Why Taylor Swift and Bruce Springsteen tickets will be more expensive
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Hundreds of thousands of Taylor Swift fans will be checking their phones closely Monday night, waiting to see if they’ve been chosen by Ticketmaster’s verified fan system to buy tickets for the pop star and author’s upcoming stadium tour. -songwriter. When these tickets go on sale later in the week, it will likely take a few minutes before they are all sold out.
Live music roared across the US as the pandemic subsided, and the refrain of high demand and low ticket inventory has now become a common theme for music fans, who have seen tour announcements 2023 in recent weeks for acts ranging from Blink-182 and Paramore to Bruce Springsteen and Chris Stapleton are driving near-instant sales when tickets become available.
This extreme demand comes as fans spend more money than ever to go to a concert, two things that National Live EntertainmentTicketmaster’s parent company, recently indicated that it is unlikely to decline any time soon.
Ticket sales for concerts through the third quarter of 2022 are up 37% from 2019, and ticket sales for concerts to be played in 2023 are up double digits from the previous year, the company said. Fans spent an average of 20% more on the site compared to 2019.
Joe Berchtold, president and chief financial officer of Live Nation, said during the company’s third-quarter earnings call with analysts Nov. 4 that “it’s structurally a level of spending we’re seeing right now from of the consumer”.
“More VIPs, more platinum tickets, getting that money to the artist. And we’re seeing a relatively strong inelasticity of demand for those top tickets,” he said. “People are going for a bit higher quality in terms of alcohol, some of our product offerings are more attractive to people taking higher priced products.”
“All of the ones we think are a continuation of the trends we’ve seen over the past few years and we have no reason to expect any different in the future,” he added.
Last summer, in-stadium shows from acts like Coldplay and the Red Hot Chili Peppers were among the most in demand, with multiple tours selling more than 500,000 tickets, pushing Live Nation to record its highest quarterly attendance – more than 44 million fans across 11,000 events.
Berchtold said Live Nation’s outlook for stadium tours next year – boosted by Swift – will be “by far the biggest stadium we’ve ever had”.
But with high profile artists like Swift and Springsteen already booked for stadiums next spring and summer and the possibility that other artists like Beyoncé and Rihanna will also go on tour, it will probably push other artists into the years to come. This means that there will probably be no end to the high demand for tickets.
“The good news is that 22 is probably going to be a banner year, but there are only a limited number of Fridays and Saturdays and the artists are pretty smart about how they organize their tours and how they look at the world and find their right positioning,” Live Nation CEO Michael Rapino told analysts. “You’re never going to have a bunch of tours the same weekend stacked up. So that just means we have more inventory to split into 22, 23, and we’re talking 24 now. So I would say we have a backlog that still has to work in the system in 22, 23, which will be incredibly strong years.”
Ticket price reviews
With more and more people looking to buy tickets for their favorite musician’s tour, the criticisms regarding ticket prices as well as the fees associated with them have also increased.
Last month, US President Joe Biden said that as part of his cost-cutting plan for US citizens he was pursuing “hidden junk fees,” one of which he said was concert tickets.
“I know hidden junk fees — like processing fees on concert tickets — are a pain. They’re unfair, misleading, and add up,” Biden said. tweeted.
Live Nation issued a press release following Biden’s comments saying he applauds his “advocacy for fee transparency in all areas, including live event ticketing,” adding that he would support a mandate from the FTC that would require face value prices and fees to be posted up front, as is required in other parts of the world.
However, Ticketmaster has faced other complaints about rising ticket prices, as well as the inclusion of premium concert seats in its “Official Platinum” feature, which have varying prices depending on demand. Tickets in these categories have seen their prices skyrocket in high-demand situations, such as reports that some seats for Springsteen’s upcoming tour were listed for up to $5,000 each on the first day they went on sale.
While Ticketmaster said only 11.2% of seats were included in this program and the average price of tickets sold for this tour was $262, US Representative Bill Pascrell wrote a letter to Live Nation in August calling for “Must-have transparency on the sale, pricing, and distribution of tickets for live events.”
“The verified pre-sale of tickets each morning has caused high levels of stress and frustration for our constituents as they see tickets disappear from the main market website as if purchased, only to reappear at higher prices,” Pascrell wrote.
Ticketmaster distanced itself from ticket prices in its own statement, noting that “promoters and artist reps set the pricing strategy and price range parameters on all tickets, including fixed and event-based prices. the market.
“As the resale ticketing market has grown to an industry of over $10 billion over the past few years, artists and crews have lost that revenue to resellers who have no investment in the smooth running. of the event or any of the people working behind the scenes to bring the event to life. As such, event organizers have turned to market-based pricing to recoup this lost revenue” , the company said.
“We had double-digit growth in the live entertainment space over the year. We expect this to continue in both pricing and global volume as demand and supply continues. to grow around the world,” Rapino told analysts.