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

Sky-high Oasis concert ticket costs spark outrage; officials vow to examine fluctuating pricing strategies

"Time to revisit our grievances," posted a disappointed Oasis enthusiast on social media, frustrated by the ticketing process for the eagerly awaited comeback tour.

Monday, September 2, 2024 12:44

The government has committed to investigating the variable pricing strategies of concert tickets following reports that prices for the Oasis reunion tour surged by over 100% during the sale period.

Culture Secretary Lisa Nandy labeled the high prices of Oasis concert tickets as "depressing" and announced that surge pricing will be examined in the government's upcoming evaluation of the secondary market for concert ticket sales.

On Saturday, devotees of the globally celebrated musical group spent hours in online lines, eager to secure tickets for the upcoming reunion concerts next year.

After enduring both lines and long delays, numerous individuals discovered that the ticket costs significantly exceeded the original price.

Many voiced their frustration online after tickets originally priced at £148 were found listed for £355 on Ticketmaster shortly after going on sale, a surge attributed to the platform's dynamic pricing models.

During a weekend address, Ms. Nandy revealed plans for a forthcoming government consultation to explore these matters, including the technology behind queue systems that encourage such behavior.

She expressed disappointment, stating: "Following the thrilling announcement of Oasis reuniting, it's disheartening to witness the excessively high ticket prices preventing regular fans from experiencing their beloved band in concert."

"This administration is dedicated to recentering fans at the core of the music industry."

"In our upcoming discussion on consumer protection measures for ticket resales, we will address concerns regarding the transparency and implementation of dynamic pricing, as well as the technologies supporting queue systems that encourage this practice."

"By collaborating with artists, the industry, and fans, we can develop a more equitable system that eliminates the problems of scalpers and overpriced resales, guaranteeing fairly priced tickets for everyone."

What does dynamic pricing mean?

This system, which adjusts prices based on demand, was rolled out by Ticketmaster in 2022.

It was implemented to prevent scalping and to direct a greater portion of earnings towards the artists.

When ticket demand is high and supply is low, prices tend to increase.

In response to frustration about the cost of Oasis tickets, the company clarified that it does not determine ticket pricing and provided a link to a website explaining that prices could be either "fixed or subject to market fluctuations."

Ticketmaster's website explains that the pricing of its "Platinum" tickets fluctuates based on market dynamics of supply and demand.

The aim of the dynamic pricing system is to ensure that fans have a fair and secure opportunity to purchase tickets, while allowing artists and event organizers to set prices that more accurately reflect the actual market value.

The firm states that the artists, along with their management teams and event promoters, are the ones responsible for setting ticket prices and deciding if dynamic pricing will apply to their events.

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

The Competition and Markets Authority (CMA) supported the announcement of the government's review.

A representative stated: "Our goal is for fans to receive equitable treatment when purchasing tickets on the secondary market, and we have already intervened with prominent reselling platforms to enforce compliance with consumer protection laws."

"We believe that additional safeguards are necessary for consumers, so it's encouraging that the government is aiming to tackle this issue. We are eager to collaborate with them to achieve optimal results for supporters and businesses that play by the rules."

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The news followed after Noel and Liam Gallagher announced last Tuesday that the band would finally be reuniting.

Dynamic pricing extends to various sectors, notably in travel where it's routinely applied to hotel accommodations and flight fares.

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Jack Antonoff, often associated with Taylor Swift, has expressed concerns about dynamic pricing.

He explained to Stereogum that he wished for artists to have the option to withdraw from the system and set their own prices for sales.

Ticketmaster has been contacted for a response.

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