Revenue and attendance simultaneous optimization in performing arts organizations

Baldin, Andrea; Bille, Trine; Ellero, Andrea; Favaretto, Daniela

doi:10.1007/s10824-018-9323-7

Cited by 9 publications

(1 citation statement)

References 25 publications

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“…Pricing is one of the most challenging company's decisions, because of many variables and steps (Baldin, Bille, Ellero & Favaretto, 2018;Estelami, Estelami & Lichtmann, 2019;Laamanen, 2013) incorporated into the decision-making process in price management. The decision-making process in price management refers to a specific decisionmaking process within a company, which encompasses internal business data as well as external variables such as market share, demand, perceived value, customer decision-making process, brand image, or competition (Remeňová & Kintler, 2020).…”

Section: Theoretical Backgroundmentioning

confidence: 99%

Pricing strategy as a leading predictor of the profitability in creative industry companies

Remeňová,

Kmety-Barteková,

Majdúchová

et al. 2024

Strategic Management

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Background: Price setting is a determinant of a company's profitability especially in the sector of creative industry (CI) and is intensively discussed in academic and business area. Purpose: The aim of this research paper is to investigate whether a well-defined and successfully implemented pricing strategy can significantly affect the profitability of companies in the creative industry. Study design/methodology/approach: This study investigates the differences in interval variables, including financial indicators, number of price management techniques, and price management metrics, between companies that have implemented pricing strategies and those that have not. To assess this, a two-sample t-test was used to compare the variables between the two groups. Since the creative industry is highly heterogeneous, we have analyzed the profitability of creative sub-industries more in detail through ANOVA test. Findings/conclusions: As it turned out, the analyzed parameters do not differ significantly in their average values, except for the parameter "Gross margin", where a statistically significant difference in average values was confirmed. Based on the findings of studies conducted by other authors as well as our own analyses, we conclude that assessing CI's profitability relative to other industries is inappropriate and represents only a simplistic view of the industry's performance. It is important to observe the profitability in each subindustry of CI, because the nature of the product (output) is different in each segment of this industry. Limitations/future research: Despite the initial findings, it was recognized that the research was limited to a single country and a specific industry. To gain further insight into the pricing and profitability of companies in the creative sub-industries and cultural industry, subsequent research should be conducted. It would also be useful to link the topic of pricing and profitability with the theme of revenue models including pricing models, pricing metrics and payment systems.

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Section: Theoretical Backgroundmentioning

confidence: 99%

Pricing strategy as a leading predictor of the profitability in creative industry companies

Remeňová,

Kmety-Barteková,

Majdúchová

et al. 2024

Strategic Management

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The impact of social media activities on theater demand

et al. 2023

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It is well known how theatre performances, as experiential goods, are subject to the "nobody knows" property (Caves, 2000) which leads to uncertainty in theatre demand. As such, many studies on theatre demand have included subjective quality indicators, like professional reviews or friends and relatives' evaluations (word-of-mouth mechanisms), in order to correct a prior misspecification of the theatre demand equation. Following this stream of literature, this paper considers an emerging source of information, which is the electronic word of mouth provided by social media. Compared to conventional word of mouth mechanism, social media are endowed with desirable features that may reduce the uncertainty brought by the "nobody knows" property, as they propagate an enormous, enduring and in real time amount of information and opinions. This paper aims to test the potentiality of social media in understanding theatre demand. We do this by combining booking data for the period 2010-2016 from the sale system of the Royal Danish Theatre with volumetric data extracted by the official Facebook page of the theatre. In particular, we take into account the double role of the feedback provide by social media (in terms of likes and comments), looking at two perspectives. The

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Segmentation of theatre audiences: A latent class approach for combined data

Ozhegova

Ozhegov

2020

Journal of Choice Modelling

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Revenue and attendance simultaneous optimization in performing arts organizations

Cited by 9 publications

References 25 publications

Pricing strategy as a leading predictor of the profitability in creative industry companies

Pricing strategy as a leading predictor of the profitability in creative industry companies

The impact of social media activities on theater demand

Segmentation of theatre audiences: A latent class approach for combined data

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