In the fourth article of Ticketmaster’s Behind the Scenes series, we focus on the key to a successful theatre strategy for 2024 – exploring the world of offers and promotions. At a certain point in the life cycle of a production, a well-thought-out promotion can be the deciding factor between a full house and empty seats.
In 2023, our research revealed that 62% of fans, on average, are willing to spend between £30-74 on tickets, with £60.50 being identified as the ‘sweet spot.’
We also discovered that expenditure in other areas have increased for fans. For example, accommodation spending rose from £42 in 2013 to £115 in 2023, and merchandise spending increased from £15 in 2013 to £28 in 2023. As fans allocate their budgets across various aspects of the experience, capturing a share of their wallet becomes more challenging.
In light of this, leveraging offers becomes a strategic imperative. An offer can be the decisive factor between selling a ticket or not, as 46% of fans reported hearing about shows through ticketing companies in 2023.
As your ticketing partner, our primary goal is to drive incremental sales for your show. By collaborating with us, you can maximise your reach through our marketing efforts and boost conversion rates with customer-centric incentives and promotions.
We offer the flexibility to run show-specific, offer-based promotions, providing increased coverage across our owned and paid channels. This approach allows us to reach hundreds of thousands of potential fans.
We also have a robust campaign calendar for 2024 with above-the-line budgets for multi-show promotions, to help drive volume at high Average Ticket Prices (ATP). Discounting doesn’t always need to be a race to the bottom. Remember the ‘sweet spot’ of £60.50; consider the impact of running discount promotions for attainable price points on top price bands and premium seats.
This strategy can help convert non-traditional theatregoers and encourage them to ‘give theatre a go.’ As the world’s largest ticket marketplace, Ticketmaster are the ideal partner to help you grow and develop your audience.
Understanding that 51% of fans in 2023 decided to book within 2 months of the performance, our promotions and campaigns are strategically designed to find the balance between driving immediate sales into upcoming performances and building your advance.
In our October/ November campaign, the notable average increase in tickets by 137% compared to the previous period, demonstrates the efficacy of offers and promotions in driving audience engagement. The average ticket price, set at £61 across all participating shows and sales, further underscores the success of these promotional strategies. With a total reach of 35 million across online and offline channels, it becomes evident that the implementation of enticing offers has played a pivotal role in attracting and engaging a broad audience, affirming the effectiveness of promotional initiatives.
Reach out for more information and to receive details of our theatre campaigns in 2024.
Discover more about our recent findings by checking out the other articles in the Behind the Scenes series here.
