The entertainment sector, which encloses an industry with vast boundaries, from amusement parks to live music, is one of those that have suffered the greatest losses and will have the most serious repercussions on employment. The health emergency, in fact, immediately shuttered the gates of theatres, museums, stadiums, concerts […] and left them closed for most of the time from March 9th to today. Suffice it to say that in Italy in the first half of 2020, according to SIAE (Italian Society of Authors and Publishers), admissions were reduced by 65% and consumer’s spending by 75% compared to the same period of last year.
Considering the different pieces of the supply chain, the one that we know better and in which we operate by serving our technology, is ticketing. In fact, our adventure began in 2016, with the Dynamitick brand with the goal of bringing dynamic pricing algorithms to ticketing. We have always seen in the ticket a tool that can offer great opportunities to the entertainment industry, while on the market we have often clashed with a diametrically opposed vision, where the management of ticketing is seen as a mere formality, if not as a real bureaucratic nuisance. On the contrary, the ticket, with its infinite potential in the collection of customer data, gold of this era, and its eternal romantic value, often kept as a memory of a special day, can become a vehicle for innovation.
Technological developments in this field have been known for some years, but are still far from being widespread practice, especially in Italy, where, unfortunately, the rule that requires the existence of “certified” ticketing companies has ended up concentrating this piece of the supply chain in the hands of a few companies. Companies that, unfortunately and surprisingly, are far from innovation technology…
Let’s take a look at 3 trends that, driven by the diffusion of artificial intelligence, could mark the future of ticketing in the coming years. 3 points that should be put on the agenda of the most popular platforms on the market, in order to be ready, when the Covid-19 allows it, to make this sector evolve definitively.
Fight against scalping – Blockchain as an antidote to web scalpers
We’ve been talking about it for a few years now, including white papers, startups that lasted few years and solutions developed by some large companies in the sector. Blockchain technology allows event organizers to track the ownership and price paid for an admission, tying it inextricably to the buyer’s identity. Such an advanced system can limit (if not avoid) the risk of ticket counterfeiting and ensure the integrity of the ticket through processes and verification tools that guarantee the authenticity and authorship of the ticket, thus allowing for precise and unambiguous identification of the holder.
Smart Ticket – NFC technology to make ticket alive
Through an NFC tag, it is possible, in fact, to amplify the experience of the spectator, before and after the event. With the tap of a smartphone on the ticket, it is possible to allow the customer to get in touch with exclusive content and follow up, in digital, the physical experience, lengthening the period of engagement and multiplying the opportunities for interaction with the spectator, as well as being able to profile him with his consent.
Dynamic Pricing – Real-time ticket price adjustment to maximize revenue
In this particular scenario, in which the entertainment industry has just put its darkest phase behind it and is still dealing with the consequences of the Covid-19 emergency, it is essential for market players to rethink their ticket pricing strategies in order to try to neutralize the losses of recent months and maximize revenues. Optimizing prices according to the new imposed capacities, being responsive to new consumer needs, understanding the factors that affect sales the most and identifying the right ticket value for each type of customer at different stages of sales supported by artificial intelligence is the key to improving profitability.