Ok, you knew that already.
But here’s something you may not have known . . . They’ve always been expensive.
Hal Prince once gave a speech where he confirmed my theory that people have been complaining about theater prices since The Black Crook opened.
Yet one of the most common complaints I still hear at meetings regarding the problems of Broadway and the theater in general is that tickets are too expensive and if we could only fix that, the theater would be restored to its past glory!
Sorry, not gonna happen.
As Hal insinuated, it’s time we acknowledge that theater tickets are expensive and get over it, because it’s not gonna change.
Theater tickets are a high priced commodity. They are a luxury good. But are they too expensive?
Let’s compare Broadway theater tickets to other live entertainment options:
- A recent scan of the web found me a pair of Bon Jovi tickets for a top price of $129.50 in Wisconsin (something tells me people in Milwaukee may earn less than people in New York City so $129.50 might feel like a heck of a lot more to them).
- The Yankees offer a bunch of different ticket options, including SEVEN price levels at $100 or higher (up to $400).
- Top price for Ka in Las Vegas? $169.50.
- Disney World? $71.
Our ticket prices are not out of line. They are even cheap by some comparisons (something tells me those $400 Yankees tickets will go faster than premiums to A Catered Affair). And most Producers (as they should) have a small allocation of much lower priced seats to offer those who can’t afford the high priced options (lotteries, rush, etc.)
People will pay the $125, $250 or sometimes even $500 for the
right ticket to the right show, which demonstrates that people are not
They are value resistant.
We need to stop worrying about how to decrease prices and start worrying about how to increase value.
Your customers will pay top dollar plus for an experience that they believe is worth it. Your job is to make the value of your ticket seem even higher than the price your customer is paying so it seems like they got a bargain.
Oh and to all the people that say we need to cut the price of the ticket to
save the American theater, I point to all of the shows that have
discounted tickets down to the $20s and $30s to “save their show” only
to still see them close (there is no value in a crappy show).
And, vice-versa, every time I’ve raised prices on a Broadway or Off-Broadway show, attendance never drops.
The day of the $1,000 theater ticket will be here some day, and as depressing as that sounds, don’t worry. It’ll still be less than what a lot of people pay for tickets to the Super Bowl or The Kentucky Derby.