Lyric Opera of Chicago : setting the scene to grow ticket sales /
In the summer of 2022, the Lyric Opera of Chicago (Lyric), a major opera company, is facing a deepening challenge. Lyric has seen ticket sales decrease, declining from 54% of revenue in 1998 to 33% by 2018. Since 2010, the primary source of this decline has been a loss in subscribers-high-value patr...
| Main Authors: | , |
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| Format: | eBook |
| Language: | English |
| Published: |
London :
Kellogg School of Management,
2023.
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| Series: | SAGE business cases.
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| Subjects: | |
| Online Access: | Connect to the full text of this electronic book |
| Summary: | In the summer of 2022, the Lyric Opera of Chicago (Lyric), a major opera company, is facing a deepening challenge. Lyric has seen ticket sales decrease, declining from 54% of revenue in 1998 to 33% by 2018. Since 2010, the primary source of this decline has been a loss in subscribers-high-value patrons who attend several operas per year. This subscriber lack is concerning not just for the lost ticket sales but also because subscribers are far more likely than single-ticket buyers to make gifts (a stream that now constitutes 51% of Lyric's revenue). As it plans to counter this downward trend, Lyric's marketing team has two questions to answer: First, the team must decide which audiences to focus on to fill its empty seats-past subscribers, "opera-primed" lookalikes of past subscribers, more diverse audiences closer to Chicago's urban core, or millennials; then, once the team chooses a target audience, it must determine how Lyric should address that audience with its product, customer experience, and opera programming choices. |
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| Physical Description: | 1 online resource : illustrations. |
| ISBN: | 9781071931288 1071931288 |