Pricing the cultural product is a difficult challenge, particularly for non-profit organisations, as they cannot match the cost of the cultural product to its selling price. Non-profits must lower prices, living up to their social mission, namely making culture accessible to everyone regardless of economic standing.
Non-profit cultural organisations usually offer relatively low-priced tickets or a wide range of prices, to accommodate different audience segments and still support the organisation’s income from entrance tickets. A characteristic example is the prominent Vienna State Opera, with ticket prices ranging from €18 to €287 for opening nights. Last-minute standing tickets can be also purchased at €3, technically excluding no-one on financial grounds.
Other theatres offer last-minute low-priced tickets for unsold seats, despite the questionable benefits of this pricing strategy: it may help perform at fuller houses, but it motivates audiences not to pre-book their tickets. Thus, the organisation gets little input on expected audiences and cannot plan on secure ticket income.
The Price of the cultural product is defined by taking into account a number of factors: