Ticketmaster is now making a serious move into dynamic pricing, thanks to a partnership with MarketShare.
The tie-up will allow Ticketmaster to offer a suite of dynamic pricing tools, and help partners better gauge demand for entry. That means prices that adjust more frequently and with better precision, and ultimately make venues and promoters more money. “With dynamic pricing tools, venues 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,” the company relayed.
Suddenly, this whole conversation gets more interesting – and complicated. The Live Nation-owned Ticketmaster will start rolling these tools out to various sports leagues and Live Nation amphitheaters later this year, according to the company, though lots of specifics remain unsettled or undisclosed. That includes the tricky reaction of ticketbuyers, a group unaccustomed to frequent fluctuations in the primary market.
The MarketShare toolset will be blended into LiveAnalytics, a data-driven Ticketmaster tool with the aim of better understanding fans and creating more efficiencies. “Efficient pricing is one of the most important and untapped opportunities to unlock value for fans, clients, artists and teams,” Ticketmaster CEO Nathan Hubbard explained. “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.”