Top Revenue Sources And Their Management In Theme Park
Theme parks are getting smarter with technological innovations. Seeing the result, Amusement park owners are now more inclined to approach hi-end solutions to automate and scale theme park operations.
While mechanical rides, water rides, games, shows, themed exhibits, refreshment stands, and picnic grounds are some of the well-known revenue sources of theme parks, there are many more sources that you must be aware of to be ahead in the competition.
Hashstudioz has a pre-built solution for Theme parks that contains various park revenue sources and their efficient management. Having done many projects on theme parks and various interactions with clients, we know the key points of revenue management, hence sharing here the best sources and practices for Revenue management in an amusement park.
Complex theme parks demand creative revenue management. And Hashstudioz knows well the intricacies that let you scale your business with ease and security.
Theme park – Various Revenue Sources
Theme park market size is projected to reach $72.44 billion by 2025. with these whopping stats, each of us wants to know the key revenue model to plan ahead.
Revenue in theme parks comes from various sources although their major part comes from the admission price. Admission price represents between 49 to 60 percent of overall theme park revenues. While 40-50% comes from inclusively games, foods and drink, merchandise, sponsorship and etc.
As we know theme parks have both direct revenue sources as well as indirect revenue sources. Admission to ride and other attractions are examples of direct revenue while restaurants, retail stores, picnic areas are examples of indirect revenue. Here we have presented some of the common revenue models of theme parks:
Theme Park Ticketing System
Park Ticketing system is the major revenue source as mentioned above. And ticketing management is one of the most hectic tasks to manage.
- With Hashstudioz ticketing software, your business gets enabled to provide a better experience to your customer and generate more revenue.
- We let you ease out the pressure and bring in technology to empower smooth and efficient management of the ticketing system.
- We provide a secure and efficient ticket system.
Theme Park POS System
POS is a significant revenue source of amusement parks. It facilitates you to handle all your offline ticketing, food, and retail sales in one place.
Hashstudioz knows its significance, hence developed a PoS system that provides your business with the highest level of financial stability and resources helping your business in revenue generation and cost-efficiency.
- With the integration of a POS system, you would be efficiently managing the sales and revenue transactions.
- It will become easier to handle third-party vendors with more accuracy and transparency.
- It will bring accountability with a highly secured and efficient POS system.
Keycards, NFC, and other Payment
Keycards, Magic-cards, and NFC are quite popular among theme parks to facilitate fast and contactless payments. With our NFC-enabled software, you build progressive and much beneficial business architecture.
- Secure payment modes for consumers are essential to satisfy today’s consumers. And we make sure to deliver advanced payment and access control features.
- NFC payment is another feature that helps you provide a secure and contactless payment mode and helps you attain the transactions fast.
Revenue Management in Theme Parks
Revenue management is a set of techniques that focuses on maximizing revenues. In theme parks, that are characterized by high capital investment, high operational fixed costs, and a high operational variable cost.
Unlike common businesses, Various factors affect theme park Income like the season, day of the week, time of the day. Hence you must have some creative revenue management strategies to sustain and grow with one of the potentially demanding yet challenging business models.
Here are the key areas where Revenue could be managed
Time – Parks could present various plans as per their stay timing to suit various visitor groups and maximize their revenue. Selling the time explicit tickets gives the control of service duration while length could be by days, by week, or even by year.
For example, SeaWorld Orlando offers a “single day with 2nd visit free” pass.
While Disney World offers an annual plan for their super fans.
Space – Theme parks sell space implicitly. Hence customers get access to all the attractions freely. Unlike hotels that sell rooms and airlines that sell seats, parks don’t sell any specific divided area to their customers. But they can generate revenue from different streams Like-
They can provide separate access to the attractions, in-park restaurants, recreation such as golfing, fishing, picnic area, and party place.
For example, The Thorpe Park of Surrey, England, has explicit water ride parks that are now one of the leading business convention centers in Britain.
Dual Admission Policy
Dividing entry tickets via a Dual admission policy is an effective revenue management trick. In this policy, there is one normal admission charge and another is of premium or explicit charge.
Under premium admission tickets, which is, of course, a bit expensive, you provide less waiting time, shadowed areas, or specific features that could be a sign of pride, leisure or so.
What difference Hashstudioz brings to transform your Theme Park Revenue Management
| Without a Theme Park Revenue Solution | With a Targeted Revenue Management system |
| Manual Ticketing | Online ticketing |
| Tiresome Procedure | Easy processing |
| Tedious Customer Handling | Hassle-free Payment Setup |
| Payment Insecurity | Secure & Transparent Accountability |
| Un-even Customer Engagement & Satisfaction | Highly satisfied customer experience |
With various benefits like integration, scalability, robustness, and security we help you get the best return to your theme park business.
Why wait? when we have a customized solution to automate bookings, payments, and inquiry processes with security and efficiency.
Let us help you grow the overall park revenue with previous work records. People are liking our park management services. Do check out to know more about our detailed amusement park management system. You may also click here to discuss your requirements or write to us at info@hashstudioz.com
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