Tickets for online shows range anywhere from free or a symbolic dollar to 50 or more a pop. If you are not sure how to price your online event tickets and just want some clear guidelines or inspiration to base your ticket prices off, we got you.
We’ve created a simple and easy formula to calculate online show ticket price for your specific event that means business.
Let’s dive in.
Start by multiplying the hours you spend preparing the show (rehearsal, promo activity, preparing the space (count both cleaning and decoration), crafting your playlist, communicating with fans) by your hourly rate. That’s your salary.
Next, add in amortization costs on your equipment, instruments, costumes, makeup, hair, props (or cost if you bought them specifically for the show). Wear and tear is a real thing and you want to cover those costs with the income you generate from your work. Dry cleaning your costumes or painting a wall to create a nice background go here.
The third component for the price is studio/performance space rent. Yes, you are very likely playing at home, but look at it this way – if you were to rent an office space or a hall to perform, the venue landlord and utilities would still charge you, so your rent/utilities/internet bill/etc. are something that has to be counted. If you are playing from home, add your own rent for the time you spend home preparing, rehearsing, and playing your show.
Any people you hire to help, travel expenses, ad budget, or other additional costs to set up your show should also be included.
By adding all of these you get the total minimum show budget. This is the number you can actually type in as your budget target for the event when setting up your online show ticketing and streaming campaign on Show4me. Show4me does take 6% fee but it’s added on top of the number you set, so this makes the calculations easier.
Mind you, when you are withdrawing the profits from sold tickets, payment processor and your bank will also take a cut. Standard transaction fee charged by the payment processor Show4me uses is 2.5% + 0.25 USD/GBP/EUR.
Now, time to figure out the ticket prices.
You can go the easy route and just divide your show budget by the number of people you expect to attend, but if your final price comes out a little too steep for at least part of your fans, we’d suggest to take a more nuanced approach.
One effective way to meet show budget while still offering fans affordable ticket options is ticket tiers and bundled tickets.
Just like with better seats at the venue, you can price some of your tickets differently so that people could choose which type to buy. And remember – this is an online event, so the number of show visitors is virtually unlimited (BTS online concert drew in over 750,000 paid viewers) and you don’t have to worry about double booking any seats!
Bundled tickets are another great option for increasing your potential show profit. You can throw in some pre-show interaction, a hidden track, a shoutout, signed merch, afterparty access, prive DJ session, a music lesson, writing a dedicated song, picking a song for the show playlist, and anything your imagination allows to create an attractive offer for fans to try and buy tickets bundled with fun additions from their fave musician.
The key here is that your total for all of the ticket types is equal or more than your minimum show budget that you’ve calculated. And that’s it.
Ready to set your show ticket price? Create a draft of your event today and complete it once you are all set!