Six Signs You Should Increase Ticket Prices

If every performance is a standing-room-only affair, then you’re already in a great position to increase ticket prices. High demand drives urgency, meaning your audience is willing to pay more, and it’s unlikely that a slight fee increase will deter them from purchasing tickets.

Real World Example:

A community theater in Oregon sold out its summer musical performances year after year. They increased ticket prices by a mere $2 per ticket to cover rising production costs, resulting in $400 in additional funds per show. This small price increase allowed them to cover rising costs without losing a single ticket sale.

Perhaps you’ve recently upgraded your sound system, splurged on professional-grade lighting that’s been on your wishlist for ages, or hired technicians who don’t still need their parents to drop them off – IYKYK. In short, any costs associated with upgrades to your venue or theater that enhance the audience experience, can be passed on to you patrons through increased ticket prices. Your patrons are getting a better experience, and your ticket prices should reflect that.

Real World Example:

A high school in Illinois spent thousands upgrading its sound and lighting systems for its spring musical. To help offset the cost, they increased ticket prices by 15%. While some department leaders were concerned this price increase would decrease overall sales, patrons loved the improved production value and didn’t mind paying a bit extra for the better show. In fact, the feedback shared was that many audience members stated they appreciated seeing and hearing the show better with the new systems!

If you want to encourage early sales and lock in some revenue before the house lights dim, consider raising prices as the show date approaches. This strategy rewards early bird patrons with lower prices while letting last-minute buyers know they’ll pay a premium for procrastinating.

Here’s How It Works:

• Early Bird Pricing: Offer discounted tickets for people who purchase tickets well in advance. This helps secure early revenue and motivates people to grab their seats before prices go up.
• Day-of-Show Pricing: Raise prices by $3-$5 on the day of the event to take advantage of last-minute buyers. They’ll pay more, and you’ll pocket the difference. Plus, as an added perk and improved audience experience, your box office team will appreciate shorter lines before show time!

Real World Example:

A Florida music venue raised ticket prices by $5 on the day of the show. This move encouraged early purchases and increased overall revenue, with last-minute buyers happily paying the extra fee to snag remaining seats. Also, word of mouth advertised a “deal” by buying early, automatically generating free publicity for the event because after all, who doesn’t love a deal?!

Still on the fence about raising ticket prices? Give ticket buyers more bang for their buck by including extra perks that are cost friendly to your venue, while elevating the experience for your patrons! Whether it’s better seating, free choice at the concession stand, or VIP perks like backstage access or meet and greets with performers, adding value helps justify the higher ticket price in the minds of your patrons.

Real World Example:

A community theater in Colorado raised ticket prices by 10%, but they also introduced VIP seating options with early entry, extra legroom, and post-show photos with cast members. These VIP packages sold out quickly, and patrons didn’t mind paying more for the added perks.

If there’s one thing patrons hate more than ticket price hikes, it’s processing fees. Nobody wants to see an extra $4 tacked on at checkout – because what do those fees really cover anyway?!. To smooth over the price increase, consider absorbing those fees into the ticket price.

Real World Example:

A regional theater in Michigan slightly increased ticket prices to cover processing fees, so patrons only saw a single “all-in” price when they checked out. The theater received fewer complaints, and patrons appreciated knowing that more of their money was supporting the venue, instead of a ticket processor. As for that theater, it made significantly more on its ticket and pass sales!

Are you wanting to get more people to commit to a season or flex pass? Offer loyalty perks like early access to tickets, discounts at the concession stand, or even waived fees! This way, patrons feel like they’re getting a deal even as ticket prices rise.

Real World Example:

A Texas orchestra offered season pass holders early access to tickets and waived the processing fees. They also introduced a loyalty perk where members earned points toward free concessions. Despite regular ticket prices increasing, season pass sales surged thanks to the added value!

We get it: increasing ticket prices is never a joy ride, but it’s often necessary to keep your theater or venue thriving. With the right timing, communication, and added perks, you can adjust your prices while maintaining your patron’s trust and excitement. And remember, it’s not just about bringing in more money—it’s about enhancing your patrons’ experience while providing much-needed revenue for your art.

So don’t be afraid to take the plunge when it comes to increasing ticket prices! Think creatively, and give your audience something to cheer about as they pay a little extra. They’ll thank you for it when the curtains rise on your best show yet.

Ludus simplifies event ticketing and delights patrons. Our all-in-one suite of event management solutions has you covered from ticket sales to final curtain and everything in between. Thousands of organizations from K-12 schools to professional theaters to dance studios across the country have trusted Ludus to power their ticketing, marketing, fundraising, and registration needs for nearly a decade. For Ludus, we believe in bringing people together through shared experiences. Contact us today or book a demo to find out how Ludus can make your next event a success.