The Book of Mormon: Selling Price vs. Face Value
Currently, The Book of Mormon is sold out until January 2012. However, tickets are still available on the secondary market via SeatGeek. If you just can’t wait till January to see it, be prepared to spend well over face value, and be sure to use SeatGeek’s deal score to ensure your getting the best bang for your buck. If you are not familiar with SeatGeek’s deal score, check out the seating chart below which maps out the best deals based on seat location and price for the 8:00 pm showing of The Book of Mormon this Friday, June 24, 2011.
As previously mentioned, tickets to upcoming showings of The Book of Mormon are, for the most part, significantly more expensive than the face value of these same tickets. A chart of the face values of various tickets is pictured below (information taken from telecharge.com, The Book of Mormon’s official online box office):
Although these prices seem reasonable, the earliest showing you can purchase face value tickets for through the official box office is January, 2012. Since ticket prices for sold out showings of The Book of Mormon are so much higher than the face values, Seatgeek wanted to compare and analyze the difference in ticket prices.
SeatGeek has dug through its database and compiled a list of average ticket price vs. average face value. We have created two separate graphs, one for weekday showings, and one for weekend showings of The Book of Mormon. The graphs plot the average ticket prices per show vs. the average face value of a ticket, and also shows the median selling price of tickets over the whole timeframe. These graphs are shown below:
As shown in the above two graphs, ticket prices shot up during the middle of March, 2011. This is most likely due to the extraordinary amount of press coverage the musical received during this time period. Between March 17 and March 22, The Book of Mormon received positive reviews in The Wall Street Journal, The New York Times, Newsday, ABC News, Time Magazine, Reuters, and Broadway.com. This publicity caused weekday ticket prices for the musical to skyrocket from $190.67 for the 3/22 showing to $356.48 for the 3/23. Weekend ticket prices showed even more of a drastic change. Ticket prices went from an average of $134.80 on 3/19 to an average of $407.83 on 3/25. That’s a whopping 187% price increase for weekday tickets and a 303% increase for weekend tickets!
The weighted average face value shows exactly that, a weighted average face value for orchestra seats, premium seats, front mezzanine seats, and rear mezzanine seats (shown on the green line). Note that the weighted average does not take into account aisle seating prices, box seating prices, partial view prices, and holiday prices. SeatGeek calculated this weighted average by determining that,1 out of the 1,055 seats we counted in the Eugene O’Neill Theatre (excluding box seats), 577 are standard orchestra seats, 112 are premium orchestra seats, 298 are front mezzanine seats, and 68 are rear mezzanine seats. Therefore, a weight of 55% has been given to standard orchestra seats, a weight of 11% to premium orchestra seats, 28% to front mezzanine seats, and 6% to rear mezzanine seats. SeatGeek then multiplied the number of seats in every section by their respective weights, and summed up the total to arrive at the weighted average face value of all tickets. The weighted average face values are $166.01 for weekday showings, and $171.51 of weekend showings. SeatGeek has calculated this weighted average face value, so that it can compare the average selling price of tickets to the average face value.
The average selling price over all showings during the timeframe, which is highlighted in red, is $330.79 for weekday showings and $336.45 for weekend showings. This is a 199% price increase over the weighted average face value for weekday tickets, and a 196% price increase over the weekend weighted face value.
Overall, ticket prices are selling for nearly 200% more than the face value of the tickets. So if you’re dying to see The Book of Mormon make sure you utilize SeatGeek’s proprietary deal score technology. This way, you can rest assured that you are getting the best deals available for The Book of Mormon Musical.
See all The Book of Mormon Tickets >
Be sure to check out our previous blog post, The Book of Mormon Ticket Prices: Demand is High on Broadway.