Buy Before the Crowd!
Monday, April 27, 2015
Does any concert ever really "sell out"?
Did you ever notice that most of the concerts you hear about are already "sold out", or that they seem to sell out "instantly"? Do you ever wonder why that is? Multiple news articles have reported on the fact that the ticket market is being artificially manipulated to create scarcity and drive prices up. Three years ago, NPR reported on the fact that there actually is "no such thing as a sold out concert" and the example they gave stated that Justin Bieber's entire US tour impossibly sold out in one hour ('impossibly', because it didn't really, but was manipulated to appear that it did).
The gulf between the face value of ticket prices and the reseller (or scalper) price is growing exponentially, with one CNBC article likening the purchase of tickets to the investment in a stock with a potential 580% return. In fact, Billboard.com noted that ticket prices for a Grateful Dead reunion show spiked up so much that pairs were being advertised for $10,000 $100,000 and even...$1,000,000!
Everyone from Bloggers to Forbes Magazine are noting that it may be a better value to stay home and listen to live albums because concerts are increasingly becoming elitist events due to the unavoidable high reseller ticket prices. The New York Times noted that one of the reasons this occurs is due to the wide gap between a low face value ticket price and what the public is willing to pay (in essence an artist can get punished due to a low face value price).
Another reason this occurs is due to corporate interests. Buzzfeed Magazine notes that by the first day a concert goes onsale, up to 90% of the seats are already spoken for. This is because they have been pre-sold to corporate interests like credit card companies and fan clubs owned by large tour promoters.
Wouldn't it be nice if someone cared about you, the consumer and offered you presale tickets at face value? Well, stay tuned, because that's exactly what TicketHackr plans to do in the coming months!