Government to Review Dynamic Pricing Amid Oasis Reunion Tour Ticket Outrage

Sky-high Oasis concert ticket prices frustrate fans; government to examine fluctuating pricing strategies

"Time to look back in anger," posted an Oasis enthusiast on social media, expressing frustration over the ticketing process for the eagerly awaited reunion tour.

Monday, September 2, 2024, 12:

The government has vowed to investigate the practice of dynamic ticket pricing following reports that ticket prices for the Oasis reunion tour surged by over double 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 review addressing the secondary market for concert tickets.

On Saturday, enthusiasts 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.

After enduring both lines and long delays, numerous attendees were confronted with ticket costs significantly exceeding their original prices.

Many voiced their frustration online after tickets originally priced at £148 were listed for £355 on Ticketmaster just hours after going on sale, a result of the platform's dynamic pricing strategy.

Over the weekend, Ms. Nandy stated that the government will examine these concerns and the technology that promotes queuing systems in an impending consultation.

She expressed disappointment, stating: "With the exciting announcement of Oasis reuniting, it's disheartening to witness such steep ticket prices that prevent regular fans from experiencing their beloved band in concert.

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

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

"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, ensuring that tickets are sold at reasonable prices."

What is dynamic pricing?

This is a pricing strategy that Ticketmaster implemented in 2022, which adjusts prices based on demand.

The measure was implemented to prevent scalping and to make sure that a larger share of profits reaches the artists.

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

In response to the backlash regarding the cost of Oasis's tickets, the company clarified that they do not determine the ticket prices and provided a link to a website explaining that the pricing could either be "set or fluctuating based on the market."

Ticketmaster's own site explains that the prices of its "Platinum" tickets fluctuate based on market dynamics such as supply and demand.

The purpose of the dynamic pricing system is to ensure that fans can obtain tickets in a fair and secure manner, while allowing artists and event organizers to set prices that reflect the actual market value of the tickets.

The company states that it is the artists, along with their management and promoters, who determine the prices and decide if dynamic pricing will be applied to their events.

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Government official Lucy Powell experienced the effects of dynamic pricing last Saturday, ultimately paying over twice the initially quoted price for a ticket to an Oasis concert.

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

A representative stated, "It's important to us that fans receive equitable treatment when purchasing tickets in the secondary market, and we have already addressed this issue with prominent resale platforms to guarantee compliance with consumer protection laws."

"We believe additional safeguards are essential for consumers, thus it's encouraging that the government is keen to tackle this issue. We are eager to collaborate with them to achieve optimal results for both fans and businesses that play by the rules."

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The announcement of the band's highly anticipated reunion was made last Tuesday by Noel and Liam Gallagher.

Dynamic pricing is widely used in various sectors, not just music, and is particularly prevalent in the travel industry for things like hotel accommodations and flight bookings.

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

He expressed to Stereogum his desire for artists to have the option to exit the system and set their own prices for sales.

Ticketmaster has been contacted for a response.

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