Whenever you take a flight somewhere, the people sitting next to you probably didn’t pay the same price for their ticket as you. Airlines have perfected supply-side management when it comes to pricing. The cost of a given seat on any flight can change many times before the plane actually takes off thanks to a byzantine system of fare classes and projected (and realized) demand for that seat.
With that in mind–supply and demand dictating price–why can’t this be applied to concert tickets?
This is the thinking behind SeatGeek, a marketplace that lets holders of tickets sell and transfer them to other people for exactly the right price. From TechCrunch:
Now, the company has released a standalone price recommendation feature. So even if you’re not selling your tickets on SeatGeek, you can see how much you might be able to charge for them.
“The idea is to make it a utility,” said SeatGeek co-founder Jack Groetzinger. “It’s not just for sellers on SeatGeek — maybe they don’t even want to sell the tickets but just sort of see what they’re worth.”
Apparently the recommendations work, with 85 percent of tickets listed on the marketplace selling within 12 hours. Users who take advantage of the recommendations see a 15 percent higher sell-through rate than those who don’t.
Interesting, no? Read more at TechCrunch.