At the beginning of August, Hungary’s leading stand-up comedy theatre, Dumaszínház, launched a dynamic ticket pricing pilot. Interticket’s ticketing system was combined with DynamO Pricing’s pricing engine to create a simple-to-use, yet highly configurable pricing and sales framework that enables near real-time pricing.
After testing the functionality, the tickets of more than 60 events that were either in the early stages of sale or newly announced started to be priced using DynamO’s pricing engine. Performances included flagship events on 20 August, smaller-scale continuous performances, both rural and metropolitan venues.
“Dynamic pricing is expected to provide a data-driven pricing strategy as a secure starting point in a subjective genre. It is the only way to respond to the ongoing challenges that the performing arts have faced over the last two years” says Gergely Litkai, founder of Dumaszínház.
The pilot period at Dumaszínház lasted only until the beginning of September, during which time more than 5,000 dynamically priced tickets were sold. The results were so convincing that the theatre management decided to use this automated solution to advertise all their new events, including the entire autumn/winter season, on a demand basis.
However, in addition to the comedy genre, other cultural operators are also open to DynamO’s service. Recently, Müpa Budapest, one of Hungary’s best-known cultural brands and one of the most modern cultural institutions, has also introduced dynamic pricing.
“The last few challenging years have also fundamentally reshaped consumer habits in the cultural sector, and the global changes ahead are likely to have a major impact on the arts and the functioning of cultural institutions, in which sustainability will play an increasingly important role. So technology is also helping to ensure that the pricing of art content responds in real time to the needs and opportunities of customers” said Gábor Kosztolánczy, Deputy CEO of Müpa Budapest.
First of all, eight performances of Recirquel’s highly successful Solus Amor were advertised with demand-based pricing, as reported by several professional portals, including Papageno and ArtNews. In the future, it is expected that more performances will be priced using the new adaptive solution, and that more and more actors, not only cultural ones, will start using pricing software.
This article is also available in Hungarian here.