Customer Lifetime Value in the Context of Classical Music: Scenarios Testing Based on Musical Genre and Artists’ Popularity
(R2020-85103)

AUTHORS

Marie Vítová Dušková, University of Economics, Prague; Lubomír Štěpánek, Department of Statistics and Probability, Faculty of Informatics and Statistics, University of Economics, Prague; Lucie Šperková, University of Economics, Prague; Martin Víta, University of Economics, Prague; Miroslav Karlí?ek, University of Economics, Prague

KEYWORDS

customer lifetime value; classical music; non-transactional data

ABSTRACT

This study focuses on the application of customer lifetime value (CLV) in the context of classical music performance organization, which has not been explored in the literature so far. Using the audience of one Prague-based classical music festival, we enriched the existing transactional data-driven approaches to CLV with the use of two types of non-transactional data, specifically a musical genre and an artists’ popularity. We propose an approach to computing customer lifetime value in this specific domain and context and demonstrate how to use CLV predictions for testing of different variants of a potential future program to obtain an optimal