Will Ticket Prices Go Down on Ticketmaster?
Nowadays, buying event tickets online is the norm, and Ticketmaster is one of the biggest names in the industry. As with any purchase, people are always on the lookout for the best deal, and often wonder if prices will eventually go down. In this post, we will examine whether ticket prices on Ticketmaster are likely to decrease in the future.
The Economics of Ticket Pricing
The price of a ticket is determined by the laws of supply and demand. Simply put, ticket prices will fluctuate based on how many people want to attend an event and how many tickets are available. When a high demand event is close to selling out, prices will generally go up because people are willing to pay more to ensure they get a ticket before they sell out. Conversely, when a low demand event has many unsold tickets, prices will usually decrease to entice people to purchase them.
But what happens after the initial ticket release? Prices often remain stable, or even increase, as the event draws closer. This happens because venues want to maximize their revenue and keep prices high as long as possible. However, closer to the event date, venues risk experiencing unsold tickets, which can result in lost revenue. When this risk becomes too great, ticket prices can decrease to move unsold tickets.
Ticketmaster’s Role in Pricing
Ticketmaster, as a middleman between consumers and events, plays a significant role in ticket pricing. They typically add a fee to the face value of a ticket, which varies based on the event and the price of the ticket. This fee is how Ticketmaster makes their money, and they have no incentive to lower ticket prices. In fact, Ticketmaster aims to sell tickets quickly without risking underpricing, which means they’re unlikely to want to discount a ticket if it’s selling well at its current price.
On the other hand, if an event does not sell as quickly as expected, Ticketmaster may work with the event promoter to reduce prices or create promotional offers to increase sales.
The Impact of COVID-19
Since the outbreak of COVID-19, the event industry has taken a massive hit, with many events being postponed or canceled entirely. As a result, Ticketmaster has been forced to refund many tickets, which has caused them to lose a significant amount of money. While the widespread vaccine rollout suggests that the industry will return to some level of normalcy soon, it is unclear when this will happen and what the new normal will look like.
However, it is highly likely that ticket prices will not decrease as the industry returns to normal. Venues and promoters will still be focused on maximizing their revenue, and Ticketmaster will still aim to sell tickets at their full price. Furthermore, the pandemic may have permanently altered people’s behaviors and expectations about attending events, making prices higher if concert-goers prefer to attend fewer, more expensive events that have improved safety protocols.
Should You Buy Tickets Early?
In general, it’s often best to purchase tickets early if you know that you definitively want to attend an event. This is because, as mentioned earlier, ticket prices will generally increase as the event draws closer. The exception to this is if the demand for the event is low, in which case ticket prices may decrease as the event draws nearer. However, it’s always important to consider potential scheduling conflicts, as many events do not offer refunds or exchanges on tickets once they’ve been purchased.
Conclusion
While it is possible for ticket prices on Ticketmaster to decrease in certain scenarios, it is unwise to assume that they will always be lowered. Promoters and venues aim to maximize their revenue, and Ticketmaster aims to sell tickets quickly without underpricing them. Even during the pandemic, it’s unlikely that ticket prices will significantly decrease as the industry rebuilds. If you’re hoping to attend an event, it’s always wise to purchase tickets early to avoid price increases ahead of the event date.
Ultimately, ticket prices will fluctuate mainly based on supply and demand, and it’s important to stay aware of these fluctuations to take advantage of the best deals.