Outrage and Action: Government to Review Dynamic Pricing After Oasis Ticket Price Surge

Sky-high prices for Oasis concert tickets frustrate fans; government to examine fluctuating pricing strategies

"Time to reflect on our frustration," posted an Oasis enthusiast on social media, expressing widespread disappointment over the ticketing process for the eagerly awaited comeback tour.

Monday, September 2, 2024, 12:

Officials have pledged to investigate fluctuating ticket prices following reports that the cost of tickets for the Oasis reunion tour surged significantly during the sales period.

Culture Secretary Lisa Nandy labeled the sale of overpriced Oasis concert tickets as "depressing," announcing that dynamic pricing would be a topic in the government's reassessment of the secondary market for concert tickets.

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

Yet, after enduring both lines and considerable delays, numerous individuals encountered ticket costs significantly exceeding their original prices.

Many took to social media to voice their frustration after tickets originally priced at £148 appeared on Ticketmaster for £355 just hours after they went on sale, a result of the dynamic pricing strategies employed.

Over the weekend, Ms. Nandy stated that the government would explore concerns, including the technology that encourages queuing systems, in a forthcoming consultation.

She expressed disappointment, stating, "It's disheartening that after the exciting announcement of Oasis's comeback, exorbitant ticket prices are preventing regular fans from experiencing their beloved band in concert."

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

"In our upcoming discussion on consumer protection measures for ticket resales, we plan to cover topics 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 concertgoers, we can develop a more equitable system that eliminates the problems caused by scalpers and overpriced resales, guaranteeing reasonably priced tickets."

What does dynamic pricing mean?

This system, which adjusts prices based on demand, was rolled out by Ticketmaster in 2022.

The measure was implemented to prevent scalping and to direct a greater share of profits towards the artists.

When ticket demand is high and supply is low, prices tend to increase.

In response to frustration about the cost of Oasis concert tickets, the company clarified that it does not determine ticket pricing and provided a link to a website explaining that prices may be "static or subject to market fluctuations."

On its official website, Ticketmaster characterizes its "Platinum" tickets as ones whose prices fluctuate based on market dynamics of supply and demand.

The objective of the dynamic pricing system, according to the statement, is to ensure that tickets are accessible to fans in a fair and secure manner, while also allowing artists and event organizers to set prices that more accurately reflect the actual market value of the tickets.

The firm states that it is the artists, along with their management and event promoters, who determine the prices and decide if dynamic pricing will be implemented for their events.

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On Saturday, government minister Lucy Powell was affected by dynamic pricing, leading her to pay over twice the initially quoted price for a ticket to see Oasis.

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 receive equitable treatment when purchasing tickets through resellers. We have taken measures against prominent ticket resale platforms to enforce compliance with consumer protection laws."

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

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Last week, on Tuesday, Noel and Liam Gallagher announced the highly anticipated reunion of their band.

Dynamic pricing is widely adopted in various sectors, not just in music; it is particularly prevalent in the travel industry for things like hotel accommodations and flights.

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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 he desired for artists to have the option to not participate in the system and to set their own prices for sales.

Efforts have been made to reach Ticketmaster for a response.

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