7 Lessons on Dynamic Pricing (Courtesy of Bruce Springsteen)

Bruce Springsteen recently ignited an uproar by utilizing dynamic pricing for tickets to his 2023 U.S. concert tour. Dynamic pricing is the strategy of constantly adjusting prices in response to demand, a practice that consumers are accustomed to when buying airline tickets and booking hotels. In recent years, sports teams have begun using the technique, and Ticketmaster now offers musical artists the option of using it for concert tickets, too. As a result of Springsteen’s decision to allow Ticketmaster to use dynamic pricing, tickets for some of his shows reportedly jumped to over $5,000.