”
Ticketmaster’s dynamic pricing tools are part of its latest venture, LiveAnalytics. The company uses global fan data resources to create rich data analytics products that provide clients with insight into fans’ buying patterns and behavior in order to boost ticket sales.
Ticketmaster plans to roll out its dynamic pricing tools for the MLB (News - Alert), NBA and NHL and concert tours. The company also has future plans to develop a tool for arts and theater.
Edited by Jennifer Russell