Marketing and branding agency SpotCo and independent analytics firm Tanna Inc. have teamed up to offer their expertise in attempts to optimize ticket sales, revenue, and inventory management for Broadway shows, Variety has learned.
Clients will have access to a tailored, personal tool-belt from SpotCo’s co-managing director Stephen Santore and Tanna Inc. founder and president Gregg Arst. The offering will take the pressure off producers and general managers bogged down with ticket pricing and filling seats. If Broadway big-wigs opt in to the services from SpotCo and Tanna Inc., they will be able to have a better understanding and reach of potential ticket buyers.
“We are working together to make this a more effective and validated and all encompassing service for the producers that SpotCo and Tanna can now offer,” Santore said. “It will be easier for producers to manage inventory and reach goals for revenue and ticket sales.”
The joint efforts include changes in ticket pricing which are then sent to landlords or a ticketing system. The partners, through data analytics and marketing resources, will be able to see not just who is buying tickets, but who actually enjoys the show. With this knowledge, they will be able to adjust prices and curate marketing messages effectively.
“Through our research efforts we now can say, ‘Here are the audiences that are loving your show and are most likely to promote positive word of mouth,'” Santore said. “We need to know what price points those audiences are interested in and what is going to move the needle for these audiences.”
He adds, “Some are price resistant, so there might be a more affordable ticket. There may be audiences who want the best seat in the house and are willing to pay top dollar.”
The new partnership will also offer a tailored sales and ticketing “playbook” to producers giving recommendations on how to optimize revenue, marketing, and inventory management. In today’s economy, Arst said buying tickets to shows has become more complex and it can be difficult to reach audiences in the right way. With SpotCo and Tanna’s partnership, they will use their resources to “expand profitability and maintain longevity.” Ultimately, the two want to see each show recoup and for producers to keep their shows open and thriving.
“It’s a full service approach to everything involving sales and ticketing. So, they can not only maximize revenue, but also meet their attendance goals as well,” Arst said.
Tanna’s current clients include “Dear Evan Hansen,” “Pretty Woman,” “Rock of Ages,” and “StubHub.” SpotCo aids “Tootsie,” “Kiss Me Kate,” “The Ferryman,” and “The Book of Mormon.”
(Pictured: Steven Santore and Gregg Arst)