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Live concerts and shows have been around for the longest time. The first live concert hosted by the public was conducted by John Banister, a violinist, in London in 1672. However, throughout the years, it has become a social phenomenon for many artists worldwide to partake in for the fans. With every ticket purchase, we not only secure our entry but also engage with the business behind ticket sales. This ties in with the music industry as it is known to build one of the most profitable for artists and record companies besides merchandise and is more modern with streaming services. But what problems are we seeing regarding the business behind artists distributing the tickets and fans obtaining the tickets?
2024 has been an incredible year for the music business. The gross amount of money made behind selling tickets has surpassed $3 billion by mid-year. On top of that, the United Kingdom was hit with an economic impact of $6.1 billion in spending for various live performances. Ticketmaster in the U.K. has also increased its profit with a pre-tax profit of £19.7 million in 2023 compared to the £12 million loss in 2022. Another rise was in the K-pop genre in South Korea, as it has been coming in with impactful acts worldwide. The mid-year in the live concert industry came to be roughly $1.5 billion compared to last year’s $814.9 million in 2023. As the number of live concerts has increased, the market has become more robust. But with all that came with pricing issues and distribution for the tickets to see the shows.
With the recent big news of Oasis having a reunion tour in 2025, tickets to see the band perform have been up in demand. With high demand comes fake tickets being distributed around the internet. Approximately 9,000 counterfeit tickets have been circulating following the announced North American Tour. This brings up how the National Independent Venue Association (NIVA) gave a letter to the U.S. Congress to pursue an investigation on the reselling platforms to prevent the fraudulent act.
Another problem was the initial part of purchasing tickets itself. Ticketmaster’s ‘dynamic pricing’ introduced to the public in 2011, changed the live concert industry as the price fluctuates depending on the demand for people to go to the concert. The dynamic pricing tactic became more apparent with recent prominent artists going on tour, such as Oasis, Taylor Swift, Green Day, etc. Although it is up to the artists to make the tickets a dynamic pricing form, it is an ongoing discussion within the U.K. government that is currently in the works to enforce more specific policies.
The industry is filled with unknown areas that the public does not know. As we only know how selling ticket prices works to see our favorite artists, many components come into play for official ticketing distribution companies to generate revenue overall. With the recent big lawsuit developed in May by the Department of Justice against Ticketmaster and Live Nation, we will have to see how far the United States can stop the accused fortified monopoly business behind the two merged companies. However, as many issues have been getting traction around the media, we see people and companies taking specific measures for everyone’s experience to be fair for those wanting to see the live concerts.
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