Qcue, the dynamic pricing engine for live entertainment, today announced the San Diego Padres are the first team to dynamically price tickets using Paciolan’s new repricing tool, part of its core ticketing platform integrated with Qcue.
Dynamic pricing has quickly become an industry standard across Major League Baseball (MLB) with 50 percent of MLB teams implementing the practice. In 2011, Qcue saw clients increase individual ticket revenue by an average of 30 percent in high demand situations and 5-10 percent in low demand situations. Today, more than 95 percent of all dynamically priced baseball tickets are processed using Qcue software.
“Dynamic pricing allows us to provide discounted seats across the ballpark to fans who purchase in advance,” said Tom Garfinkel, president and COO of the San Diego Padres. “Ticket prices will normalize over time, but generally, fans who buy early will save. Working with Qcue, we’ve been able to take a broader view of our pricing strategy, applying insights that can benefit our fan base as well as the team.”
Through integration with Paciolan’s new repricing tool being beta tested by the Padres, Qcue’s dynamic pricing software will help the Padres adjust ticket costs higher or lower based on market demand and factors such as pitching matchups, the team’s performance, weather and potential milestones.
“We are very excited to help the Padres offer a wider variety of ticket prices by giving them the ability to adjust pricing based on a number of factors, and offer discounts to fans who buy early,” said Dave Butler, CEO of Paciolan. “Our powerful repricing tool enables teams and organizations to make pricing changes leading up to the game and also works seamlessly with sophisticated pricing partners, like Qcue, to better manage revenue opportunities.”
In related news, Qcue CEO Barry Kahn will join industry ticketing leaders today at PACnet, Paciolan’s annual community conference, to share dynamic pricing best practices in the session titled, Flex Your Revenue Management Muscles – Demand-Based Pricing & Scaling the House.
“Accurately pricing tickets is a difficult process, from the science of creating a pricing strategy to the technical hurdles of implementing it,” said Kahn. “With a single click, we can now automate sophisticated intelligence and time-consuming processes to help clubs focus on doing what they do best – entertain fans.”