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Virtual ticket pricing strategy

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Basic economics tells us that a perfect product price does exist. The perfect price is found when supply and demand meet in a place economists call the “equilibrium.” For an event, this would mean that you sell out of all your tickets and your price was high enough that you did not undercut any potential profits. Observing the law of supply and demand, in-person and virtual tickets have one fundamental difference. In-person tickets have a limited supply and virtual tickets have an unlimited supply. Each ticket type will have its own “price elasticity” which describes the product’s responsiveness to changes in price. A prime example of this would be to look at a change of in-person ticket prices versus a change of the price for virtual tickets. Because in-person tickets have a limited supply, you can assume that this will drive up prices. You can also assume that the limited supply will make consumers less sensitive to price changes for this product.

Publié dans : Économie & finance
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Virtual ticket pricing strategy

  1. 1. Ticket Pricing Structure The virtual ticket
  2. 2. BASIC ECONOMICS TELLS US THAT A PERFECT PRODUCT PRICE DOES EXIST Basic economics tells us that a perfect product price does exist. The perfect price is found when supply and demand meet in a place economists call the “equilibrium.”
  3. 3. WHEN SUPPLY AND DEMAND MEET IN A PLACE ECONOMISTS CALL THE “EQUILIBRIUM.” For an event, this would mean that you sell out of all of your tickets and your price was high enough that you did not undercut potential profits. Observing the law of supply and demand, in-person and virtual ticketing
  4. 4. OBSERVING THE LAW OF SUPPLY AND DEMAND, IN-PERSON AND VIRTUAL TICKETING HAVE ONE FUNDAMENTAL DIFFERENCE Ticket Type Price Quantity Revenue In-Person $100 100 $10,000 In-Person $50 500 $25,000 In-Person $10 1,000 $10,000 Virtual $10 1,000 $10,000 Virtual $5 5,000 $25,000 Virtual $1 10,000 $10,000
  5. 5. IN-PERSON TICKETS HAVE A LIMITED SUPPLY AND VIRTUAL TICKETS HAVE AN UNLIMITED SUPPLY The virtual ticket A prime example of this would be to look at a change in in-person ticket prices versus a change in the price for virtual tickets. Because in-person tickets have a limited supply, you can assume that this will drive up prices. You can also assume that the limited supply will make consumers less sensitive to price changes for this product.
  6. 6. The virtual ticket INCREASED PROFITS CAN BE ACHIEVED WHEN TICKET PRICE AND DEMAND RISE TOGETHER
  7. 7. THE GOAL FOR TICKET PRICING IS TO REACH AN EQUILIBRIUM BETWEEN PRICE AND DEMAND The virtual ticket =
  8. 8. EVEN THOUGH VIRTUAL TICKETS HAVE AN UNLIMITED SUPPLY, SUPPLIERS STILL MUST FIND THE PERFECT PRICE TO REACH EQUILIBRIUM TO DO THIS CONSIDER THE HIGHEST PRICE YOU CAN CHARGE TO THE LARGEST SET OF POTENTIAL CUSTOMERS. The virtual ticket
  9. 9. The virtual ticket TICKET TYPE COMPARISON CHARTS
  10. 10. SOLUTION TIERED LEVELS FOR TICKETS The first ticket tier you should have for virtual access to the event is FREE! Although this might sound counterintuitive, it makes sense from a business point of view. By allowing users to watch a limited amount of content such as the first few minutes or hours of your event for free on social media, you will be giving interested viewers a no- risk opportunity to try out your product before they commit to paying for it The virtual ticket Most events use a tiered ticket-pricing structure which can easily be integrated into a virtual ticket pricing strategy. Event managers often use pricing mechanisms, such as early sign-up, referrals, group purchase, etc, to increase demand without reducing the value of a ticket
  11. 11. CATEGORIES OF VIRTUAL ACCESS The virtual ticket • Real-Time Access happens as the event unfolds at the venue. Real-time tickets holders join those attending the event in-person and are part of the action as it happens • On-Demand Access happens after the event • Premiere Access is a new style of releasing recorded videos for large audiences. YouTube, Facebook, and Twitch all feature video premiers that allow you to upload a video to be released at a certain time and date • Selling event tickets is the main source of revenue for many events. Whether or not you intend to charge a fee for your event, it’s important to set a value on the tickets with some price • You may also choose not to charge an entrance fee if you have other ways of making money from the event, like sponsorships and advertising • Use event-ticketing platforms such as event rite to expand your reach and have a big bright "Register Now" button on your website
  12. 12. The virtual ticket PAID AND DISCOUNTED PRICING STRATEGY CHARTS
  13. 13. 13 13 LIVE STREAM PROMOTIONAL STRATEGY The virtual ticket

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