The Evolving Landscape of Concert Ticket Pricing: Impact on the Resale Market

Recent years have seen a significant transformation in concert ticketing, driven by the rise of the resale market.

This shift has reshaped how fans secure tickets for their favorite live music events. A Variety Intelligence Platform and UTA IQ “State of the Live Music Business” special report shows that nearly three-quarters of concertgoers are open to using ticket resale platforms like Ticketmaster Verified Resale or AXS Official Resale.

However, this convenience has led to skyrocketing ticket prices, especially in the resale market. A Pollstar study indicates a 35% price increase since 2019. Despite escalating costs, fans continue to pay premium prices for live performances. Catherine Yi, UTA’s talent strategy executive, highlights the unwavering dedication of fans to attend shows featuring their favorite artists. “When people really care about a show, they will do whatever it takes to attend,” Yi stated. “They’re going to attend no matter what, and that includes buying resale and buying above face value.”

Resale platforms have become popular for sought-after acts like Taylor Swift or Beyoncé, with 45% of attendees willing to pay more than face value, as the live music report suggests. Jem Aswad, executive music editor at Variety, notes that fans often have no alternative but to use these platforms. “A lot of the time, there is no other option,” Aswad observed.

The prevalence of resale platforms has introduced a safety net for fans seeking tickets to supposedly “sold-out” shows. Catherine Yi highlighted this shift, stating, “No show is really sold out anymore. If you can resell on Ticketmaster, there’s always an opportunity to buy tickets, which didn’t exist before.” The newfound accessibility to tickets, albeit at a premium, has altered the traditional notion of sold-out concerts.

Despite challenges, there are advancements in the resale market. Robbie Brown, music agent and co-head of festivals at UTA, cites Ticketmaster’s Verified Ticket application as a positive development, ensuring buyers get genuine tickets. This application facilitates fan- to-fan validated purchases, instilling confidence in buyers that they are acquiring legitimate tickets. “We are seeing the primary ticketing sources offer a verified resale ticket,” said Brown. “I think the fan is comfortable knowing that if they buy it on demand, they’re getting the real thing, and I think that’s a step in the right direction.” However, the problem of verification persists, and frustration abounds among both fans and industry insiders. The journey towards a solution is ongoing, with innovations like Ticketmaster’s Verified Ticket application representing positive steps in addressing the complexities of the resale market.

As the concert ticketing landscape evolves, balancing accessibility and affordability is crucial. Resale platforms offer a solution for sold-out events, but the escalating prices pose challenges. The industry continues to seek a balance that maintains the thrill of live music while ensuring fair pricing.

Source: Variety VIP+