Ticketmaster's CEO Nathan Hubbard knows he's got a major problem. Ticket sales were down by double digits, and 40 percent of seats went unsold last year.
Now, he has a solution, one he unveiled on CNBC's "Power Lunch" today. It's 'dynamic' ticket pricing, a technology developed with a company called MarketShare.
Instead of locking in a single price for tickets, the company (owned by LiveNation ) is rolling out an approach similar to the airline industry's strategy to make every seat on the plane is full. The new variable pricing system will let artists and sports teams raise and lower ticket prices to reflect demand, while they're being sold.