Paycheck to Paycheck
Will the tickets sell?
I ask myself that question anytime I look at a prospective show to buy tickets for. The initial answer is, yes, if you picked a good artist matched with a good venue, why wouldn’t they? Well, any good ticket broker knows it is not that simple.
This is at its core a TWO part question. When one asks “Will the tickets sell?” they are also asking “When will the tickets sell?” Time is money and money buys time. Both are valuable resources that if used strategically, have huge payoffs.
TicketFlipping started collecting ticket sales data over the past few months (Aug-Oct 2017) and has found an interesting correlation between ticket sales and bi-weekly pay periods.
More tickets are bought at the first and the middle of the month. People on a bi-weekly schedule, getting paid every other week, typically receive their paychecks on the first and middle of each month. They have been thinking about the show, it is just convenient to buy the ticket once they receive that fresh paycheck.
We see this phenomenon with countless shows, and from what our data communicates, this trend is to be expected. We have included an example of BOO! at Dallas:
As you can 67 Tickets sold just within those 2 full Days. That means about 33 Tickets per day, which is much higher than the average of 5-15 Tickets per day when the event is still about 10 Days away.
This is just one example but in other larger events, especially closer to the event date, pay-periods can have a much larger impact on sales volume.
Economically, in reselling your tickets or even buying tickets, keep in mind that people generally buy more tickets during the first and middle of the month. Also, a popular time to buy tickets outside of this pattern is within a week of the actual showing. So, if you are following this bi-weekly principle and tickets do not sell as expected, all is not lost, many of the tickets won’t be sold until a week out, all the way up till a few hours before the show.
You can apply this information to help you sell more tickets at higher volumes immediately following pay-periods (15th, or 30th of the month) by dropping your prices to the lowest on the market those days.
This is of course is also dependent on the day of the event, which trumps all other influences.
Try it out and good luck!