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

Sky-high Oasis concert ticket prices spark dismay, prompting government to reconsider dynamic pricing strategies

"Time to revisit 'Look Back in Anger'," commented a disappointed Oasis enthusiast on social media, frustrated by 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 prices for the Oasis reunion tour tickets surged to over twice their initial cost during the sale period.

Culture Secretary Lisa Nandy labeled the high pricing of Oasis concert tickets as "depressing," announcing that such surge pricing will be examined in a governmental review concerning the resale of event 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 comeback concerts.

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

Many voiced their frustration online when tickets initially priced at £148 appeared on Ticketmaster for £355 just hours after they were released, a surge attributed to the platform's dynamic pricing system.

During a weekend address, Ms. Nandy declared that an upcoming government consultation would examine certain problems, including the technology that promotes queuing systems.

She expressed disappointment, stating, "Following the exciting announcement of Oasis's reunion, it's disheartening to witness the skyrocketing ticket prices that prevent average fans from experiencing their beloved band in concert."

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

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

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

What does dynamic pricing mean?

This pricing strategy, which adjusts prices based on demand, was implemented by Ticketmaster in 2022.

The measure was implemented to prevent scalping and to increase the earnings of the artists.

Basically, when many people want tickets and there aren't enough available, the prices tend to increase.

In response to the frustration surrounding 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 may be "set or subject to market fluctuations."

Ticketmaster’s website explains that the prices of "Platinum" tickets vary based on the principles of supply and demand.

The dynamic pricing system aims to ensure that fans can buy tickets securely and at reasonable prices, 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, their management, 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 was affected by surge pricing last Saturday, ultimately paying over twice the initially stated price for a ticket to an Oasis concert.

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 from secondary markets, and we have already implemented measures against prominent ticket resale platforms to enforce compliance with consumer protection laws."

"We believe additional safeguards should be implemented for consumers, so it's encouraging that the government is taking steps to tackle this issue. We are eager to collaborate with them to achieve optimal results for supporters and businesses that compete fairly."

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The announcement of the band getting back together was made official last Tuesday by Noel and Liam Gallagher.

Dynamic pricing is widely adopted in sectors other than music, notably in the travel industry, where it is commonly applied to 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 wished for artists to have the option to exit the system and set their own prices for sales.

Efforts have been made to obtain a statement from Ticketmaster.

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