Key insights
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1
Dynamic Pricing Models
Dynamic pricing, similar to what is used in airline ticketing, adjusts prices based on demand and availability. This model has been increasingly adopted in the concert industry, leading to higher prices during peak demand.
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2
The Role of Technology in Ticket Sales
Technology has played a significant role in changing how tickets are sold and priced. Online platforms and resale sites often contribute to inflated prices, as they capitalize on high demand and limited supply.
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3
Artists' Influence on Pricing
Artists and their management teams have more control over ticket prices than ever before. Some choose to set higher initial prices to capture revenue that would otherwise go to resellers.
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4
Impact of the COVID-19 Pandemic
The pandemic resulted in a backlog of tours and live events, creating pent-up demand as restrictions eased. This surge in demand has further driven ticket prices upwards.