{"id":31741,"date":"2022-10-19T12:47:35","date_gmt":"2022-10-19T12:47:35","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/under-pricing-dilemma-in-audio-visual-industry"},"modified":"2022-10-19T13:03:38","modified_gmt":"2022-10-19T13:03:38","slug":"under-pricing-dilemma-in-audio-visual-industry","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/under-pricing-dilemma-in-audio-visual-industry","title":{"rendered":"Under-pricing dilemma in audio-visual industry"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Tweuya Nelumbu<\/p>\n

The audio-visual industry in Namibia has witnessed a significant presence of new companies seeking to meet the demand for live event technology services across the country. The need for live streaming services grew popular during the Covid-19 pandemic, and further brought the realisation of hybrid events to meet the demand of physical and similarly online audiences.<\/p>\n

The audio-visual industry facilitates communication for many of our crucial industries in Namibia through corporate events such as exhibitions and conferences to music concerts and festivals. Audio-visual involves all audio-related equipment like speakers, microphones and video equipment such as LED screens, projectors and cameras.<\/p>\n

Having been actively involved in the industry as an audio professional for the past 10 years, I have observed a common trend of new companies and professionals under-pricing their products and services to gain customers and increase sales, eminently devaluing the industry in the long term.<\/p>\n

Economist and author of the book: \u2018The Economics of the Audio-visual Industry: Financing TV, Film and Web\u2019, Mario La Torre, summed it up in his book by stating that the price of an audio-visual product should allow for the costs \u2013 both financial and operational \u2013 and the production risks, to be covered by the revenues derived from selling a given quantity of the product and still generate a profit. La Torre, suggests the major concern of an audio-visual company is to identify the price level that would cover both direct and indirect costs attributable to that product.<\/p>\n

It may seem encouraging, in the beginning, to gain a share of the market by under-pricing but like all businesses, profitability is the goal, under-pricing achieves the contrary. Securing events may look positive on the company\u2019s financials, however, the company needs to redeem its entire cost of production and still make a profit from every event.<\/p>\n

Another implication of under-pricing is furnishing the cost of maintenance; all new audio-visual companies I have engaged with have a reactive approach to servicing their equipment, meaning they only repair when there\u2019s a breakdown. Although this can be considered poor equipment management, in some cases, equipment breakdown can be unforeseen. Without positive revenue growth, maintenance will be impossible and eventually slow down sales.<\/p>\n

The current state of the economy has made customers price savvy, leaving no room for negotiations to restore prices to their initial value at a later stage. Under-pricing leaves no room for bargaining power and further creates a lack of appreciation for the product and service.<\/p>\n

Audio-visual companies and professionals should educate customers on the value of audio-visual products and services. It is a collective responsibility to save the industry from cheap skates and establish a pricing policy that ensures revenue growth.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Tweuya Nelumbu The audio-visual industry in Namibia has witnessed a significant presence of new companies seeking to meet the demand for live event technology services across the country. The need for live streaming services grew popular during the Covid-19 pandemic, and further brought the realisation of hybrid events to meet the demand […]<\/p>\n","protected":false},"author":84,"featured_media":31740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[234,236,233],"class_list":["post-31741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nUnder-pricing dilemma in audio-visual industry - Namibia<\/title>\n<meta name=\"description\" content=\"Tweuya Nelumbu The audio-visual industry in Namibia has witnessed a significant presence of new companies seeking to me ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/under-pricing-dilemma-in-audio-visual-industry\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Under-pricing dilemma in audio-visual industry\" \/>\n<meta property=\"og:description\" content=\"Tweuya Nelumbu The audio-visual industry in Namibia has witnessed a significant presence of new companies seeking to me ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/under-pricing-dilemma-in-audio-visual-industry\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-19T12:47:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-19T13:03:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/10\/postQueueImg_7-634ff5950d58e.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"612\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/under-pricing-dilemma-in-audio-visual-industry#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/under-pricing-dilemma-in-audio-visual-industry\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Under-pricing dilemma in audio-visual industry\",\"datePublished\":\"2022-10-19T12:47:35+00:00\",\"dateModified\":\"2022-10-19T13:03:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/under-pricing-dilemma-in-audio-visual-industry\"},\"wordCount\":463,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/under-pricing-dilemma-in-audio-visual-industry#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/10\/postQueueImg_7-634ff5950d58e.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/under-pricing-dilemma-in-audio-visual-industry#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/under-pricing-dilemma-in-audio-visual-industry\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/under-pricing-dilemma-in-audio-visual-industry\",\"name\":\"Under-pricing dilemma in audio-visual industry - 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