Concerts and Ticket Gouging Strategy

When the marketing team of an artist comes together to strategize an upcoming concert, they have one thing in mind and that is to make the most money while spending the least.  Concerts have become the largest and most effective investment when it comes to record labels and the artist. Artists barely get any pay for the number of streams they receive, but when they go on tour then that’s when it gets serious. Now the real challenge is how the label is going to reach listeners to purchase those tickets as soon as possible. It is easier for an artist who has already made a name, but the independent artist that are just coming into the music scene have it a bit difficult. There are various different marketing strategies when it comes to ticket sales and how they’re going to make stadium sell out in seconds or maybe even pubs. For young artists in the industry, I recommend the Psychological Pricing Strategy. This strategy targets human psychology to boost your sales when it comes to concerts. When you start off not many people know who you are or are even going to bother watching your show, so that’s when this strategy comes into play. We price our tickets depending on how it will excite the audience to purchase. If it’s in a pub then artist connect their ticket sale with a free drink or a free food item, which is part of the strategy because we can all conclude that having a free item or something to reward us for attending the show is always exciting for people. Overall, this strategy involves the thinking process of people in order to psychologically manipulate people to purchase an item from concert tickets to merchandise. We have to guide buyers into purchasing the items, now the way we go about that is exactly what this marketing strategy encompasses.