Live Audience Business Solutions, Incorporated has entered into a three-year licensing agreement with Radio City Entertainment to use LABS' patent-pending sales and marketing analysis software. LABS software will be used to forecast, track and analyze ticket sales and marketing campaigns for The Radio City Christmas Spectacular at Radio City Music Hall and "A Christmas Carol" at the Theatre at Madison Square Garden.
LABS' software will help RCE identify opportunities to increase the profitability of their live events. RCE will be able to easily generate an unprecedented level of report detail, including event comparison, sales trend, forecast and marketing ROI analysis. The first to market a complete solution designed specifically for the live entertainment and sports industry, LABS' software delivers RCE the benefits and functionality of traditional data analytics software packages for a fraction of the cost.
"Until now, aggregating and analyzing event data has been a labor- intensive process, requiring extensive time and resources," says Stacey Lender, VP of Marketing for Radio City Entertainment. "LABS software will not only automate this process for us, but will provide tools to help us make smarter decisions about pricing, scheduling and marketing our events."
Recognizing the proprietary nature of RCE's sales and marketing data, LABS' application and server level security tools were designed to ensure secure access and data integrity. A completely outsourced technology solution, LABS is easily implemented and designed to complement existing ticketing and inventory control systems — RCE will not need to install software or retrain staff.
"We're excited by the opportunity to work with Radio City Entertainment," said Richard Jaffe, LABS' President. "Radio City is an industry leader that understands the value technology can bring to the live entertainment business. By logging into our secure website, RCE will now be able to easily access their event data and utilize yield management and targeted marketing principles to drive ticket sales and increase their bottom line."