WWE Follows UFC’s Path: Ticket Pricing Overhaul in the Offing
WWE is beginning to modify its ticketing system, mirroring UFC’s successful strategic approach which is proving to be fruitful. In upcoming events, spectators might not experience a reduction in ticket costs, as inferred from a recent comment by a high-ranking official from TKO. The company’s COO took to the stage at a widely recognized conference, shedding light on the issue of ticket pricing in WWE and UFC.
He candidly asserted that, in comparison to UFC, WWE has some improvements to implement in context to ticket yield. The term ticket yield is an industry jargon for yield management, which is essentially a fatalistic pricing structure. This unique pricing methodology aids in augmenting the profit of diverse sectors such as live performance industries and airlines.
The executive declared that, looking at the current situation, there still remains some ground to be covered from the WWE perspective. Additionally, he cast light on how the old pricing paradigm was majorly structured, to accommodate family budgets. Currently, the focal point for TKO is the implementation of the UFC blueprint onto the WWE, and the reaping of its subsequent benefits.
An interesting shift has been witnessed within WWE. Earlier, WWE did not capitalize fully on its event revenue possibilities to the best of its abilities. However, a paradigm shift occurred when TKO got an insight into the UFC functioning, thereby initiating and incorporating similar practices in regard to ticket yields. The result is quite positive and encouraging.
Reflecting on prior events, the executive noted that WWE could anticipate ‘significant gains’ in increasing ticket prices, subsequently simplifying the annual event lineup. A conversation formed a peculiar foundation when the executive indirectly acknowledged a ‘fan’s’ feedback about high ticket fares. The individual, who characterized WWE’s ticket pricing as a little odd, initiated an intriguing dialogue.
Initially, their comment’s subtext seemingly gave the impression that WWE’s tickets were undervalued. However, the fan quickly addressed the ambiguity, and clarified unequivocally, revealing the actual intention. According to his interpretation, the ticket prices were not too low, but rather disproportionately high.