Government to Review Dynamic Pricing Amid Outcry Over Sky-High Oasis Reunion Tour Ticket Costs

Sky-high Oasis reunion tour ticket costs 'disheartening,' says government, vowing to examine dynamic pricing practices

"Time to look back in anger," posted a disappointed Oasis enthusiast on social media, frustrated with the ticketing process for the much-awaited comeback tour.

Monday, September 2, 2024, 12:

The administration has pledged to investigate the practice of dynamic ticket pricing following a significant increase in the prices of tickets for the Oasis reunion tour during the sales period.

Culture Secretary Lisa Nandy labeled the sale of overpriced Oasis concert tickets as "depressing," and mentioned that dynamic pricing will be considered in a governmental examination of the resale market for live event tickets.

On Saturday, enthusiasts of the globally renowned music group spent hours in digital lines, eager to secure tickets for the upcoming reunion concerts next year.

Yet, after enduring long lines and significant delays, numerous attendees encountered ticket costs that greatly exceeded their original prices.

Many voiced their frustration online 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 declared that the government would examine these problems and the technology that encourages queue systems in a forthcoming consultation.

She expressed disappointment, stating, "Following the exhilarating announcement of Oasis's reunion, it's disheartening to witness the sky-high ticket prices that prevent regular fans from experiencing their beloved band in concert."

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

"In our upcoming discussion on consumer protection measures for ticket reselling, we will address concerns about the clarity and application of fluctuating pricing strategies. This will include the technology that supports queuing mechanisms which encourage these practices."

"By collaborating with artists, the industry, and concertgoers, we can establish a more equitable system that eliminates ticket scalping and overpriced resales, guaranteeing reasonably priced tickets for everyone."

What is dynamic pricing?

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

It was implemented to prevent scalping and to make sure that a greater portion of the earnings goes to the artists.

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

In response to frustration regarding the cost of Oasis's tickets, the company clarified that it does not determine ticket prices, directing people to a website explaining that prices can be "set or fluctuate based on the market."

Ticketmaster's official site explains that the pricing for "Platinum" tickets varies based on market fluctuations in supply and demand.

The dynamic pricing system aims to ensure that tickets are accessible and secure for fans, while also allowing artists and event organizers to set prices that reflect the actual market demand.

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

Stay ahead with the latest Breaking News

Download the Sky News application at no cost

Cabinet member Lucy Powell experienced the impact of dynamic pricing this past Saturday, ultimately paying over twice the initially quoted 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: "It's important to us that fans receive equitable treatment when purchasing tickets from secondary platforms, and we have initiated measures against prominent resale sites to uphold consumer protection laws."

"We believe that additional safeguards for consumers are essential, so it's encouraging that the government is taking steps to tackle 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."

Discover further details at Sky News: The Cure member confirms diagnosis of uncommon cancer variant; Samantha Fox exonerated in spouse assault case.

The news followed Noel and Liam Gallagher's announcement last Tuesday that the band would be reuniting after a long hiatus.

Dynamic pricing is widely used in sectors other than music, notably in the travel industry for hotel accommodations and airfare.

Stay ahead with the latest breaking news updates.

Download the Sky News application at no cost

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.

Efforts have been made to reach out to Ticketmaster for a

Associated Subjects

Footer of Sky News

Information About Sky News

Services Provided by Sky News

Channels Under Sky

Additional Sky Websites