AUSTIN, Texas--(BUSINESS WIRE)--Fast Company Magazine has named Qcue one of the “50 Most Innovative Companies 2013,” honoring the company for its innovation in dynamic pricing that helps sports teams earn up to 30 percent in incremental revenue over a season. Qcue was also recognized as the third Most Innovative Company in Sports, only behind Nike and the NBA.
“As a result we were able to maximize ticket revenues for games with better than expected demand, while at the same time increase sales by accurately pricing our product. Qcue has given our Box Office and Analytics team a significant advantage.”
Under Qcue’s leadership, the practice of dynamic pricing has shifted from a one-off price change to an integral part of a team’s ticketing strategy, producing greater returns based on the frequency and number of price changes an organization makes. Qcue clients have used its software to make more than 1.6 million price changes and generate millions of dollars in incremental revenue.
With more than 40 teams across Major League Baseball, Major League Soccer, the National Basketball Association, the National Hockey League, as well as collegiate and international organizations, Qcue represents the largest roster of dynamic pricing clients in the industry.
“As we’ve seen with the recent lockouts, sports is a bottom line business and while teams continue to explore every avenue of incremental revenue, they often ignore one of the most obvious opportunities -- better pricing of their existing assets,” said Barry Kahn, CEO of Qcue. “Implementing a dynamic pricing strategy with clear objectives and fluid price changes allows teams to reclaim millions in revenue while being more creative in how they fill the stadium, putting fans in better seats and creating a better atmosphere in the venue. Being named to Fast Company’s list of Most Innovative Companies is a huge honor that validates our approach and value to customers.”
Qcue’s software helps teams analyze sales data and other external pricing variables, providing sales and revenue projections, detailed reporting capabilities, and market-based price recommendations. In addition, seamless integration with existing ticketing systems reduces operational burdens by directly communicating price changes to various sales channels.
"Our partnership with Qcue over the past two seasons has allowed us to seamlessly adjust pricing for each unique event, based on market conditions and demand," said Steve Fanelli, Executive Director of Ticket Sales and Operations for the Oakland A's. "As a result we were able to maximize ticket revenues for games with better than expected demand, while at the same time increase sales by accurately pricing our product. Qcue has given our Box Office and Analytics team a significant advantage."
In addition to Qcue’s dynamic pricing software, the company helps clients implement new pricing strategies and better understand their tickets, venues and sales opportunities. Key areas of expertise include: season, individual and group ticket pricing, maximizing and rescaling venues, variable pricing for season tickets, new venue seat and price allocation, and qualitative and quantitative market research.
The Most Innovative Companies is Fast Company's most significant, high-profile editorial effort of the year. The editorial team spends months gathering and sifting data, to identify those enterprises that exemplify the best in business from across the economy and around the world. The end result is a package that dares to be different, emphasizing not just revenue growth and profit margins but also progressive business models and an ethos of creativity.
Fast Company’s Most Innovative Companies issue (March 2013) is on newsstands beginning February 19th and available online at www.fastcompany.com/MIC as well as in app form via iTunes.
About Qcue, Inc.
Qcue is reinventing the primary ticket marketplace with dynamic pricing and inventory management solutions for live entertainment events. Sports teams, concert promoters and venues use Qcue’s patent-pending technology to set the right price at the right time and provide the best value for fans, from the date of on-sale to the date of the event. Customers and partners include leading organizations across Major League Baseball, Major League Soccer, the National Basketball Association, the National Collegiate Athletic Association, the National Hockey League and motorsports. Qcue is based in Austin, Texas. For more information on Qcue, visit www.qcue.com.