Ticket buying, especially from the secondary market (e.g. scalpers) is rarely a pleasant experience. Since we know there’s a limited quantity, we automatically assume that the closer it gets to go time, the more expensive attending becomes. Though in general terms of supply and demand, this logic is sound, the people behind SeatGeek.com are here to prove otherwise. Built with the help of a couple of Ph.D’s using a database of millions of historical ticket transactions, SeatGeek has built an algorithm which works to forecast ticket prices based on a variety of inputs. For instance, before spitting out quotes for a particular sporting even factors like team records, time of season, the venue, athletes involved, etc. would be assessed and the price prediction would then adjust accordingly.
How this translates on the web is easy. Simply search for a particular event you’re interested in attending, and the site will suggest whether now is the time to buy since prices will increase or if you should hold off since prices are predicted to drop. If the latter senario happens to appear, they’ll offer to email you when they feel prices will be at their lowest. As the screen shot below shows, buying tickets to DJ Tiesto in late September isn’t a smart move, since tickets prices should fall. That’s good to know, and I’ll hold off. In terms of online sellers, for now it appears that Stubhub, Empire Tickets, and several others are already integrated, but we’re guessing that will expand.
Not all events though are currently in the system, and for now it’s only baseball and concerts. However NFL football is scheduled to be added in the next 3 weeks, followed by NBA, NHL, and college football. Eventually, they even plan on releasing an insurance feature, which will pay you should you buy tickets at the quoted low price, and they fall even lower.
While we can’t attest to the accuracy of the back end math, the concept is definitely intriguing. Check it out for yourself though, and report back should you enjoy the experience.
via Urban Daddy
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