NAIOP’s Post

We've been seeing restaurants and bars boost their revenue per sq foot with select games and entertainment devices - these games entertain their customers so the customers stay longer and spend more on food and drink. But the right games can not only entertain customers and increase sales, but create new stream of profit for the restaurant. 🕹 Here's a few types of games that we have seen our customers use profitably: 🎙 Jukeboxes: While jukeboxes offer guests control over their music experience, establishments can also charge a fee per song or per play. Encouraging guests to use the jukebox by advertising it as a part of the entertainment can increase revenue from song selections. We help our customers leverage wall-mount jukeboxes so no square footage is used. ⛳ Golf Games: These attractions can generate revenue through hourly charges, or game packages. Customers love these games and they don't require much space. 🐻 Claw Machines: By charging for attempts to win prizes in claw machines, establishments can create an additional revenue stream. Ensuring attractive and varied prizes can encourage repeat attempts. You can also offer claw machines that allow the customer to win a prize every time. 🎰 Skill-Based Games: Legal skill-based games can provide your customers an opportunity to win cash based on their game skills. These games can also generate up to $20,000 of profit per month, per location. 🎉 Here are some ways to use games drive revenue in your establishment: 🍹 Tie games to food and drink specials. For instance, offer discounted appetizers or a special cocktail for participants in game events. 🍔 Games promote social interaction among guests, leading to larger group gatherings. This often results in higher food and drink orders as people enjoy their time together. 🍺 Happy Hour Extensions: Link game participation to extended happy hours or specific discounts on drinks or meals. This incentivizes guests to indulge in games while enjoying discounted offerings. By diversifying the gaming options and smartly integrating them into the business model, bars and restaurants can not only create additional revenue streams but also leverage these games to enhance the overall guest experience. Want to learn more? Visit our website below:

One more time communication plays a crucial role when setting up #Dynamic #pricing. Transparency and a balance between pure price efficiency and a brand’s mystique and image must be considered together when using this price model, as the case of the #Oasis concert shows 🎸 For instance, Ticketmaster could have rewarded the fans with access to pre-sale tickets that they may not be resold (by having their name on it) and charge premium for first day of selling premium seats (keenest customers/resellers) and adjusting them real-time by demand. Then, communicating that prices will fall for less premium seats on the second day, and ending up closing the sales with some extra first day tickets through sponsors campaigns. If Ticketmaster could have communicated all this strategy before selling the tickets, they could have benefit in revenue and brand reputation through this pricing approach, while allowing customers to plan their budgets and rewarding fans in the process. https://lnkd.in/ef24ey3J

It’s not often you see the general public pumped for a lawsuit. But when the Federal Trade Commission announced it was going after Live Nation and Ticketmaster for antitrust violations, you could hear the cheers echoing across social media. There’s a pretty clear reason why people are excited about this action that would otherwise likely happen without any fanfare: just about everyone is frustrated with the ticket-purchasing industry. There is next to no way to avoid frustration with some aspects of purchasing tickets. We’ve been seeing more and more scrutiny placed upon the sports and entertainment business in recent years. From the lawsuit that changed NIL rules for college athletes to the pause placed on the PGA and LIV Golf merger, there is a magnifying glass being placed on these industries. Frankly, some of it is much overdue. If you’ve worked in this space, you’ve run into challenges that likely stem from consolidation that has crushed competition. We’ve seen companies try to gobble up as many pieces of the industry as possible. It seems like it’s just a matter of time before they face scrutiny. We can only wonder who is next. #community #sportsbusiness #entertainment

In the pricing community, dynamic pricing is often believed to the ultimate goal of pricing for profit and max sales volume. I completely disagree for the simple reason that is alienates customers, make the buying process much cumbersome and longer. Yesterday I used the example of how Oasis managed to screw their fan with the help of monopolists Ticketmaster. Here is more on the same story. Is this the future we want for grocery shopping? https://lnkd.in/gjbCs8fb

When I look at the feedback we get on our events, the common theme is transformation. If you know you must approach marketing differently, this is a great place to start. Knowledge and inspiration come from coaches and attendees.

Yesterday, the United States Attorney General, Merrick Garland, announced a lawsuit against Live Nation, who own Ticketmaster, the biggest online events ticket retailer in the world. Ticketmaster merged with Live Nation in 2010, and since then, has been accused of monopolistic practices. This lawsuit will look to undo that merger, and it has the potential to do so, as 29 states have joined the federal lawsuit in a broad coalition. The sight of monopolies is quite familiar here in Canada. We have de facto monopolies in grocery stores, where 3 major corporations control more than half of grocery retail; we have 2 major airlines that control more than half of passenger traffic in the country; we have 3 or 4 telecoms corporations that control cell phone services. Canada should follow the United States lead, and challenge the control these monopolies have over strategic industries and services, and advocate for more competition, which eventually can lead to lower prices and fees for all Canadians, through a combination of stronger laws and regulations, and improved regulatory oversight given to Canada's Competition Bureau.

Cineplex has always charged $1.50 for online ticket booking. This dollar $1.50 is likely 100% pure margin as the infrastructure for ticketing already exists. There is likely very little cost if any that’s incremental in online booking. Adding fees has been a great margin enhancement move always for a lot of companies especially in the ticketing industry. But now with drip pricing rules getting enforced there is a lot of push for drip pricing removal. Drip pricing is the practice of adding fees after the fact while presenting a low price upfront. Lot of govt are enacting rules to remove these fees now. What do you think happens now ? Do you think the pricing for movie tickets will go up or do you think the drip feed goes away without a price change ? Raising prices to cover fee isn’t the easiest in the face of visibility that this issue is getting. Not raising prices means a huge margin hit. What’s your advice for the pricing and revenue management people in this situation ? ————————— I'm Karan, and I write. about #pricing, #discounting and had #sales enablement. Click follow to join 8000 other professions that get updates once daily. Repost this if you find this useful.

- The Live Nation DOJ lawsuit is about politics -- not concentration of market power. Ticketmaster has less market share now than they did in 2010 when DOJ approved the merger. - A forced breakup will do absolutely nothing to lower prices or fees for fans. - Artists and their teams set prices. Venues set fees. Say that out loud with me. - Europe regulates the secondary ticketing market. Guess what? Ticket prices are a lot lower there. - Want to do something good for fans? Regulate the secondary ticketing market in the US. https://lnkd.in/eXPkTDpy

The Department of Justice's lawsuit against Ticketmaster for alleged antitrust violations is expected to bring positive changes to the live event industry, benefiting consumers in the long run. This legal action follows years of consumer dissatisfaction with various ticket marketplaces, not just limited to Ticketmaster. We have lead with credibility and transparency, with no transaction fees and upfront all-in pricing, it's who Sports Illustrated has been for 70+ years. There is progress being made with the House of Representatives passing #junkfee legislation which is now in the Senate for review. The DOJ, Congress and Biden Administration are committed to creating a competitive transparent ticketing market and it can't happen fast enough. #DOJ #Ticketmaster #Antitrust #ConsumerRights #EntertainmentIndustry

*Breaking News* The Justice Department is expected to file a lawsuit against Live Nation later today because of Ticketmaster’s monopolistic and unfair business practices. My own experience with Ticketmaster was a big motivation behind wanting to start Velocity Access. Their fees are predatory (average of 32% tacked onto the ticket price), and they try and hit you in all sides. They can do this because they lock down all aspects of the transaction by bribing and forcing institutions to use their tech throughout the entire ticketing process. For example, they’ll show up to an NBA team and offer them a few million dollars to entice them to sign a 5 year contract. Sales reps: what if you had millions of dollars to pay your clients to sign with you?? They do this because they then are able to set whatever fees they want and all of those fees end up getting passed on to the customer. They’ll charge you at the initial ticket sale, and then they’ll get you again on a secondary sale. They also unfairly buy out high profile events with their own bots and then relist the tickets for prices at 2-10x the original price, and then they also add on their 32% fee on that secondary ticket. They are as dishonest an organization as they come, and customers are fed up with them. I believe the end consumer should come first when considering ticketing solutions like this. We’re doing everything we can to improve the ticketing game over here at Velocity Access, and I look forward to sharing more as this story develops. Article in first comment. #digitalticketing #ticketing #liveevents #eventtech