Sports and concert event ticket pricing and visualization system
A system and method is presented for determining at what price and when to release so-called ‘flex’ price tickets during an on-sale using hazard functional analyses of sales velocity and sales/inquiry ratios. Exponential, power, and Weibull-gamma models are also used to predict demand, depending on what part of the on-sale is involved. Determining demand of seats from secondary markets is also described with methods to use the demand for either repricing the seats in the primary market or presenting ‘best value’ seats to a prospective purchaser. Demand can be interpolated or extrapolated to individual seats or rows.
1. A computerized method for displaying best valued tickets for seats to an event for sale in a secondary ticket market, the method comprising:
receiving a list of tickets and corresponding prices for sale on a secondary market, each ticket associated with a row;
grouping the tickets in the list by equivalent sections of seats to form a group;
generating, by a processor, a subset of tickets for display to the user by:
isolating and adding to the subset a first ticket associated with a lowest row of seats in the group and with a first price that is the lowest price in the lowest row in the group, and
for each row higher than the lowest row in the group, isolating and adding to the subset a second ticket associated with the lowest price for the row and also a price lower than a last price added to the subset, wherein isolating the first and second tickets includes excluding tickets in the group that are not isolated from the subset: and;
displaying to a user the generated subset of tickets.
2. The computerized method of claim 1 , further comprising calculating a price premium for each ticket in the group.
3. The computerized method of claim 2 , wherein the first ticket is associated with the lowest price premium in the lowest row.
4. The computerized method of claim 1 , wherein displaying to the user the subset of tickets includes displaying the tickets on a venue map for visualizing seating arrangements for each of the first and second tickets.
5. The computerized method of claim 4 , wherein the user can click on each of the first and second tickets in the venue map to access a webpage for purchase.