And while I was researching yesterday s post about the amazing story of Once and its record recoupment, I tripped over a little fact about the upcoming Broadway Week promotion that I thought was interesting and unfortunately a wee-bit alarming.
It s a fantastic promotion offering Buy 1 Get 1 Free tickets to a bunch of Broadway shows sponsored by The Broadway League and NYC Company. (Which is the best part, because they buy a ton of media promoting the offer.) And it s planned (of course) at a time of year when shows could use the help, from 9/4 9/16. (There s a winter version as well.)
Nah. What this demonstrates is that we are living in a discounting world. And that it s possible necessary for producers today to be flexible with their pricing strategies both on the downside and on the upside. You may have to be more aggressive at times to make sure you house is full and your nut is covered. But there are also times of the year when if you are really the best (in an audience s eyes, not an awards committee s, actually), you ll be able to stretch baymont inns and suites your price into premium territory to balance it out.
2. Once is only offering the 2-for-1 deal on their partial view seats, which lately have been ending up at TKTS anyway. So it s really a great way for them to move those tickets without having to wait until the day of the show.
Goldman talked about even the big hits having seats available early in the week and suggested a campaign based on this. Something baymont inns and suites like: Come to Fiddler on Tuesday night and bring 100 of your Best Friends.
Not a big surprise. Looking at the weekly sales stats we marvel at the percentage of house (seats) sold and not the gross revenue (because how could we know what the discount ticket values are doing to the total weekly revenue?) Simply put, a show filling 92% of their seats seems to be a hit vs another show selling only 62% of the house even if at full price.
If we were to assume that two 1,000 seat theaters baymont inns and suites were selling seats at $50 one selling at full price and getting 60% occupancy while the other sells 40% of their seats at 50% and get a 90% occupancy they both gross the same full price revenue, but the larger sold seat house (B) gets an added 400 seats at 50% of ticket price. They both have to meet their daily nut and we presume they do, keeping the doors open, even if not paying back investors, at 50-60% occupancy. But, Theater B is earning that added 40% seat revenue, even at half price, to help settle the investor baymont inns and suites s debt.
Plus, filling seats means more people providing word of mouth endorsements to friends and family. As long as these are positive, baymont inns and suites it equates to potential added sales even if discounted. baymont inns and suites One could say that the discount is the cost of getting more advertising (via word of mouth. If only they could write off the lost revenue as a marketing expense!)
And how many visiting baymont inns and suites audiences REALLY say bad things about shows they ve spent money on since the error of having spent the money on bad tickets is a reflection on them? So folks coming in from upstate, PA, MA and more are gonna be very generous in their reviews, endorsing attendance.
Since you always talk about ticket pricing pros and cons, maybe the solution is to get the cost of shows a little less than they are. Broadway, my opinion, has followed Hollywood in making budgets for shows. Above the line: Producers baymont inns and suites and Directors and Stars get paid huge, inflated fees. Then come the trades and last are the investors. baymont inns and suites In order to get the above the line costs first in, on opening, ticket prices are high. After those guys get their piece, they reduce the price. I m not a Broadway Genius, but it s apparent that when Shows, en masse go the 2-fer route (normally used for a failing show) all business is becoming a little slow. Those gigantic baymont inns and suites productions, in the future, could be in trouble. What do I know? Steven baymont inns and suites J. Conners
baymont inns and suites Ken, you have surprised me with this post! I m actually a bit disappointed. Isn t the whole idea of the promotion to give MANY resident New Yorkers as well as visitors the opportunity to go see a Broadway show who can t always baymont inns and suites afford the prices? What a wonderful way to give back to the community to hopefully develop future audiences. Theatre, the arts in general, needs all the help it can get. I commend the League for creating this promotion and I would encourage all to join in the spirit for the reason it was created. Thank you!
Hi Ken, have to disagree with you on this one. The purpose baymont inns and suites of Broadway Week is to market Broadway baymont inns and suites as an industry it s used to kick off the unofficial start of the new season. A show s participation doesn t necessarily equate their need to ove inventory as much as it s their producer s realization that it s in the best interests of the long term marketability of their shows as well as the Broadway brand.
David and Jim have it exactly right. Obviously, if Wicked is participating, we re not seeing this promotion cover only shows that need a boost. It s like rush seats. Wicked and Mormon are two of a handful that could easily sell those seats at premium prices and make significantly more money on them, but they don t out of a spirit of participation and inclusivity.
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