Cinema Park and Formula Kino launch dynamic pricing
Cinema Park and Formula Kino, Russia’s largest cinema chain with more than 25 million visitors per year, have decided to launch dynamic pricing at three sites: Cinema Park Metropolis, Cinema Park Global City and Cinema Park Mega Belaya Dacha.
The goal is to reward moviegoers who book early and come to shows at non-peak times with attractive prices. Guests are offered three different price levels for movie tickets: “light,” “comfort” and “standard.” “Light” and “comfort” offer significant discounts to the standard rate and are optimized in real time based on predicted demand, time of booking and pre-sales.
For the convenience of the customer, "light" and "comfort" rates are highlighted in green or yellow on box-office monitors and the theatres’ websites
“Dynamic pricing in cinemas is a major trend in 2018. Large international networks such as AMC-UCI and Regal are actively testing and implementing this system, which drives revenue in peak periods and increases attendance in non-peak periods. For us it is important that the largest Russian cinema chain moves with the times and keeps up with world trends,” stated Roman Linin, CEO of Cinema Park and Formula Kino.
In January 2018, the German division of AMC Entertainment, UCI Kinowelt, switched to a similar model with the help of Smart Pricer.
“Dynamic pricing creates a true win-win situation for moviegoers, distributors and exhibitors. Moviegoers are rewarded for booking early and attending low-demand shows with more attractive prices. Exhibitors drive online sales and overall revenues, which also benefits distributors,” says Christian Kluge, CEO of Smart Pricer.
The real-time dynamic pricing software was developed by the German company Smart Pricer, which specializes in introducing airline-type dynamic pricing to the entertainment and sports industry.