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Summer Concert Tickets Scarce And Expensive

Thursday, July 25, 2013   (0 Comments)

CNN (07/11/13) Respers France, Lisa

Primary ticket sellers are raising ticket prices for acts such as the Rolling Stones so that secondary ticket sellers cannot make as much money on these shows, says TiqIQ CEO Jesse Lawrence. "They get sold in the primary market for, say a round number of 100 bucks, a broker buys those and says, 'I'm going to mark these tickets up to $300 because I think that's what the market demands,'" Lawrence says. To combat this problem, the average ticket price for One Direction, a popular boy band, is $674.23. The Rolling Stones recently found that the strategy meant some tickets to their show went unsold. In addition to high ticket prices, fans often face a scarcity of tickets for popular shows. Only 8 percent of the tickets to a recent Justin Bieber concert went on sale to the general public, while the rest were sold through Bieber's fan club, special promotions, and artist holdbacks. Some states, such as New Jersey, are working on legislation to require more transparency in ticket sales. Lawrence believes ticket pricing will continue to rise as long as people are willing to pay top dollar for the experience of seeing favorite musicians in person.

 

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