I know that the conventional wisdom is that the early bird gets the worm, but data from latest survey shows that this might not always be true when it comes to buying tickets to sporting events. According to data from a survey conducted by Penn Schoen Berland, fans who waited until the day of an event to purchase tickets saved 30 percent on average than those who bought tickets one month prior. So far in 2012, the average ticket price for a concert or marquee sporting event one month from the event date was $95 on StubHub. However, just three days away from the event the average ticket price dropped to $66, and within 24 hours of the event the average ticket price was $62.
This backs up all the recommendations I’ve been trying to tell everyone. As Ray Elias, our chief marketing officer points out in this USA Today article, when it comes to the ticket industry, the longer you wait, the lower the price will usually get. Look at it this way, a ticket is an expiring item. Once the event date passes, the value of a ticket drops to $0. So as that moment approaches, sellers will try anything to unload their seats because in a short while they will soon be worth nothing!
This year’s Super Bowl is a great example. Once the Conference Championships were over, prices for the Big Game were close to $2,500. By Super Bowl Sunday, the get-in price was down to $900. This means that fans who want to purchase tickets to high-profile games, such as the NHL or NBA playoffs, can likely score the best deal by waiting until game day to purchase.
The survey also highlighted some of the other trends that are taking place in society, as more and more fans are waiting until the last minute to make plans and purchase tickets. I found this pretty fascinating, and obviously the rise of mobile devices is making it easier for friends to connect, make plans, and buy tickets all at a moment’s notice.
If you want to read all the findings of the report, which are pretty interesting, check out our full release here.