Oasis Reunion Tour Ticket Price Surge Sparks Government Review of Dynamic Pricing Practices

Sky-high Oasis concert ticket prices bring dismay; government to examine variable pricing strategies

"Reflecting on the fury," commented one Oasis enthusiast online, expressing frustration over the ticketing process for the eagerly awaited comeback tour.

Monday, September 2, 2024, 12:

The administration has committed to investigating the practice of variable ticket pricing following a significant increase in the prices of Oasis reunion tour tickets during their sale.

Culture Secretary Lisa Nandy labeled the high prices of Oasis concert tickets as "depressing," announcing that surge pricing will be examined in a government review targeting the resale of event tickets.

On Saturday, devotees 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 significant delays, numerous individuals were confronted with ticket costs substantially exceeding their original value.

Many voiced their frustration online after noticing that tickets initially priced at £148 were being resold for £355 on Ticketmaster shortly after they went on sale, a result of the dynamic pricing models employed.

During a weekend statement, Ms. Nandy revealed plans for a forthcoming government consultation to examine these problems, including the technology behind queue systems that encourage them.

She expressed disappointment following the announcement of Oasis's reunion, noting that exorbitant ticket prices are preventing 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 behind queuing systems that encourage its use."

"By collaborating with artists, the industry, and concert-goers, we can develop a more equitable system that eliminates the problems of scalpers and overpriced ticket resales, ensuring that tickets are sold at reasonable prices."

What is dynamic pricing?

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

The measure was implemented to prevent scalping and to increase the revenue that artists receive.

When tickets are in high demand and the supply is limited, prices tend to increase.

In response to the frustration surrounding the cost of Oasis tickets, the company clarified that they do not determine ticket prices and provided a link to a website explaining that prices can be either "set or fluctuate based on the market."

Ticketmaster's official site explains that the pricing of its "Platinum" tickets fluctuates based on the principles of supply and demand.

The text explains that the purpose of the dynamic pricing system is to ensure that fans can purchase tickets both fairly and securely, while also allowing artists and live event organizers to set ticket prices that more accurately reflect their actual market value.

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

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On Saturday, government minister Lucy Powell was affected by dynamic pricing and ended up paying over twice the initially quoted price for a ticket to see Oasis perform.

The Competition and Markets Authority (CMA) has expressed support for the government's decision to conduct a review.

A representative stated: "Our goal is for fans to experience equitable pricing when purchasing tickets through resellers, and we have initiated measures against prominent secondary ticketing platforms to enforce compliance with consumer protection laws."

"We believe that additional safeguards are necessary for consumers, and 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 supporters and businesses that compete fairly."

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

Dynamic pricing extends to various sectors beyond music, notably in the travel sector, where it is often applied to hotel accommodations and flight reservations.

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Jack Antonoff, a regular collaborator with Taylor Swift, has previously pointed out problems with dynamic pricing.

He informed Stereogum that his aim was for artists to have the option to withdraw from the system and set their own prices for sales.

Attempts to reach Ticketmaster for a response have been made.

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