Ticketmaster has taken the unusual step of releasing details of Bruce Springsteen’s sales after fans raged over the company’s ‘dynamic pricing’ policy.
When trading began for The Boss’ upcoming North American tour last week, “platinum” tickets were offered for over $4,500. The policy means that the most expensive tickets will be sold at a different price in each market. “Pricing and formats are consistent with industry standards for top performers,” Ticketmaster said in a statement (via Variety), noting that the policy was designed to lock out secondary sellers, resellers and pay artists and promoters more.
According to the figures, only 11.2% of sales were for “dynamic” tickets, with only 1.3% of those selling for more than $1,000, while 56% were sold for less than $200, including 18% for less. from $99.
But Variety reported that “fans quickly realized that the first to pass the queue each day could buy in the range of $60-400… only to see them immediately picked up, leaving the ducats at the most exorbitant prices – with inflated values as much as 10 times the original value – like what most potential buyers see when they log on.
The “platinum” tickets appeared to have settled at around $2,000 instead of the higher initial price, likely in response to slowing demand after the initial sales excitement began. Ticketmaster stated in its pricing policy documentation that “certain events on our platform may have tickets at ‘market price’, so ticket prices and fees may adjust over time as depending on demand. It’s similar to how airline tickets and hotel rooms are sold.
More Springsteen tickets will go on sale this week. Neither he nor his management responded to requests for comment.
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