Hello,
Has anybody here done price elasticity analysis on theater tickets? How would you deal with different price types/members/seasons? Would it make sense to analyse each customer group separately?
What other data have you used? Weather, holidays, etc?
PS., I'm going to be at TLCC in Chicago this year so if anybody wants to meet up and have some discussions about practical data science in theater, let me know
Vilius, this sounds like a great topic for an Open Space Discussion at TLCC. Please consider adding it at our Setting the Agenda session on Sunday night!
Here are some pointers to some research in the area.
Measuring Seat Value in Stadiums and Theaters
This paper is related to your area or inquiry. However, I'm not clear that it exactly answers your question.
Pricing Theater Seats: The Value of Price Commitment and Monotone Discounting
In the museum world, we know that the weather has a direct and significant impact on so-called "walk-up" attendance. However, at this point, we have not done a pricing sensitivity/elasticity analysis.
Would love to get into a practical discussion at TLCC 2019 or on one of the biweekly analytic Coffee! meetings about how we might do this kind of thing at scale.