think of your favorite artist going on tour in the next
year Is it blank 1 82 taylor swift luke combs or
perhaps Beyonce What are you willing to pay to attend
one of their live concerts The answer for some might be
hundreds for others, even thousands to witness. Global
superstar bad bunny billboard's top touring act of 2022.
The average cost was $225. The lowest ticket was about
100 and 50 bucks across the board. Americans are paying
more for event tickets. Global Concert magazine poll
star found the $28.50 average. It cost in 1996 to see
the likes of Kiss and Garth brooks will now cost an
average of around $108 to attend one of today's 100
biggest Concerts that's also nearly 18% higher than
before. The pandemic in 2019. When you say, why have
tickets gone up so much because they can and because
they need to Dr. Andrea Loma, who runs the
entertainment management progra at the University of
Montana says pent up demand surged prices, but it
wasn't just fans driving the hype when things opened up
again and venues opened up again. All of these artists
like bombarded the venues because what normally could
have been spread out over about 2.5 years now, all of
those players wanted to be out there at the same time
and artists like fans are dealing with the woes of
inflation impacting the cost of gas, musical equipment
and other items it takes for them to hit the road. It's
at least 30-40% more expensive today to tour than it
was pre pandemic. And part of that is, is because the
cost of living everywhere has gone up so much. The only
way the artist is really making money, they can't, they
don't make money because we get our music for free
these days, they make money because they go on tour and
then they sell merchandise according to billbo
concertgoers, money does not go straight to the artist.
The base ticket price Goes towards marketing,
production costs and renting the venue just to break
even a venue has to sell 80% of all the tickets after
the curtains closed or the fans empty out, Billboard
says the promoter and the artist had traditionally
split the profit with the artist taking about 85%. But
in recent years, promoters have worked to pad their 15%
with fees, which in some cases can add up to cost more
than the ticket itself. The fees are essentially what
keeps companies and platforms like ticketmaster goi
Those fees are then divided up between ticketmaster
the venue and anybody else that's involved. And then
there's the strategy of adjusting prices based on
consumer demand called dynamic pricing. The aim is to
keep tickets off the secondary market and boost reve
and that's why the price to see music stars like Taylor
Swift is skyrocketing. Taylor Swift is gonna pack
Taylor Swift, very popular with between crowd so they
have to bring parents. So it's not just one ticket,
it's like multiple tickets for one person to go. The
fact that artists are suddenly charging $200 a ticket
or $250 to ticket or 300 up. That's just realistical
keeping you know, keeping level with what else is out
there when tickets were $6.25 back in the 19 seventies.
If people were that upset over the ticket prices, they
wouldn't go, the pop superstar set a new record in
november with over two million tickets sold for her
era's tour in just 24 hours, ticketmaster struggle
keep up. The company's pre sale inventory was
completely sold out, leaving fa stuck in a queue and
leaving the platform plenty of criticism and now legal
action, more than two dozen of swiss fans accused Live
Nation Entertainment, the parent company of
ticketmaster of fraud and say the company violated
antitrust laws. The argument is, there's too much
control by one company over a substantial number of
venues and concerts shows. And of course if there two
arenas in one city and one is known by Live Nation odds
are the, you know, the concert promotion will be going
to the one owned by Live Nation and they're making
money up and down the chain. Others are questioning i
the platform is monopolizing the market. A claim
reports suggest is at the center of the Department of
Justice investigation launched even before the latest
ticket fiasco and it's only fueled in the nation's
capital, like from Representative alexandria Ocasi
Cortez to break up the ticketmaster Live Nation me
it's really, really hard to break up a monopoly. It's
rarely done in the U.S. In fact, the last major kind of
breakup of a company this size would have been maybe
IBM back in the 19 eighties and 19 nineties. Live
Nation released a state in november saying, quote, it
takes its responsibilities under the antitrust laws
seriously and does not engage in behaviors that could
justify antitrust litigation. And added ticketmaster is
the most transparent and fan friendly ticketing system
in the United States. For now, artists are surging
prices with one other major question our fans willing
to pay hundreds of dollars per ticket to see them
perform