Bruce Springsteen fans are scratching their heads after Ticketmaster made no apologies for their “Dynamic Pricing” policy. Last week, when the Boss’s upcoming North American tour began trading, “platinum” tickets went for approximately $4,500. The policy stipulates that the most expensive tickets will vary in price depending on the location.
“Prices and formats are consistent with industry standards for top performers,” Ticketmaster said in a statement to Variety. The objective of the new policy was to prevent secondary sellers, resellers, and pay artists and promoters from taking part in the sale.
Only 11.2 percent of sales involved “dynamic” tickets. Meanwhile, just 1.3 percent of those sold for more than $1,000. 56% were sold for less than $200, including 18% for less than $99. “Prices and formats are consistent with industry standards for top performers,” the company said in a statement.
Ticketmaster compares new policies to that of airlines
However, Variety reported that “fans quickly figured out that the first ones to get through the queue each day were able to buy in the $60-400 range … only to have those immediately snapped up, leaving the more exorbitantly priced ducats — with values inflated as much as 10 times the original value — as what most would-be buyers see when they log in.”
The “platinum” tickets seemed to have settled at around $2,000 rather than the initially higher price. This is presumably in reaction to a decline in demand after the initial burst of sales. Ticketmaster continued to defend the pricing policy. “Some events on our platform may have tickets that are ‘market-priced,’ so ticket and fee prices may adjust over time based on demand. This is similar to how airline tickets and hotel rooms are sold.”
Music fans may have to accept Tickmaster’s rules as the new normal
Ticketmaster is making this information public after five days of widespread anger over the costliest tickets, and before a large number of cities on the tour go on sale later this week. The public on-sales for the 2023 US tour will be staggered over 10 days. Of course, the business has a significant interest in ensuring that fans do not become discouraged by believing that all of the hundreds of thousands of remaining tickets will be sold for prices that have been making headlines.
Bruce Springsteen has made no comments on the issue himself. He and Ticketmaster have been under a lot of pressure to give an answer for the four-figure priced tickets. The $5,000 figure is being held up by some irate fans as proof that the artist is not actually a “man of the people.”
Ticketmaster is unlikely to abandon the “platinum” program that has been so unpopular recently. The plan was originally intended to depreciate secondary ticketing sites such as StubHub. In theory, it should also put additional money into the hands of the artist and event promoters.