Can dynamic pricing, a pricing strategy well-established in the airline industry, be successfully introduced also in the entertainment sector? Definitely!
In collaboration with ticketing portal Tixa Hungary and improvisational theater company Momentán, DynamO has brought dynamic pricing to the Hungarian entertainment sector for the first time. The application of dynamic pricing results in fairer prices since it ensures that the relationship between supply and demand is always automatically taken into account – an approach that is especially beneficial amidst the general uncertainty caused by the coronavirus pandemic. The introduction of dynamic pricing was well received by theater audiences, while Tixa and Momentán were very satisfied with the results.
DynamO’s pricing solutions have first been piloted in the Autumn of 2020, more than half a year later then originally planned: the coronavirus outbreak left many interested market players unable or reluctant to make any investments or developments, however forward-looking they may have been.
Momentán was one of the exceptions who stood by its original plans and decided to pilot DynamO’s pricing solution despite the pandemic, and they are absolutely satisfied with the results:
“It was the first time that we needed to create online performances, so we did not really know how to price such tickets. Dynamic pricing solved this dilemma real quick. Additionally, much to our customers satisfaction, tickets could be often acquired cheaper than it would have been possible had we had fixed prices.”
Pricing is of decisive importance for all businesses in all sectors; setting prices right often makes the difference between success and complete failure. As we have underlined in multiple blog articles, pricing is a challenging task even under normal circumstances: the continuous change in the market conditions and realities, the change in supply and demand requires fast reaction and proactivity from sellers. Due to the pandemic, however, proactivity and setting prices right became even more crucial for businesses.
DynamO’s dynamic pricing engine offers an automated and versatile solution to this pricing challenge, taking off the burden from the shoulders of event organizers (theaters, cinemas, concert and sports venues). Replacing fix and manual pricing, DynamO automatically re-adjust prices so that they always reflect the supply-demand relationship.
Tixa and Momentán have unanimously deemed the 6 months of the pilot a great success, and will continue to use DynamO’s pricing solutions. Meanwhile, DynamO keeps working on further partnerships and developments and, hence, audiences can expect to meet dynamically changing prices – prices that serves the interest of both the event organizers and the audiences – elsewhere and more frequently.
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