Billie Joe Armstrong headlined Green Day at Life Is Beautiful last weekend. Las Vegas proved to be strong and the main level was blocked for Green Day. It was like before, it was fun. I wish I could say the same thing about how price ticket markets work or, more precisely, it doesn’t work. As summer ends and the weather begins to change, the interest of other people who regularly attend live events is waning. As a result, the costs are the lowest I’ve noticed in years. That replacement happened temporarily this month, which is why there was one song that really caught my eye on Green Day: Wake Me Up When September Ends.
Here’s why, when the country started to reopen, tickets for occasions went back on sale, people were very happy to be vaccinated, without a mask and to be able to resume concerts, sales skyrocketed. In June and July, there was near-universal optimism about the progress made in opposition to Covid-19 and the alleviation of fears of being in public.
Ticket markets have begun to react as they did before the pandemic: prices rose, moved events to giant cinemas, all in the hope that the party will return without limits. This is not the reality. Instead, the Delta virus began to increase at the same time that there was persistent reluctance through a strangely giant percentage of the population to get vaccinated or wear a mask. These points, along with the stupidity of our current policy of destruction, have opened the door for a resurgence of the Corona virus.
Would state governors ban seat belt legislation under the guise of “personal freedom”?Would anyone settle for the concept that smallpox vaccines are not mandatory or that they cannot roam the cockpit of the aircraft during takeoff and landing?Are traffic lighting devices and speed limits now optional because they hinder your freedom to drive the way you want without government interference?If we want artists to come and entertain us, we want to make sure they don’t endanger their lives, the lives of their groups, or their ability to perform in the future.
This was addressed so well 54 years ago in the 1967 film Cool Hand Luke:
Meanwhile, the tug-of-war continues between those who adhere to regulations and those who say that “personal freedoms” outweigh their obligations to be respectful of society’s needs. But it is this deference to the non-unusual intelligent the essence While this is all a game of chance, as expected, the exhibitions began to cancel each other, others were never put up for sale, and other people who were willing to leave their homes withdrew out of concern for the selfishness of others.
I found it unhappy and funny that a population boasting on Instagram that stopped at the gas station to take inventory of Four Loko and Horny Goat Weed would oppose getting vaccinated against Covid when they have no obvious qualms about chasing a sybarite night or any concern of getting syphilis.
As summer turned into fall, low costs were felt in the secondary price ticket markets. NFL groups have joined MLB and other sports to have apparent vacancies in their stadiums. These are seats that may simply not sell. Demand collapses. Sometime last week, nearly 25% of the ticket price for the Las Vegas Raiders game went unsold or were in a position to be resold.
The costs of the festival have collapsed. BottleRock in Napa sold out earlier in the year, however, the bracelets sold for 70% on the first day of the three-day Labor Day weekend, and vip wristbands can be obtained for as little as $100 on Sundays, I know. I have one.
So what happens?
I went to the guru – my Dave Wakeman to get his opinion. Dave says:
The existing scenario in the market for number one and secondary price tickets highlights some demanding situations that were evident to other people in their evaluation:
First, when he throws tons of tickets on the market when almost nothing has been on sale for more than a year, he was forced to see a massive uptick in demand.
The next downward slope of this excess inventory is also predictable, as there would never be enough demand to fill all the seats.
It is worrying that brokers’ knowledge is promoted for pennies according to the dollar or at all highlights the need for greater strategy, advanced marketing, and serious scrutiny that is worthwhile.
The challenge is that after more than 18 months and without a genuine replacement in business models or strategy, it will be necessary for other people to verify their hypotheses with much hassle.
What Dave issues is what has been obvious: promoters and groups do not pay attention to market dynamics, they overestimate demand. There are only a limited number of occasions that only one user can attend. , there was a rush to get back to something fun, but that rush is over. The call returned to something similar before Covid, and then the disruptions began: the concern about the Delta virus, the vaccination policy or the masking needs to attend the occasions, the adjustments in the client’s habit after other people spent a year and a part locating other tactics to have fun and lower the price of tickets.
Now there are a number of countercurrents that are holding back demand, where there was a single population going out to watch a live event, now we continue to lose vital groups: those who are afraid of getting sick, those who don’t need to stick to Covid protocols to attend, those who simply don’t need to deal with the friction between those who are educated enough to comply with Covid protocols and those who disobey them, and those who just don’t. I need to spend cash on anything that looks more like a puzzle than a party.
This creates a smart deal for buyers in secondary price ticket markets, as price-price ticket distributors begin to panic and charges fall rapidly. Here are some genuine numbers. A small resale business sold the $420,000 priced ticket price last month, ending the month at a loss; of the sales, almost a portion was below the nominal price, and the $54,000 priced tickets were not sold at all, at any price. Zac Brown’s price tickets that charge $130 on the face sold for $85. Trey Anastasio ticket price that charges $53 sold for $17. 50 Tickets for the Outlaw music festival that charge $31. 70 across the street sold for $18, Lady A’s price tickets that were $151 sold for $70.
This immediate drop in costs confirms what is rarely discussed: price ticket traders who buy stocks to resell occasionally sell price tickets at a loss. – anything that never happens in the number one markets and when dealers buy price tickets and keep them until the date of the occasion so that there is an opportunity to buy a price ticket. there was no luck unless you went to the occasion and discovered someone outside the arena looking to sell a price ticket.
For secondary markets such as SeatGeek, Vivid Seats or StubHub, falling price ticket costs may soon become a significant problem. Ticket sellers will abandon the practice of buying price tickets if it becomes systematically unprofitable. the number of price tickets to be sold in secondary markets, and a resulting collapse in the run rates of those corporations. This has an effect on when corporations like Vivid Seats are adapting publicly traded entities. a meeting on October 14 to solicit shareholder votes to merge and publicly approve Bright Seats PubCo If this is approved (and professional advice: it will), Vivid Seats will go public and report quarterly on the internal monetary dynamics of its company, which is basically composed of adding service fees to ticket prices indexed on its site through price ticket sellers of prices of third parties.
Usually, October and November are the months when artists announce new tours so that their price tickets can sell out before Christmas, making it a wonderful selection to offer as a gift. Pussycat Dolls or the Foo Fighters. This year, the resale price ticket market position can be a wonderful position to get one’s price tickets. Prices are falling and will most likely remain under pressure as the policy unfolds. we are running towards a tipping point, just like everyone now puts on their seat belt before starting the car. For next spring, be clear that if you want to move on to a concert, sporting event, or dining position, you’ll have to. But, now, right now, price tickets are being promoted to unusually low costs due to all the uncertainty. For those who are vaccinated and want to faint and see something, now is the time. Access and enjoy your discounts.
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I’ve spent my advice
I love going to see shows. Most nights I will be placed in a crowd with people. Sign up for me as we analyze the live entertainment industry.
I have spent my life advising other people and corporations on business strategy and negotiation, in all facets of entertainment. The stories I write explain how the occasion and ticketing industry works.
The economic style of everything you live is changing, I will keep you informed of what it was, what it is now and what it will become, we will communicate to you what I see, who I meet and the corporations that are offering us shows, games and concerts.
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