Ticketmaster Partners With MarketShare On Dynamic Ticket Pricing Tools
Ticketmaster is partnering with L.A.-based analytics outfit MarketShare to develop a new set of dynamic ticket pricing tools for its clients. The two companies will collaborate on a suite of demand forecasting tools to allow for teams, leagues and venues to set and adjust prices for live events. The dynamic pricing component will be folded into LiveAnalytics, a new research venture recently created by Ticketmaster. "Efficient pricing is one of the most important and untapped opportunities to unlock value for fans, clients, artists, and teams," said Ticketmaster CEO Nathan Hubbard in a statement. "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." Products coming out of the partnership will be introduced to select teams, leagues and venues, including Live Nation theaters, later this year (Eric Fisher, SportsBusiness Journal). Hubbard said that it is “too soon to say when the company would roll out the new offering,” but he added that sports teams are “likely to adopt the new system before concert promoters or Broadway producers” (WALL STREET JOURNAL, 4/19). In N.Y., Ben Sisario notes the new partnership with MarketShare will allow Ticketmaster to “compete more effectively against scalpers like StubHub.com” (N.Y. TIMES, 4/19). Also in N.Y., Claire Atkinson notes Ticketmaster is “eager to avoid a repeat of last summer, when many artists and managers priced their tickets too high in a weak economy.” Tickets sales for the “top 100 acts fell from 40.5 million to 35.7 million, the lowest number since 2005.” Ticketmaster owner Live Nation “ended the year with a net loss” of $228M (N.Y. POST, 4/19).
AN EMERGING TREND: In L.A., Alex Pham notes Ticketmaster is “not the first company to explore dynamic ticket pricing.” ScoreBig, a “Hollywood startup founded by former sports and concert industry veterans, has been testing a proprietary ticketing system that automatically adjusts prices according to how fast they’re selling or how well similar shows have fared, among a host of factors.” The service, which “has been available to a small, invite-only audience, is set to launch to the general public later this year” (LATIMES.com, 4/18).