Strategic Pricing for the Arts
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With roughly half of all income for non-profit arts organizations in the United States coming from earned revenue rather than donations and state funding, the issue of pricing is paramount to success in the arts industry, yet pricing is not covered in any existing textbooks. How should prices differ between ordinary and premium seating? How much of a discount in admission should be offered through membership or season subscription? When does it make sense to partner with organizations to offer discounts?
Arts managers, whether working in the performing arts, museums or festivals, and whether in the commercial, non-profit, or state sector, need to make informed decisions on the prices they set. This accessible text provides the first concise, practical, non-technical guide for setting prices in the arts industry.
Offering a practical introduction to pricing, this book is perfectly suited to students studying arts management /administration as well as new managers working in the creative and cultural industries.
Table of Contents
1. Introduction 2. Preliminaries 3. Setting a Single Price 4. Segmenting the Market 5. Two-Part Pricing 6. Pricing Quality 7. Pricing Quantity 8. Tied Sales 9. Dynamic Pricing 10. Pricing for Mission
Michael Rushton is Professor and Director of Arts Administration Programs at Indiana University, USA
'This book is essential reading for anyone involved with Art’s Management. Michael Rushton provides the first comprehensive guide to setting prices in the Art’s markets - a toolkit of advice in understanding how to determine ticket prices, discounts, and concessions' - Rachel Pownall, Associate Professor, Tilburg University, The Netherlands
'With declining subscription rates and the growth of dynamic pricing in ticket sales, arts organizations’ leaders urgently need a clear and systematic approach to the art of price-setting. Rushton’s strategic guide is a superb and indispensable resource.' - Patricia Dewey, Associate Professor and Director, Arts and Administration Program, University of Oregon
'This comprehensive yet straightforward portrayal of options for maximizing revenue will allay any skeptic's concerns that strategic pricing is elitist or a threat to accessibility and patron relations. Implementing effective pricing techniques will increase engagement, participation and revenue. It is a practice long overdue across the arts sector.' - Dan J. Martin, Professor, Carnegie Mellon University, USA