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

Skyrocketing Oasis concert prices bring dismay; government to examine fluctuating pricing strategies

"Time to revisit our frustrations," expressed an Oasis enthusiast on social media, voicing displeasure over the ticketing process for the eagerly awaited comeback tour.

Monday, September 2, 2024, 12:

The authorities have vowed to investigate the practice of dynamic ticket pricing following a significant increase in ticket prices for the Oasis reunion tour during the sales period.

Culture Secretary Lisa Nandy labeled the high pricing of Oasis tickets as "depressing," announcing that surge pricing will be considered in a governmental examination of the secondary market for concert tickets.

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

Yet, after enduring the long lines and extended delays, numerous individuals encountered ticket costs significantly exceeding their original price.

Many voiced their frustration online after witnessing tickets originally priced at £148 being marked up to £355 on Ticketmaster shortly after they went on sale, a result of the platform's dynamic pricing strategy.

During a weekend statement, Ms. Nandy expressed that both the issues at hand and the "technology behind queue systems that encourage it" will be examined in a forthcoming government consultation.

She expressed disappointment, stating: "With the exciting announcement of Oasis's reunion, it's disheartening to witness the steep rise in ticket prices, which prevents regular fans from experiencing their beloved band in concert."

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

"In our upcoming consultation on consumer protection 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 its use."

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

Dynamic pricing, a strategy that adjusts prices based on consumer demand, was implemented by Ticketmaster in 2022.

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

When ticket demand is high and supply is limited, 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 themselves and provided a link to a website explaining that prices could be either "fixed or influenced by the market".

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

The text states that the purpose of the dynamic pricing system is to ensure fans can obtain tickets in a fair and secure manner, while also allowing artists and event organizers to set ticket prices that more accurately reflect their market value.

The firm asserts 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 experienced the impact of dynamic pricing this past Saturday, ultimately paying over twice the initially quoted price for a ticket to an Oasis concert.

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

A representative stated: "Our goal is for fans to receive equitable treatment when purchasing tickets from secondary outlets. We have initiated measures 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 eager to tackle this issue. We are keen to collaborate with them to achieve optimal results for both fans and businesses that play by the rules."

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

Dynamic pricing is widely adopted in sectors beyond the music industry, particularly prevalent in the travel sector for items such as hotel accommodations and flight bookings.

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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 believes artists should have the option to withdraw from the system and set their own prices for their sales.

Ticketmaster has been contacted for a statement.

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