Government to Review Dynamic Pricing Amid Outrage Over Soaring Oasis Reunion Tour Ticket Costs

Skyrocketing prices for Oasis concert tickets leave fans disheartened; officials vow to examine fluctuating pricing models

"Looks like it's time to look back in anger," commented an Oasis enthusiast on social media, expressing frustration over the ticketing process for the much-awaited comeback tour.

Monday, September 2, 2024, 12:

The government has pledged to investigate fluctuating ticket prices following a significant increase in the cost of tickets during the Oasis reunion tour sale.

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

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

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

Several individuals voiced their frustration online after discovering that tickets initially priced at £148 were being resold for £355 on Ticketmaster shortly after going on sale, a result of the dynamic pricing mechanisms in place.

During a weekend address, Ms. Nandy revealed plans for a government consultation to explore problems including the technology that encourages queuing systems.

She expressed disappointment, stating: "Following the exciting announcement of Oasis's comeback, it's disheartening to witness the exorbitant ticket prices that prevent regular 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 protections for ticket resales, we will address concerns related to the transparency and application of dynamic pricing, as well as the technology supporting queuing systems that promote it."

"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 tickets are sold at reasonable prices."

What does dynamic pricing mean?

This system, which adjusts prices according to demand, was launched by Ticketmaster in 2022.

The measure was implemented to prevent scalping and to direct a greater portion of earnings towards the performers.

Fundamentally, when ticket demand is high and availability 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 ticket pricing and provided a link to a website explaining that prices could be "set or fluctuate based on the market".

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

The dynamic pricing system aims to ensure that fans can purchase tickets in a fair and secure manner, while also allowing artists and event organizers to set prices that more accurately reflect the true market value of the tickets.

The company 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.

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Cabinet member Lucy Powell was affected by surge pricing this past Saturday, ending up 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: "We aim to ensure that fans receive equitable treatment when purchasing tickets on the secondary market, and have taken measures against prominent resale platforms to uphold consumer protection laws."

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

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The news followed an announcement last Tuesday from Noel and Liam Gallagher about the much-anticipated reunion of their band.

Dynamic pricing extends beyond the music sector and is prevalent in the travel industry, notably for hotel accommodations and airfare.

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Jack Antonoff, known for his frequent collaborations with Taylor Swift, has previously expressed concerns about dynamic pricing.

He explained to Stereogum that his goal was for artists to have the option to leave the system and set their own prices for their work.

Efforts have been made to contact Ticketmaster for their response.

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