Sign up for IQ Index
The latest industry news to your inbox.
With dynamically priced 'slow' ticketing taking off in live music, Holland's GUTS says the extra revenue generated could be put towards good causes
By Jon Chapple on 02 Jan 2019
Dutch blockchain ticketer GUTS Tickets has come up with a novel use case for its dynamic pricing solution: curing cancer.
In a blog post entitled Sell tickets — cure cancer (Or save the world in a different way), GUTS community manager Olivier Biggs posits that dynamically pricing tickets – the practice, common in the hospitality and travel sectors, of allowing prices to fluctuate based on market demand – could generate additional revenue for humanitarian projects, such as cancer research or “clean[ing] up the ocean”.
“Say that your tickets are normally priced at $50,” Biggs writes. “Using this dynamic system on (a selection of) your tickets, this will now become the minimum price and some tickets will now be bought for $60, others maybe even for $5,000. All of the intake above the $50 threshold will go to a charity of your choice, instead of going into the pockets of scalpers and frauds.
“This approach of dynamic pricing can be applied to all of the tickets up for sale, or to a certain section of the venue, or, if you prefer, to just a single seat in the front row.
“Your fans are fully aware about where their money is going if they choose to buy a dynamic ticket, along with what good their money is going to be doing.”
Several major ticket agencies are already experimenting with dynamic pricing for certain tickets – most prominently Ticketmaster with its Platinum passes, and more recently Ticket Pia in Japan.
“Dynamic pricing will ensure that the sweet spot where supply and demand meet is found”
Ticketmaster’s Platinum system was notably used for Taylor Swift’s Reputation stadium run – which recently became the highest-grossing concert tour in American history – as part of a broader ‘slow ticketing’ trend that places less of an emphasis on instant sell-outs and more on pricing tickets correctly.
While dynamic pricing is not without controversy – critics claim it amounts to gouging fans in the same way as touts, while some artists say they’re happy to leave ‘money on the table’ in order to keep ticket prices low – GUTS says donating the extra revenue to charity is the best of both worlds.
“Dynamic pricing will ensure that the sweet spot where supply and demand meet is found, and every seat in the house is filled,” continues Biggs.
“Instead of simply neutralising the inhumane threat of scalping, we turn it into a positive chain of events that helps others.”
Amsterdam-based GUTS held its first major onsale last September, selling 50,000 tickets on the blockchain for 36 shows by comedian Jochem Myjer.
Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.