It's no secret that going to a live performance may be pricey, but for some ardent fans, the expense is justified by getting to watch their favorite artists up and personal. Just ask the Taylor Swift followers who forked out thousands of dollars to attend the singer's much anticipated Eras Tour.
Thousands of eager fans tried to purchase tickets on Ticketmaster, but demand was so great that the system collapsed, disappointing them all. Resells on websites like StubHub were charging as much as $3,000 USD for the same tickets, adding insult to injury.
Similar to this, those seeking to get tickets for Drake's It's All a Blur tour reported they were "fighting for their lives" due to exorbitant rates on the ticket resale website SeatGeek, where some tickets went for as much as 5,000 USD (although they were previously listed as beginning at 69 USD on Ticketmaster).
With anticipated tours by Beyoncé, Harry Styles, Elton John, Coldplay, and Ed Sheeran beginning in 2023, the demand for concert tickets is surging, causing them to sell out in a matter of seconds before being resold at astronomical rates.
Additionally, events other than musical ones are impacted. Prices for tickets to live performances by comedians like Ricky Gervais and Trevor Noah, as well as athletic occasions like Wimbledon and the Formula 1 Grand Prix, are at an all-time high.
The issue with ticket resale
The act of purchasing tickets for a performance, play, or athletic event with the goal of reselling them for a profit is known as ticket scalping. If you don't have a business license for that form of transaction, it may be unlawful to resale tickets beyond a particular price in certain states and countries. However, in other states and countries, it is not.
In the realm of live events, ticket scalping has long been a sensitive topic. Additionally, it rewards people who do nothing more than acquire a large number of tickets before anybody else can, which is unfair to those who are unable to pay face value for tickets. Additionally, none of the additional fees paid for entrance go to the event's organizers.
The quantity of tickets that fans and scalpers are purchasing and reselling has increased as a result of online ticket exchanges. As a consequence, the demand for a show increases and the cost of the whole event rises. Because more scalpers are drawn to the market as a result of the higher ticket prices, a vicious cycle is created. Sadly, fans are regularly forced to pay astronomical fees for tickets that ought to be offered at a far lesser price.
The largest sports ticket markup is for the Men's Wimbledon Final
The Wimbledon Men's Final is the most anticipated tennis match of the year, with players like Rafael Nadal, Nick Kyrgios, and Novak Djokovic competing for the top place. And if you're a devoted tennis fan who wants to see history being made, be ready to spend a lot of money. The Wimbledon Men's Final resale market is famously expensive. Prices for this year's event, which is scheduled to take place on July 16, 2023, in London, are quite high.
The lowest resale price begins at a staggering 5,870 GBP (7,150 USD), which is an increase of 2,202%. The face value of the tickets is 255 GBP (310 USD), and fans must stand in line to purchase them. As a result, spectators who wish to attend the event this year will have to pay a sizable premium above the initial ticket price to guarantee their place in the stands.
Football for women is gaining popularity
With a startling 429% spike in resale ticket prices from their initial face value price of 15 GBP (18 USD), the Women's FA Cup Final is the second most sought-after sports event of 2023. Famous sporting events like the Ryder Cup Final in golf and the Heineken Champions Cup in rugby are closely following, with resale values rising by 301% and 292%, respectively.
If Formula 1 fans want to see their favorite drivers in action, they need to be prepared to part up a good amount of their hard-earned money. Reselling prices for tickets to the British, Abu Dhabi, and Monaco Grand Prix are between 260% and 50% more than the initial pricing.
Basketball enthusiasts in the US are not immune, with some paying 628 USD for tickets to the NBA All-Star Game, which will be played in Salt Lake City on February 20, 2023, as opposed to the 400 USD indicated face value.
Even while some organizations and teams have made efforts to stop ticket swindling and price gouging, the issue still exists, leaving many fans disappointed and priced out of the events they love.
Do you want to see Coldplay?
Live music events are returning in full force after two years of pandemic postponements, cancellations, and delays. Artists and music festival organizers are thus struggling to keep up with the spike in demand for tickets.
The price of general admission concert tickets has consistently been rather high, including acts like Coldplay, Taylor Swift, SZA, and Ed Sheeran, among others. But while they struggle to pay for them, many fans are walking away empty-handed from the resale of sought-after tickets.
For instance, tickets to Harry Styles' next worldwide Love On Tour start at 51 GBP (62 USD). Their greatest selling price is an eye-watering 9,307 GBP (11,335 USD), while their lowest is already resting at 143 GBP (175 USD).
Similar to this, ticket prices for Coldplay's Music of Spheres global tour have increased by 904% in Manchester. Additionally, tickets to watch Taylor Swift perform live in L.A. in August will cost concertgoers 700% more (390 USD instead of their initial price of 49 USD). Following this are performances by SZA (568%), Ed Sheeran (410%), and Elton John (290%), who have also witnessed notable price hikes on ticket resale.
Those who want to see their country compete live in Liverpool when the singing competition begins on May 9 will also need to start saving. Tickets for the three live performances originally cost 380 GBP (466 USD), but are currently being resold for 3,469 GBP (4,258 USD), an increase of 813%.
Fans of Trevor Noah don't find the cost of resale tickets amusing.
The cost of tickets to watch the biggest comedians in the world is rising along with stand-up comedy's popularity. Since live performances are more exclusive and intimate than concerts, it's not unusual to pay a premium for tickets, but the markups on resale tickets have risen to previously unheard-of levels.
According to our investigation, spectators are spending more than double the ticket's face value merely to get a seat. Resale tickets for Trevor Noah's Off The Record London concert, for instance, have increased by 279% and are now beginning at 157 GBP (190 USD), up from 50 GBP (41.50 USD). This means that merely to watch the South African comedian perform live, fans are shelling out three times the price of their tickets.