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The Lie That's Destroying the Economy - Adam Conover
(vid.puffyan.us)
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this post was submitted on 01 May 2024
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I've heard economists say that Ticketmaster is a useful scapegoat for a lot of natural problems in the music industry. Taylor swift is selling tickets for what seems like a reasonable price, but the laws of supply and demand say they are worth far more. Taylor doesn't want to sell her tickets for closer to what they are actually worth since it would make her look like a price gouging jerk. Anytime in economics you have a mismatch between the price something is being sold for and what someone is willing to pay for it, there's an opportunity for money to be made, people will take that opportunity if they can, and in doing so the price will tend toward the true intersection of supply and demand.
Completely correct. 10k tickets, the top 10k people who are willing to pay the most get tickets. Any attempt to break this and push to a lower price just means that there is a market gap that can be filled by buying low and selling high. Im a big believer that high demand tickets should have a name on them with ID required - want to sell they go back to retailers at cost.
She also tried a points system - follow on insta, buy merch, buy CD, get points towards early access so actually fans get tickets for a lower price. She got done for favoritism.
There really is no winning once your fanbase grows over a certain size. That's why I prefer to go see only C-list or locally/regionally famous artists live rather than trying to go see A-listers live.
But competition would force these middlemen to make their services better, lower prices, etc. This whole comment doesn’t get to the heart of this matter, regardless whether ticket master is a scapegoat, the ticket selling industry would be better off if there was more competition.
Also, isn’t it still wrong of companies like ticket master to bully artists with their top-down control of venues and promoting?