Government to Review Dynamic Pricing After Outrage Over Sky-High Oasis Reunion Tour Ticket Costs

Sky-high Oasis concert ticket prices labeled 'disheartening' – authorities to reassess dynamic pricing strategies

"Time to revisit our frustration," commented an Oasis enthusiast on social media, expressing discontent with 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 pricing of Oasis concert tickets as "depressing," announcing that surge pricing will be examined in the government's evaluation of the secondary market for concert ticket sales.

On Saturday, devotees of the globally renowned music group spent hours in digital lines, eager to secure tickets for one of next year's highly anticipated comeback concerts.

Nonetheless, after enduring the long lines and extensive delays, numerous individuals encountered ticket costs significantly above the original price.

Many took to social media to voice their frustration after tickets initially priced at £148 were listed for £355 on Ticketmaster shortly after going on sale, a surge attributed to the platform's dynamic pricing mechanisms.

Over the weekend, Ms. Nandy revealed plans for a forthcoming government consultation to explore issues including the technology used in queuing systems that encourage it.

She expressed disappointment, stating, "Following the thrilling announcement of Oasis's comeback, it's disheartening to witness the steep hike in ticket prices, which prevents regular fans from experiencing their beloved band in concert."

"This administration is dedicated to recentering fans in the music experience."

"In our upcoming discussion on consumer protection measures for ticket reselling, we plan to address concerns related to the transparency and application of variable pricing strategies, as well as the technologies that support queuing mechanisms which encourage these practices."

"By collaborating with artists, the industry, and concertgoers, we can develop a more equitable system that eliminates the problems of 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 implemented by Ticketmaster in 2022.

The measure was implemented to prevent scalping and to increase the revenue received by the artists.

When demand for tickets is high and supply is limited, prices tend to increase.

In response to frustration regarding the cost of Oasis's tickets, the company clarified that they do not determine the pricing and provided a link to a website explaining that prices could be "set in stone or subject to market fluctuations".

Ticketmaster's official website explains that the pricing for its "Platinum" tickets fluctuates based on market demand and availability.

The aim of the dynamic pricing system is to ensure that fans have a fair and secure opportunity to purchase tickets, and allows artists and event organizers to set ticket prices that more accurately reflect their market worth.

The firm states that it is the artists, their management, and event promoters who determine the prices and decide if dynamic pricing is implemented for their events.

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Cabinet member Lucy Powell was affected by surge pricing last Saturday, ultimately paying over twice the initial price quoted for a ticket to see Oasis perform.

The Competition and Markets Authority (CMA) expressed support for the government's decision to conduct a review.

A representative stated, "It's our priority that fans receive equitable treatment when purchasing tickets from secondary platforms, and we have already intervened with prominent ticket resale sites to enforce compliance with consumer protection laws."

"We believe that additional safeguards for consumers are necessary, and it's encouraging that the government is keen on tackling this issue. We are eager to collaborate with them to achieve the most favorable results for both fans and businesses that play by the rules."

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The news followed an announcement last Tuesday by Noel and Liam Gallagher, confirming the much-anticipated reunion of the band.

Dynamic pricing extends its reach beyond the music sector, frequently adopted in the travel industry for hotel accommodations and airfare.

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Jack Antonoff, a regular collaborator with Taylor Swift, has previously expressed concerns about dynamic pricing.

He explained to Stereogum that he wishes for artists to have the option to exit the system and set their own prices for their work.

Efforts have been made to reach Ticketmaster for a statement.

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