Multisala Plinius, a historical multiplex cinema in Milan, has signed an agreement with Dynamitick, the first Italian company to provide dynamic ticket pricing solutions for sport events, entertainment venues and theme parks, thus adopting an innovative system of flexible pricing for the sale of tickets that has no precedent in Italy.
Thanks to this new system, the audience of Multisala Plinius will be able to purchase tickets for all screenings at flexible rates, ranging from 4,5 euros and 8,5 euros, every Friday starting from May 13th.
Ticket prices will fluctuate depending on a wide number of demand variables, including screening time, pre-sales, type of film, artists involved, opinions expressed on social media and dozens of other factors.
Filmgoers will be allowed to choose a film based on the price they are willing to pay, with tickets being available both online and directly at the counter.
A promo video of the initiative will be shown on the screens of Multisala Plinius (click here to watch it).
Dynamic ticket pricing is the most innovative ticket sales model.
Prices will be adjusted using specific algorithms, according to market demand, sales performance and other variables, thereby driving incremental attendance and reducing the number of unsold tickets.
Dynamitick has developed a unique proprietary algorithm for the analysis and the modulation of prices.
The algorithm is especially designed for the Italian market and it takes into account more than 40 different variables, a substantially greater number compared to that considered by international competitors.
Although dynamic ticket pricing strategies are already being effectively applied by some foreign companies (such as British Odeon and American multi-screen theatre chain AMC), this system hasn’t yet reached the Italian entertainment industry, which therefore stands as a market with excellent potential.
Data provided by SIAE shows that in 2014 the entertainment industry produced 4,2 million screenings which generated a business volume of 5,7 billion euros and 230 million admissions, nevertheless bearing the burden of 350 million tickets that remained unsold.
In terms of the cinema industry and in comparison with the previous year, 2014 delivered an almost identical offer of shows (+0,05%), yet the number of tickets sold decreased by 7,08% (98.252.309 admission tickets), box office receipts dropped by 6,73% (600.067.117 euros), spectators spent 5,68% less on extra purchases (690.685.660 euros) and the total business volume decreased by 5,72% (692.344.696 euros).
“We are pleased to have signed this partnership with Dynamitick. Multisala Plinius has always been recognised for its excellence within the cinematographic environment of the city of Milan. Its history dates back to the Thirties and it is now the very first movie theater in Italy to adopt and integrate the most innovative ticketing system into its offer.
The aim is to meet the spectators’ needs with an increasingly flexible offer, which dynamically adapts to their choice of product, without falling below the minimum price or exceeding the maximum price limit for each ticket.
The initial stage of the implementation will involve Friday shows, but, should the results be as positive as expected, the scope of the application will be extended to other days” said Salvatore Dattilo, owner of Multisala Plinius.