Event Ticket Pricing Packages and Its Benefit in Nigeria

05/07/2018

In Nigeria, event attendees are not bothered about how much money it cost for you to do the event or how much profit it would bring to you. They are only concerned about how much the event ticket pricing packages are. Prices vary for an event in entertainment industries within Music Concerts, Comedy Shows, Arts or Theatre Play etc because of so many factors. The ticket pricing in this article will be restricted to ticket pricing packages observed in ticket markets within the entertainment industries which covers: music concerts, comedy shows, arts or theatre play. Some of the observation may be applied to movie theatres

What are the major factors that determine the price of an event’s ticket? 

Before you can determine the event ticket pricing packages for your event in Nigeria, you need to itemise the cost of venues, logistics, seat location, complementary packages and so on. The cost ration should be divided into fixed and variable costs.

 

The fixed cost is a cost that is generally out of the event organisers control and remains constant. This includes the cost of renting the venue, sound and light equipment, venue decoration, guest speakers etc.

 

The Variable cost is a cost which is directly proportional to the size of the event. This cost includes the number of personnel that will work at the event. The larger the crowd, the more personnel: like security, ushers will be required.

 

Once the total cost for the event is identified, it should be matched with the value that the attendee of the event would get. Then the cost of one admission ticket should be the total cost of the event, divided by the number of attendees. (One Admission Cost =Total Event Cost /Attendees)

 

The event ticket packages can be categorised into different groups which attract different ticket values. The most common group is set to lower initial ticket price which is termed “early bird tickets”. Tickets within this category are sometimes offered an advance purchase discount to attract people to commit to the event. The ripple effect of this is that it encourages others that have not gotten a ticket to want to buy the tickets.

 

Premium (VIP or VVIP) ticket package is target toward the people who can commit more money to get the comfort and extra value. This may include parallel access to the artist and VIP lounge or Greenroom, special entry point, serve drinks, proximity to stage and backstage etc. In a venue like Eko Hotel and Suites, the more expensive seats do not only offer a better view but are also more comfortable and are located at the centre close to the stage and with more lavishly decorated sections.

 

Inside Eko Hotel before an event starts

 

The overall success of any event within the entertainment industries depends on the symbiotic relationship among the promoters, performers, agents, venues and ticket agencies.  In general, not all tickets are sold to the general public since some of these tickets, usually those for the best seat are withheld depending on the nature of the event. These tickets may go to the fans club, record company, the manager and the agent, the news media, venue operators, performers or the show sponsor. The rest of the tickets that are not withheld are sold through an online registration service like Allevents.ng because they can reach a larger audience more efficiently and provide convenience to the consumer through their services in Nigeria.

 

The entertainment industries are media oriented with the fair amount of exposure to the press both on-air (through radio giggle or advert), online (through blogs, social media, Vlogs) offline (through newspapers articles, Magazine, billboards and freelance marketing). However, impressive consumer turn-out at a show does not depend on the media exposure alone but on some other factors like the quality performance of previous shows by the organiser and the brands associated with the event. A unique case study in this is the AY Show, Alibaba Show, Basketmouth show, all these are within the comedy related shows in Nigeria and they are all big and trusted brands because they always deliver and have trusted consumers for their events. The loyalties of the followers to these big brands cannot be ignored through their network and social media handle

 

Ticket pricing strategies in Nigeria seem very homogenous in the most online platform which leaves limited room for competitive pricing. The early bird ticket pricing strategy, which is given at a cheaper rate to consumers in other western countries (USA, Europe) in order to secure the first group of attendee is hardly practised in Nigeria. Tickets in this category may be offered at 50% of face value of the ticket price (i.e ₦1000 instead of ₦2000) for a limited period of time. Also, the Timed batch ticket pricing package is hardly practised in Nigeria where tickets to events are created based on specific dates with different tier admission tied to the dates in order to create urgency for the consumer to buy before it is too late. For example

  • Ticket Tier Sale 1: ₦1000 tickets available between 1st May to 30th May
  • Ticket Tier Sale 2: ₦1500 tickets available between 1st June to 30th June
  • Ticket Tier Sale 3: ₦2000 tickets available between 1st July to 30th July
  • Ticket Tier Sale 4: ₦2500 tickets available between 1st August to 15th August

These methods and strategies of tickets sales strategies may not work because of a lot of factors (culture, religion, economic) which makes the Nigerian market very unique. However, social dimension helps other forms of ticket strategies to work better in Nigeria which has been around for a long time and have a lot of effect on General tiered ticket price and the Premium (VIP, VVIP) tiered ticket option.

A sample of event ticket pricing packages

  • Ticket package 1: ₦2500    (General, 1 person)
  • Ticket package 2: ₦5000    (General, Good view position, 1 person)
  • Ticket package 3: ₦10000   (VIP, Front row, Good view position, 1 person)
  • Ticket package 4: ₦30000   (VVIP, Centre row, Good view position, Backstage access, 1 person)
  • Ticket package 5: ₦100000  (VVIP, Centre row, Good view position, All access, Table with drinks for 6 people)

Most promoters sort the tickets prices on the seat position. This depends on the distance of the seat to the performance and the visibility. In some cases, the general tickets allow the consumers who are far away but could barely see the performance to experience it on a large screen provided within the event venue.

Events ticket promotional and discount codes are just getting prominence among some few ticket platforms in Nigeria (allevents.ng) and more people are embracing it, however, there is more to be done to increase this type of ticket strategy to the consumer.

In conclusion, having effective ticket pricing packages that consider the unique factors that affect the entertainment industries in Nigeria in place and work with a team that syncs together before, during and after the event while putting in place valuable experience for the attendees will enable the success of an event. 

For more resource on Events Ticket Pricing:

For any additional information kindly write to us info@allevents.ng

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