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A ticket price of €5.55 – or €11.10 for families – will give the highest revenue and viewership for most livestreamed gigs, according to new research
By IQ on 04 Aug 2020
A ticket that costs £5 (€5.55) for individual adults, or £10 (€11.10) for families with children, is the optimum average price point for virtual events, new analysis reveals.
For Vivid Interface’s Meeting the Online Opportunity, the UK market research firm asked 1,019 people who had visited at least two visitor attractions in the 18 months prior to lockdown in March 2020 how much they would pay to “watch a [virtual] play, opera, ballet performance or live band gig, or do a class, and so on”.
For “independent adults”, the price point where both revenue and viewership are at their highest is, on average, £5, according to the report. For families with children under 16, revenue is highest at £10, while the biggest viewership is achieved at £5.
The survey also reveals differences in willingness to spend based on age group – for 18–25s and 36–54s the optimum price point is £10, while for 26–35s and over-55s it’s £5 – and gender, with men prepared to pay more for their online experiences than women.
“The right online offer can provide a rapid revenue recovery”
Vivid Interface’s MD, Geoff Dixon, comments: “Nothing beats the live events arena. It’s where we work – and my social life – but organisers have to at least explore the possibility of online augmentation of their offer in pandemic times.
“I believe that the right online offer can provide a rapid revenue recovery without harming the long-term viability of ‘live’. In fact, an online presence can reach new geographies and bring new customers to a brand, attracting people who may in time walk through a physical door rather than a paywall.”
According to Vivid’s research, the Royal Opera House, by charging £4.99 for its first post-lockdown virtual shows, “may not be optimising revenue”; however, Laura Marling’s groundbreaking Union Chapel concert, which attracted an online audience of 6,500 with a ticket price of £12.50 (€13.90), “may be optimising revenue at this price point”.
“Research will help to set out a plan and an understanding of the price-to-demand relationships that are key to successful brand building,” adds Dixon.
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