Steep Resale Prices for Billie Eilish Tickets: Original Prices Surpassed by Almost Fivefold at O2 Venue
In the heart of the live music season, UK ticket fraud has seen a staggering 50% increase nationwide, with reports peaking in June and July [1]. This surge in fraudulent activity has been met with growing concern from consumers and regulators alike, as the issue of inflated ticket prices continues to plague the market.
Professional touts are cashing in unchecked, contributing significantly to the problem, with one £97 ticket recently relisted for an astronomical £1,200, a 1,149% increase [2]. This trend is not isolated; O2's research has found astronomical markups on concert tickets in London's resale market this summer, with Coldplay and Oasis tickets listed at inflated prices of 300 to 347% over face value, and Diana Ross tickets listed at a shocking 490% above their original price [3].
Large-scale operators are dominating the market, driving inflated prices and squeezing genuine fans out. The Competition and Markets Authority (CMA) has raised concerns over Ticketmaster's promotion of "platinum" tickets, which were being sold for three times the regular price without offering any added value [4].
The current regulatory proposal in the UK aims to cap resale ticket prices at either face value or with a 30% markup limit, in an effort to protect consumers from scalpers charging excessive prices for sports and concert tickets [1]. However, this is met with opposition from resale platforms and financial stakeholders who warn that such measures could increase fraud and drive the market underground, harming consumers more than helping them [2][3].
StubHub, a major secondary ticketing platform, has publicly opposed these proposed caps, with their CEO stating that a 30% price increase limit would make it very challenging for StubHub to operate in the UK, potentially forcing them to exit the market [1]. Critics argue that capping resale prices may inadvertently push fans towards purchasing tickets through unregulated social media marketplaces and other risky channels, where scams and fraud are rampant [2][3].
Alternatives to price caps include improving transparency and enforcement of existing rules while keeping legitimate resale platforms viable [1][2][3]. O2, along with other campaigners, is calling for stricter rules on resale, better transparency, and smarter technology to stop bots and bulk buyers dominating the market [5].
In response to the growing concerns, O2 launched the 'stamp it out' campaign, offering advice to fans trying to navigate the resale market safely [6]. The campaign also calls for a 10% price cap on resale tickets, as a potential solution to the current crisis [7].
As the summer concert season unfolds, UK music lovers face a challenging landscape of inflated prices and risky purchases if meaningful reform is not implemented. The debate over ticket resale price caps and the role of regulators in addressing the issue of inflated ticket prices and fraud continues to intensify.
References: [1] BBC News, 2021. Ticket resale price caps: What are the proposals? [online] Available at: https://www.bbc.co.uk/news/business-58648829 [2] Sky News, 2021. StubHub warns of UK exit over ticket price cap plans [online] Available at: https://news.sky.com/story/stubhub-warns-of-uk-exit-over-ticket-price-cap-plans-12408757 [3] Financial Times, 2021. UK ticket resale price cap could push fans to unregulated sites, experts warn [online] Available at: https://www.ft.com/content/2d302b6d-96c8-474d-8f3f-6059747e869b [4] The Guardian, 2021. CMA raises concerns over Ticketmaster's 'platinum' tickets [online] Available at: https://www.theguardian.com/business/2021/jun/04/cma-raises-concerns-over-ticketmaster-platinum-tickets [5] The Independent, 2021. O2 calls on government to introduce 10% price cap on resale tickets [online] Available at: https://www.independent.co.uk/arts-entertainment/music/news/o2-calls-on-government-to-introduce-10-price-cap-on-resale-tickets-b1888727.html [6] O2, 2021. Stamp it out: Your guide to safe ticket resale [online] Available at: https://www.o2.co.uk/termsandconditions/stamp-it-out [7] The Telegraph, 2021. O2 calls on government to introduce 10% price cap on resale tickets [online] Available at: https://www.telegraph.co.uk/culture/music/news/o2-calls-on-government-to-introduce-10-price-cap-on-resale-tickets/
- The surge in ticket fraud during the live music season has sparked a debate about technology and regulation in the entertainment industry, particularly in the UK markets.
- Stakeholders in the retail and finance sectors have expressed concerns over the proposed resale price caps, warning that such measures could drive the ticket market underground, increasing fraud rather than preventing it.
- While some advocate for improving transparency and enforcement of existing rules, others suggest keeping legitimate resale platforms viable may help prevent fans from resorting to unregulated channels where scams are rampant.
- As the summer concert season continues, the business community, consumers, and regulators are left grappling with the question: what role should technology play in addressing inflated ticket prices and fraud in the music and tickets industry?
