Pricing the House
This week I attended the Ticketmaster Summit at Melbourne’s Meat Market, a fantastic event venue just north of the CBD. The summit was attended by over 400 people representing mainly venues and event promoters. Pricing the House the first panel session was moderated by Evelyn Richardson, Chief Executive, Live Performance Australia, the peak body for the live performance industry.
The Live Performance Australia 2015 Ticket Attendance and Revenue Survey reported that 18.38 million tickets were issued in 2015 representing $1.41bn in revenues. The average ticket price for live performance events was $87.29. The contemporary music sector holds 34% or the revenue share and musical theatre has 23.8%. Those sectors were well represented on the panel by Michael Coppel, Chairman Live Nation Australiasia, Jason Marriner CEO Marriner Group and Louise Withers, Director Louise Withers and Associates. Representing the Australian Football League was Gillon McLachlan CEO Australian Football League and Trevor Nisbett CEO West Coast Eagles Football Club and the only non Melbourne participant.
The session sought to undercover the biggest challenges currently facing event promoters in relation to pricing, comments about the resale market and thoughts around what the future of event pricing may look like over the next five years.