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Movie theater giant Cinemark is testing the use of data and analytics to develop new ways of handling ticket prices. “We do believe that there’s an opportunity on the pricing side.
Price optimization utilizes data analysis to predict the behavior of potential buyers to different prices of a product or service. Depending on the type of methodology being implemented, the analysis may leverage survey data (e.g. such as in a conjoint pricing analysis [7]) or raw data (e.g. such as in a behavioral analysis leveraging 'big data' [8] [9]).
The relatively strong uniformity of movie ticket prices, particularly in the U.S., is a common economics puzzle, because conventional supply and demand theory would suggest higher prices for more popular and more expensive movies, and lower prices for an unpopular "bomb" or for a documentary with less audience appeal. [81]
The average ticket price (ATP) is the average cost to purchase a film ticket at the box office in any given year. According to the UNESCO Institute for Statistics , the ATP is "calculated as the total revenues generated from tickets sales divided by the number of feature film tickets sold during the year of reference."
A dynamic pricing tool can make it easier to update prices, but will not make the updates often if the user doesn't account for external information like competitor market prices. Due to its simplicity, this is the most widely used method of pricing with around 74% of companies in the United States employing this dynamic pricing strategy. [6]
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