It’s been a long time since we last posted something, so it seemed like a good time to check in with what’s happening in event ticketing this year and since we last posted (way back in 2020 by the looks of it – sorry about that!).
The past two years have been a tumultuous time for the event industry due to the COVID, and having partially bounced back from that, inflation has made it harder to afford to attend events.
Inflation and cost of living is now a serious concern to event organisers, with the following possible ramifications:
- Increased event costs
Inflation has led to an increase in the cost of materials and services needed to produce events. This includes everything from event spaces, audio-visual equipment, and catering to security, transportation, and staffing. As the costs of these services rise, event organizers have to adjust their budgets to ensure that their events remain profitable.
- Higher ticket prices
As event costs increase, ticket prices also tend to rise. This can make events more expensive for attendees, leading to a decrease in ticket sales or attendance. Event organizers have to be mindful of their pricing strategy to ensure that they are not pricing themselves out of the market.
- Shorter planning cycles
Inflation can lead to uncertainty in the market, making it difficult for event organizers to plan events in advance. In such situations, event organizers may have to shorten their planning cycles to avoid being affected by sudden price increases. This can lead to challenges in securing venues, vendors, and sponsors, and can also impact the quality of the event.
- Smaller events
Inflation can also lead to smaller events as event organizers may have to scale back on their plans due to budget constraints. This can lead to a decrease in the number of attendees and revenue generated. Smaller events may also have less variety and entertainment options, making them less attractive to attendees.
- Increased competition
As event costs rise, event organizers may have to compete with each other to secure venues, vendors, and sponsors. This can lead to increased competition in the market, making it more difficult for smaller event organizers to compete with larger, more established players.
In response to these pressures, we’ve been working on a way to help pay event organisers faster through direct account connection.
What else are we seeing in events? Although hybrid events were tipped to be huge this year, we’ve not seen many of them on Ticketlab – the traditional events have gone back to what they do best: providing amazing in-person experiences, while online events that took off during the pandemic have continued to stick around, especially when the organisers can reach a wider audience in that way.
As ever, the industry is plagued with stories of the big ticketing companies charging excessive fees (recently Ticketmaster was caught charging double the face value in fees, taking more than the band The Cure at some US venues) or implementing new ways to extract money from customers via surge pricing where they can charge tout prices without having to involve touts!
Through this we’ve kept our booking fees level, despite increases in processor fees.
We’re working on a few new features at the moment including Waiting Lists and ways for event organisers to take more control of refunds (when they’re unavoidable). We’ll hopefully post again before another 2-and-a-bit years pass!