Live Experience Data: From Insights to Audience Impact

Overview:

Gatemaster Technology CEO Sondra Shannon recently hosted an insightful episode of the  “Live with Sandre Show” with special guest Cody Lassen, Tony Award-winning Producer, to  master customer data, ticketing, and scale your projects for truly unforgettable live  experiences.

Insights from This Live

• Broadway is a Multi-Billion-Dollar Industry:
  Cody Lassen revealed that Broadway is a $4 billion-a-year industry, and this figure doesn’t even account for the significant economic impact of non-profit and regional theaters. He explained a 10x economic multiplier in New York, where every $100 spent on a ticket generates $1,000 in ancillary spending on things like restaurants and hotels.
• The Struggle for Customer Data:
  A major challenge for Broadway producers is their lack of access to customer data. Cody explained that ticketing providers retain this crucial information, forcing producers to rely on creative workarounds like QR codes to build their own audience lists and learn about their customers.
• Revenue Per Available Seat Hour (RevPASH) is Key:
  Instead of focusing on average ticket price, Cody’s primary KPI is RevPASH. This metric is a more accurate measure of a show’s financial health because it combines both average ticket price and seating capacity, providing a clearer picture of profitability than a high price with an empty theater.
• Dynamic Pricing for Everyone:
  Cody advocated for dynamic pricing as a strategy that benefits both the producer and the consumer. By adjusting ticket prices based on demand, a show can maximize revenue from high-demand performances while also making tickets more affordable for last-minute buyers, ultimately ensuring seats are filled and revenue is generated.
• Enhancing the Guest Experience:
  The discussion also covered how to improve the guest experience. Cody talked about “dressing the house”, where people are moved to create the illusion of a full theater. He also emphasized the importance of a guest-centric culture, where operators treat their own businesses like “secret shoppers” to find and fix any pain points.

5 Notable Quotes

• “I’ve read magazine and newspaper articles showing that kids who are exposed to music, for instance, do better in math and science. And that seeing theater—there’s been studies done over generations that [show it] makes you a more empathetic person.”
  – Cody Lassen
• “I always tell people, listen, if [a very high average ticket price is] your measure of success, I can find one sucker to buy a $5,000 ticket, and your average ticket price will shoot through the roof, but you’ll still have a half empty theater.”
  – Cody Lassen
• “I would always prefer to put a show in a theater that’s slightly too small… just to build up that artificial demand.”
  – Cody Lassen
• “Go to your competitors. What are they doing that you could learn from? What are they doing that you shouldn’t be doing?”
  – Cody Lassen
• “I think a lot of people wrongly or naively assume, if you just build a good thing, people will come. Well, that doesn’t always happen. The hard work starts after you’ve built the thing.”
  – Cody Lassen

Cody Lassen’s Preferences and Technology

Cody Lassen shared his perspective on technology in live entertainment. He explained that he prefers a system that allows him to treat every individual seat as its own pricing zone.  This level of granular control enables him to use a heat map to respond to real-time demand, adjusting prices up or down to maximize revenue and fill every available seat.

Sondra’s Perspective

Sondra Shannon brought her vast experience in ticketing to the conversation, highlighting the importance of operator access to guest data. She emphasized that Gatemaster’s platform provides customers with this crucial data, empowering them to understand their audience and create more targeted marketing strategies.

Improving Guest Experience

Both Sondra and Cody stressed that the guest experience begins long before a ticket is scanned. From the initial moment a guest navigates to the venue to the final exit, every interaction is an opportunity to create a memorable experience. They urged operators to embrace a guest-centric culture and continuously evaluate their operations from the customer’s point of view to ensure a seamless journey.

Connecting with the Speakers

We hope you enjoyed this insightful recap! For more deep dives into live experiences, data,  and the attractions industry, be sure to connect with our speakers: 
Connect with them on LinkedIn!