Politics
Oasis Reunion Tour Sparks Outrage Over Sky-High Ticket Prices: Government to Review Dynamic Pricing Practices
Sky-high prices for Oasis concert tickets leave fans disheartened; government to examine variable pricing strategies
"Time to reflect on our frustration," commented a fan of Oasis on a social platform, voicing disappointment over the ticketing process for the much-awaited comeback tour.
Monday, September 2, 2024, 12:
The government has committed to investigating the practice of variable ticket pricing following a significant increase in prices for the Oasis reunion tour tickets during the sale period.
Culture Secretary Lisa Nandy labeled the sale of overpriced Oasis concert tickets as "depressing," and announced that dynamic pricing will be examined in a government assessment of the secondary 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 comeback concerts.
After enduring the long lines and significant delays, numerous individuals found themselves facing ticket costs that greatly exceeded the original price.
People took to social media to vent their frustrations after tickets originally priced at £148 were listed for £355 on Ticketmaster just hours after they went on sale, a price hike attributed to the platform's dynamic pricing models.
During a weekend statement, Ms. Nandy declared that in a forthcoming government review, both the issues at hand and the "technology behind queue systems that encourage it" will be examined.
She expressed disappointment, noting, "With the thrilling announcement of Oasis's comeback, it's disheartening to witness the steep rise in ticket prices that prevents average fans from experiencing their beloved band in concert."
"This administration is dedicated to re-centering music around its fans."
"In our upcoming discussion on consumer protection measures for ticket resales, we plan to address the transparency of dynamic pricing and the technologies behind queue systems that encourage its use."
"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 reasonably priced tickets for fans."
What is dynamic pricing?
Ticketmaster launched this demand-driven pricing strategy in 2022.
The measure was implemented to prevent scalping and to increase the revenue that artists receive.
Fundamentally, when tickets are in high demand and the supply is scarce, 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 pricing, and provided a link to a website explaining that the prices could be either "fixed or subject to market fluctuations."
Ticketmaster's official website defines "Platinum" tickets as those priced based on fluctuations in supply and demand.
The text explains that the purpose of the dynamic pricing system is to ensure that fans can buy tickets fairly and safely, while also allowing artists and event organizers to set ticket prices that more accurately reflect their market value.
The company asserts 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 encountered surge pricing this past Saturday, ultimately paying over twice the initial price quoted for a ticket to see Oasis perform.
The Competition and Markets Authority (CMA) expressed support for the government's decision to conduct a review.
A representative stated: "Our goal is for fans to receive equitable treatment when purchasing tickets on the secondary market, and we have taken steps against prominent resale platforms to enforce compliance with consumer protection laws.
"We believe additional safeguards are necessary for consumers, and it's encouraging that the government is ready to tackle this issue. We are eager to collaborate with them to achieve optimal results for supporters and businesses that play by the rules."
Discover further details on Sky News: The Cure member confirms diagnosis of an uncommon cancer type; Samantha Fox acquitted in spouse assault case.
The announcement of the band's reunion was made official last Tuesday by Noel and Liam Gallagher.
Dynamic pricing is widely used in various sectors, not just music, including frequent applications in the travel industry for hotel accommodations and flight bookings.
Stay updated with the latest breaking news
Download the Sky News application at no cost
Jack Antonoff, who often works with Taylor Swift, has previously expressed concerns about dynamic pricing.
He explained to Stereogum that he desired for artists to have the option to withdraw from the system and set their own selling prices.
Ticketmaster was contacted to provide a statement.
Associated Subjects
Sky News Bottom Banner
Information about Sky News
Services Offered by Sky News
Sky Network Channels
Additional Sky Websites
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.