Price Continues to Rise During Purchase Process
Growing Criticism of 'Dynamic Pricing' Method
UK Government Also Announces 'Tough Response' to Ticket Price Increase
British rock band Oasis is likely to change the practices of the concert industry. The ticket prices for their concerts scheduled for next year soared as they were sold using a demand-based pricing method, prompting the UK government to launch an investigation over potential consumer rights violations.
Reuniting after 15 years, Oasis will hold a total of 17 concerts in the UK and Ireland in July and August next year. Fans were ecstatic about the band's long-awaited return, and the website of the US company Ticketmaster, which handled ticket reservations, crashed shortly after ticket sales began on the 31st of last month (local time).
Oasis, reunited after 15 years, will hold a total of 17 concerts in the UK and Ireland in July and August next year. Fans were thrilled by the long-awaited return of Oasis, and the website of the American company Ticketmaster, where tickets were sold, crashed immediately after ticket sales began on the 31st of last month (local time). [Photo by AFP·Yonhap News]
As demand surged, ticket prices rose several times above the initial price of ?135 (approximately 237,632 KRW). This is because Ticketmaster applied 'dynamic pricing.' Dynamic pricing is a method where prices fluctuate based on variables such as supply and demand; it is commonly used in the US concert industry but rarely in Europe.
Among these, tickets for the concert at London's Wembley Stadium on July 26 next year were priced at an unimaginable level?over ?6,000 (approximately 10.55 million KRW). Wembley Stadium in the UK is a world-renowned large venue where the band Queen performed at Live Aid and can hold up to 90,000 spectators for a single event, making it a historic location. Additionally, tickets for the Edinburgh concert on August 12 of the same year exceeded ?4,000 (approximately 7.03 million KRW).
As prices surged dramatically due to dynamic pricing, regulatory authorities finally took action. On the 5th (local time), AP and Bloomberg reported that the UK's antitrust regulator, the Competition and Markets Authority (CMA), has launched an investigation into Ticketmaster regarding the ticket prices for Oasis's concerts. In particular, the CMA is investigating whether Ticketmaster violated consumer protection laws while selling tickets for Oasis's concerts and whether the dynamic pricing sales method, where ticket prices fluctuate based on demand, was fair.
Culture Secretary Lisa Nandy stated, "It is sad to see such a massive surge in ticket prices that excludes fans from enjoying live performances by their favorite bands," adding, "We will discuss transparency regarding the technology related to dynamic pricing." Prime Minister Keir Starmer also appeared on BBC Radio, saying, "(Oasis concert) ticket prices have risen so much that many ordinary people cannot afford them," and added, "We are considering various measures to make concerts and other performances more affordable."
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