Politics
Government to Review Dynamic Pricing After Oasis Ticket Outrage: Fans and Officials Demand Fair Play
Skyrocketing Oasis concert ticket prices cause dismay; officials pledge to scrutinize fluctuating pricing strategies
"Time to revisit our frustration," expressed an Oasis enthusiast on social platforms, voicing discontent over the ticketing process for the eagerly awaited comeback tour.
Monday, September 2, 2024, 12:
The authorities have committed to investigating fluctuating ticket prices following a significant increase in the cost of tickets for the Oasis reunion tour during the sales period.
Culture Secretary Lisa Nandy labeled the high prices of Oasis tickets as "depressing," announcing that surge pricing will be examined in a government assessment of the secondary concert ticket market.
On Saturday, enthusiasts of the globally renowned music group spent hours in digital lines, eagerly trying to secure tickets for one of next year's comeback concerts.
After enduring long lines and significant delays, numerous individuals were greeted with ticket costs substantially exceeding their original value.
There was an outcry on social media after tickets, originally priced at £148, were listed for £355 on Ticketmaster just hours after they went on sale, a surge attributed to the platform's dynamic pricing strategies.
Over the weekend, Ms. Nandy stated that the government would examine these problems and the technology that promotes queuing in a forthcoming consultation.
She expressed disappointment: "With Oasis making a comeback, it's disheartening to find that exorbitant ticket prices are preventing regular fans from being able to experience their beloved band in concert."
"This administration is dedicated to recentering fans as the core focus of the music industry."
"In our upcoming discussion on consumer protection measures for ticket reselling, we plan to address concerns related to the transparency and application of dynamic pricing, along with the technologies supporting queuing mechanisms that promote such pricing strategies."
"By collaborating with artists, the industry, and concertgoers, we can develop a more equitable system that eliminates the problems caused by scalpers and overpriced ticket resales, guaranteeing fairly priced tickets for everyone."
What does dynamic pricing mean?
This system, which adjusts prices based on demand, was launched by Ticketmaster in 2022.
It was implemented to prevent scalping and to increase the financial returns for the artists.
When a large number of people want tickets but there are only a few available, prices tend to increase.
In response to frustration regarding the cost of Oasis tickets, the company clarified that they do not determine ticket pricing, and they provided a link to a website explaining that prices could be "set or influenced by the market."
On its official site, Ticketmaster defines its "Platinum" tickets as those that are priced based on fluctuations in supply and demand.
The objective of the dynamic pricing system is to ensure that tickets are accessible to fans in a fair and secure manner, while also allowing artists and event organizers to set ticket prices that more accurately reflect their market value.
The firm states that it is the artists, along with their management groups and event organizers, who determine the prices and decide if dynamic pricing will be applied to their events.
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Cabinet member Lucy Powell experienced the impact of dynamic pricing this Saturday, paying over twice the initially quoted price for a ticket to an Oasis concert.
The Competition and Markets Authority (CMA) has expressed support for the government's decision to conduct a review.
A representative stated: "Our goal is for fans to receive equitable treatment when purchasing tickets from secondary platforms, and we have initiated measures against prominent resale sites to enforce compliance with consumer protection laws.
"We believe that consumers require additional safeguards, so it's encouraging that the government is eager to tackle these issues. We are keen to collaborate with them to achieve favorable results for both consumers and honest businesses."
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The Gallagher brothers, Noel and Liam, announced last Tuesday that their band will be reuniting after much anticipation.
Dynamic pricing is widely adopted across various sectors, notably in the travel industry, where it is commonly applied to hotel accommodations and airfare.
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Jack Antonoff, known for his frequent collaborations with Taylor Swift, has previously expressed concerns about dynamic pricing.
He mentioned to Stereogum that he wished for artists to have the option to withdraw from the system and set their own prices for sales.
Efforts have been made to reach Ticketmaster for a statement.
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