The Metropolitan Opera is using Broadway’s flexible ticket pricing as an analog for a new pricing strategy. The 2012-13 season features ticket prices as low as $20, a $5 decrease from the previous season. What does this mean? Increased availability to the public, and in turn, a desired increase in revenue for the Met. Yes, it’s true — 451 tickets will now be sold to the public at or below the cost of $25 per ticket. I believe that this article is relevant to this course because it supports the Economics data that was discussed in last week’s class. By offering these reduced tickets, the Met is capitalizing on a market that they may otherwise be unable to attract due to the exorbitant cost of tickets. The seating chart referenced in the article breaks down the sections of the performance venue and their applicable costs, showing us how the Met makes money in order to balance its $325 million operating budget. If travel should find you in NYC, make sure to check out this cultural gem by taking advantage of these affordable tickets.
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