Revenue implications of celebrities on Broadway theatre

Live entertainment revenue management practices depend upon understanding the most salient drivers of shifts in demand. Motivated by the increasing usage of dynamic pricing on Broadway, we explore factors that impact revenue in live theatre. Based on a fixed effects model and a novel dataset of reve...

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Detalles Bibliográficos
Autores principales: Maclean, Kyle D. S., Ødegaard, Fredrik
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Palgrave Macmillan UK 2022
Materias:
Research Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9204377/
http://dx.doi.org/10.1057/s41272-022-00392-9
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author Maclean, Kyle D. S.
Ødegaard, Fredrik
author_facet Maclean, Kyle D. S.
Ødegaard, Fredrik
author_sort Maclean, Kyle D. S.
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description Live entertainment revenue management practices depend upon understanding the most salient drivers of shifts in demand. Motivated by the increasing usage of dynamic pricing on Broadway, we explore factors that impact revenue in live theatre. Based on a fixed effects model and a novel dataset of revenues and actor usage, we estimate the revenue impact that celebrity actors have on Broadway shows. We find that weeks that have a celebrity are associated with an increase in revenue of approximately $250 k. The two major acting awards—Tony and Academy (the Oscars)—were found to have a non-significant impact on weekly revenue. We discuss implications on Revenue Management practices.
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spelling pubmed-92043772022-06-17 Revenue implications of celebrities on Broadway theatre Maclean, Kyle D. S. Ødegaard, Fredrik J Revenue Pricing Manag Research Article Live entertainment revenue management practices depend upon understanding the most salient drivers of shifts in demand. Motivated by the increasing usage of dynamic pricing on Broadway, we explore factors that impact revenue in live theatre. Based on a fixed effects model and a novel dataset of revenues and actor usage, we estimate the revenue impact that celebrity actors have on Broadway shows. We find that weeks that have a celebrity are associated with an increase in revenue of approximately $250 k. The two major acting awards—Tony and Academy (the Oscars)—were found to have a non-significant impact on weekly revenue. We discuss implications on Revenue Management practices. Palgrave Macmillan UK 2022-06-17 2023 /pmc/articles/PMC9204377/ http://dx.doi.org/10.1057/s41272-022-00392-9 Text en © The Author(s), under exclusive licence to Springer Nature Limited 2022 This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic.
spellingShingle Research Article
Maclean, Kyle D. S.
Ødegaard, Fredrik
Revenue implications of celebrities on Broadway theatre
title Revenue implications of celebrities on Broadway theatre
title_full Revenue implications of celebrities on Broadway theatre
title_fullStr Revenue implications of celebrities on Broadway theatre
title_full_unstemmed Revenue implications of celebrities on Broadway theatre
title_short Revenue implications of celebrities on Broadway theatre
title_sort revenue implications of celebrities on broadway theatre
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9204377/
http://dx.doi.org/10.1057/s41272-022-00392-9
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