How AI Driven Ticket Pricing is Increasing Attendance and Revenue

On this episode of Salary Capped, host Tyler Kern was joined by Robert Smith, Co-Founder and CEO of Event Dynamic, for a discussion on how the start-up is working with teams to eliminate the manual process of ticket pricing with AI and better forecast what fans would be willing to spend on an event.

Sports organizations are constantly at the mercy of the sports gods in what will drive customer value and affect ticket pricing, meaning they need to be nimble in pricing to account for that. A recent injury to star quarterback Dak Prescott of the Dallas Cowboys, for example, had an immediate impact on the pricing of tickets for future games as fans experience uncertainty about what they can expect from the team.

Event Dynamic works with organizations to maximize their operation through pricing tickets not for revenue but attendance. The company has seen success in getting more fans through the turnstiles by analyzing what fans are willing to spend. One of the success stories from Event Dynamic was working with a collegiate football team that set a season record for the most ticket revenue the program has brought in via pricing down to match what it would take to get moderate fans out in large numbers.

As fans are re-entering stadiums, each organization has the precarious problem of how to account for social distancing in stadiums and blocking off seats in real time based on how fans are buying up seats. To account for this, Event Dynamic has introduced its Stadium Configurator, which allows the teams to input the requirements their jurisdiction has for social distancing and to adjust the available tickets accordingly.

The system is constantly updating the seating chart based on how fans are purchasing tickets to ensure that fans who are not in the same party will not be seated next to each other.  While this tool is a much-needed solution for 2020, Smith admits he hopes the company is able to get rid of that product in the near future.

If you enjoyed this episode, please subscribe to Salary Capped, and look forward to more episodes every Monday.

Follow us on social media for the latest updates in B2B!

Image

Latest

drone technology
Cutting-Edge Drone Technology Unfolded in New Video
December 22, 2024

Curious about how expert-guided drone solutions can revolutionize your operations? Tune into our latest video where we unpack the power of full-solution drone distribution. From handpicking the finest products to seamless deployment and unwavering support, we cover it all. Witness how pivotal industries like public safety and energy are gaining mileage with our customized solutions.

Read More
Direct View LEDs, Milk Holidays, and Gaming Chair Woes: AV Antics Unplugged
December 22, 2024

Curious about the latest in AV technology and industry insights? In Episode 4 of the AV Antics Podcast, we dive into the buzz (or lack thereof) from InfoComm, with a focus on the rise of Direct View LED technology and its impact on the market. Along the way, we explore the challenges of innovation, reminisce…

Read More
Unlocking Business Synergy: The Role of Category Managers
December 22, 2024

Dive in and explore the influential role of category managers in shaping successful business development strategies. Witness how they seamlessly coordinate with diverse suppliers — from audio and video companies to LED manufacturers — embodying the ‘quarterbacks’ of industry advancement. Their unique role is not only multifaceted but also a powerful symbol of value addition….

Read More
interactive panels
Behind the Panel: The Evolution of Interactive Panels
December 22, 2024

Launch into the fascinating world of interactive panels with our ‘Behind the Panel’ episode. With in-depth discussions featuring Darren Altman from Sharp NEC, we delve into the transformative journey of Sharp’s Aquos boards from classrooms to boardrooms. From game-changing software adaptability to leaps in technological enhancements, this episode illuminates the roadmap of innovation behind these…

Read More