The sale of tickets is a lucrative business that some are still discovered, you don’t have to be talented or very skillful to get into a ticket business. There are opportunities for anyone to learn on the job, a Ticketmaster has great skills which they acquired after several years of experience in the business. In some situations, more than a million tickets can be sold daily based on the nature of the event and the number of people to attend.
Ticketmaster can make millions of dollars daily from the sale of tickets, but it is also risky if they end up not selling tickets as expected. This can happen when the expected number fails to show up. Imagine if a ticket company printed over 2 million tickets for a concert and not up to 500000 people attended the program. This will be such a great loss for the company to handle, in most situations, the company will have to consider alternative methods to avoid making great losses.
Discounting unsold tickets is a major technique that most Ticketmaster uses to avoid the extra cost that this can cause them. A ticket that initially was sold for $100 can be discounted even by 50% just to allow Ticketmaster to recover their production cost. The sale of tickets is a great activity that can generate millions of dollars in a single event like soccer, music concert, or any other program. But, to be successful in this business requires an understanding of the pros and cons that are involved in the sale of tickets. Most often, Ticketmaster takes an impossible risk by anticipating a population that may not be realistic. Imagine if you anticipated 500 people to attend your music concert and only 75 showed up. that’s the risk involved, once tickets have been printed, they have to be sold because each ticket printed is at a cost such that if they are not sold, you run the risk of operating at a loss.
A Ticketmaster has to employ different techniques to avoid making great losses. Some can either print less than the number expected, or when tickets are exhausted the company can print more. The method is often used if a company doesn’t intend to waste its resources by discounting tickets that would have been sold for the full amount stated. Another issue why tickets may not be sold will have to do with the cost, if tickets become expensive beyond what the average person can afford, they’ll like to remain unsold. Ticketmaster often takes into consideration the income levels of their expected clients, this can be done by segmenting the tickets according to income levels.
Just like you can have VIP, business class, and economy with most airlines, this makes it possible for clients to pay for what they can afford. In such a situation, there won’t be any wasted tickets for them to consider discounting. The best approach is certainly to avoid wasting resources by discounting unsold tickets. If people can pay for what they can afford, there will be no unsold tickets that will need discounting.