Every week, TicketForce brings you news on one of four industries: racing, sports, theatre, or music. This week’s #TheatreWrap discusses how Disney’s Broadway show, The Lion King, made it to the top in ticket sales this past year.
The Lion King opened on Broadway in 1997 and has since then been awarded a handfulf of Tony Award – six to be exact! In 2013, the show was the top grossing Broadway production for the first time since 2003, beating out “Wicked,” the previous No. 1 show. While The Lion King is making moves in the theatre world, it has had its fair share of struggles in the past including inconsistent ticket sales, especially around the recession.
You may be wondering what Disney’s secret to ticket success may be, and rest assured it has nothing to do with added performances. Disney Theatrical Productions took a more scientific route, creating and perfecting an algorithm for ticket prices based on demand and purchasing behaviors. The algorithm suggests prices for the variety of performance periods Broadway productions face including both the busy holiday seasons, and slower off-times. Because of the foundation of this ticketing algorithm, tickets may be more or less at any given time.
Although they are constantly changing, Disney caps ticket prices for this show at $227, half as much as other Broadway productions and an unusual decision in this industry. Even so, consumer demand for the show has increased since its shift to this dynamic pricing model in 2010. This shift away from traditional pricing in conjunction with more advertising has also aided in an increase in gross sales for The Lion King, which is now around $1.5 million per week.
What do you think about Disney’s pricing strategy for The Lion King? Let us know by sending a tweet to @ticketforce.