Final answer:
DIY artists benefit from online promotion by reaching a wider audience, which can lead to increased ticket sales. The pricing strategy for maximizing revenue depends on the demand elasticity of their audience. Optimal pricing can balance ticket quantity and pricing for maximum profit, with online platforms serving as a key promotional tool.
Step-by-step explanation:
DIY artists can benefit from promoting their live performances via online platforms by connecting with a larger audience and potentially selling more tickets. In the context of a band performing at a venue, if they can keep costs fixed and leverage online platforms to expand their reach, they have an opportunity to maximize revenue.
The choice between selling more tickets at a lower price versus fewer tickets at a higher price depends on their demand curve and the elasticity of their ticket demand. Some bands with a fervent fan base may be able to charge higher prices without significantly reducing the number of tickets sold, due to the inelasticity of demand.