What businesses can learn from the controversy around ticket prices for his upcoming tour.
that it was “experiencing the largest demand for tickets in Philadelphia music history.” Is The Boss required to set prices that are drastically below what the market will pay for all seats – even the best ones? I do not think so.
And remember, for every concert, a significant number of tickets are bought by scalpers as well as fans who purchase “extras” to resell for a profit; when artists raise prices, the economic justification is that much of the profit they’re taking would otherwise go to scalpers, not fans. at an October 2002 Springsteen concert revealed that 28.1% of tickets were resold, with an average markup of 240%. So challenging these myths can make sense, if implemented correctly.One of the complaints about Springsteen’s pricing is he was exploiting longtime fans, who’ve been paying to attend his shows since the 1970s. It is natural to be grateful to long-standing customers.
For companies pricing goods or services that are purchased more frequently than concert tickets, however, when implementing a steep price increase, I recommend slowly transitioning existing customers when possible. Instead of raising prices immediately, let them know that as VIPs, the boost will be gradually implemented over a longer time period. This prevents sticker shock and conveys appreciation.Springsteen’s history of charging below-market prices conditioned fans to expect them.
I’m often asked by start-ups if they should extend steep discounts to initial customers, because as a startup, these companies tend to be happy just to have some initial customers. I urge them to proceed cautiously. Not standing up for your product’s value by discounting to get early sales can be problematic when it comes time to focus on profit.Springsteen did a Broadway show in 2017 and raised a similar hullabaloo by charging $850 for the most desirable seats.
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