Ticket Pricing in Finnish Music Festivals
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School of Business |
Bachelor's thesis
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Authors
Date
2024
Department
Major/Subject
Mcode
Degree programme
Tieto- ja palvelujohtaminen
Language
en
Pages
21 + 6
Series
Abstract
Ticket pricing has been studied in numerous different applications from the airline industry to sporting events. This thesis aims to do so in the context of Finnish music festivals. The economics of music festivals are firstly examined to give the reader a better understanding of the state of the industry. The market for festivals is highly competitive and on the brink of saturation, which makes ticket pricing decisions more important than ever for festival organizers. The ticket pricing strategies used by Finnish music festivals are first examined through existing literature, diving deeper into multi-tier ticket pricing and dynamic ticket pricing. The thesis also includes interviews with industry experts to gain insights into the empirical side of how tickets are priced and the reasons behind them. The findings from these interviews provide a comprehensive understanding of the current practices and future trends in festival ticket pricing. The main findings of this thesis are that, for a multiple of reasons ranging from brand protection to marketing practices, Finnish music festival tickets are sub-optimally priced. The reasons for sub-optimal pricing are valid in the current market, which is underdeveloped compared to e.g. the United States. The ticket market in Finland is expected to further develop in the future, with no significant barriers in its way.Description
Thesis advisor
Seppälä, TomiKeywords
ticket pricing, dynamic pricing, music festivals, price discrimination