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Ticketmaster Wants in on the Scalping Act

Monday, August 26, 2013   (0 Comments)

Wall Street Journal (08/12/13) Karp, Hannah

Ticketmaster and its parent company, Live Nation Entertainment, are letting scalpers list their tickets on its website in a bid to grab a bigger piece of the concert ticket resale market, which generates $4 billion in annual revenue. Live Nation has embarked on a limited, beta-version launch of TM+, a ticket-selling platform that integrates its ticket-resale businesses with its primary ticketing site. The platform hazes the boundary between the face-value ticket and more expensive secondary-market tickets, and could better position Live Nation to reap profits from tickets' actual market value. Live Nation can collect fees three times from tickets sold on TM+ by taking a percentage fee tacked on to the original purchase price, as well as a resale commission and a final fee when the consumer buys the resale tickets. The platform could make ticket purchasing more convenient for fans, and reduce speculative selling. The success of TM+ is riding on Live Nation and Ticketmaster convincing professional scalpers to use it rather than StubHub or other competing platforms. However, its appeal to scalpers could be constrained because it lets concert promoters and teams prevent ticket reselling at less than face value. Meanwhile, University of Victoria professor Pascal Courty says the venture could make good face-value tickets less plentiful by encouraging promoters and artists to reroute tickets from the primary site.

 

 

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