Putting prices to magic effects

[Mark]

Pretty much every day, another oddly priced magic effect is being released. Almost every week, the major magic producers out there make themselves guilty of this too. The over-commercialization of the art is just as bad as the exact opposite side in which absolutely everything is shared freely, often even illegally. It's not all that difficult for everyone who supports and cares about the art to stay within the lines as drawn by the art itself, magic producers above all as this is where it starts.

So how to price your effects and products reasonably? Hereby the factors magic product prices could be based on:

Effect values and possibilities
A utility sleight and device are worth more than something you can only use for one kind of effect. Same counts for effects that can be performed in almost any kind of situation in the real world compared to ones that can merely be performed for one person or for a camera. Also, if your product includes multiple effects, it of course can be priced higher as the effect values and possibilities add up. Do not include bonus material in the prices though.

Working values
Your customers can make a lot of profit performing the effect in question by putting it in their working repertoire. If the effect in question gets the performer to make money or if it is a reputation maker and can get whoever performs it booked or re-booked easily, you can obviously put a higher price to the product. This is one of the reasons why stage illusions usually are very expensive, because only working illusionists will get them and these end up making quite some money with it.

Production costs and values
Producing very thorough tutorials with outstanding quality is a lot more expensive and valuable than producing less thorough instructions with low quality, although thorough instructions are always more valuable than less thorough ones. Also, printing and burning anything by yourself is a lot less expensive and valuable than having this done by professional factories. The more money you spent on the product in question, the more you can ask for it. However, be aware that if you have artwork, equipment, music, editing and such costs add up to the product price, this should not be visible to your customers as the teaching might very well be just as clear without any of those elements.

Formats
A follow-up on the previous one. DVDs are more valuable than downloadables, books are more valuable than pamphlets, and fully-built gimmicks and illusions are more valuable than instructions on how to make them. Price your effects accordingly. If your downloadable costs $20 or more, be sure the product in question is of such high value that it is worth this money. In case of doubt, you would likely be better off releasing it as a DVD for a similar price.

Similar products on the market
If your effect and/or method are somewhat similar to another effect out there, you can use the same price. If your effect can achieve more, put a higher price to it. If it can do less, price it lower. This way there will automatically be a nice balance to the prices all across the magic industry. In case of competition, price your effect lower than similar effects of the other parties. However, be aware that some companies started selling magic before the art got as popular as it is nowadays and have not changed the prices of the products they sold back then. Back in the day, up to 2005/2006, magic used to be quite a bit more expensive than it is now.

Originality
If the effect and/or method in question are completely original, it is more valuable than if it is a variation or if it looks like something that's already out there. Usability should be a big part of this though, for that if it is something your customers will never use, they will not be satisfied by the higher price. Also, be aware that completely clean and impromptu magic can easily look like or become very close to something else that's already out there, so be very careful pricing such effects higher.

Creative process
The more time you worked on the specific effect, the more you can ask for the final product. It however has to be somehow clear that you indeed worked as much time on it as you say, because if you put a higher price to the effect and this factor doesn't show after-all, your customers have all rights and reasons to feel ripped off.

Limited productions
If you want only one or some people to perform the effect in question, you can put a bigger price tag to it. Also, having DVDs, books and such things produced in small amounts usually makes the production of each individual item more expensive, which means you then are automatically forced to ask more for the product in question.

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Now the remaining question would be: how to determine an oddly priced effect?

Check the price and when you think it is fairly high for the effect or for what you will receive, see if it lives up to the factors above.

In case you have never seen the effect in question before, it may be tempting to say it is worth it even while it is actually based on classic principles, so in that case you might want to ask around. In the other, more common cases, similar products on the market are a very good tell on whether something is sold for way too much or not.

Also, be aware that spectators might not like the same things magicians like. Try to look at everything from your spectators' points of view, else you might end up very disappointed regardless of the product seemingly living up to all of the factors.

Hope that helps!

[Wyattsb]

I have a feeling I know what prompted this But very informative.

[mrtrickzstar]

Hahaaaa! Thank you and I agree with Wyattsb,

[Des]

Now if only companies would listen...