EXPLAINER: What is dynamic pricing? Oasis fans look back in anger at reunion tour prices
Oasis fans have been left frustrated after prices more than doubled
Fans have been left frustrated after reunion tickets for the Oasis reunion tour more than doubled while on sale, due to dynamic pricing.
But, what exactly is dynamic pricing?
Dynamic pricing is the strategy of adjusting the price of a product in real-life, in response to external factors, such as market demand. The prices of Airline tickets vary based on the season or the time, with prices rising around holidays and weekends.
Ticketmaster’s approach is based on demand, and prices for tickets go up and down in real time. The pricing varies based on the level of interest for a gig and the number of seats or standing tickets available.
Common in other industries, but what about in live music?
When it comes to live music, the demand often exceeds the supply. Over the last few years, dynamic pricing has become more common. The practice is more common in the US but it is making its way to Ireland.
Oasis tickets were advertised for €86.50 (without Ticketmaster service’s charge) by the gig’s promoters but once fans were in the queue for tickets, they were stunned to discover tickets were selling for €415 (not including the service charge).
Can artists put a stop to dynamic pricing?
Ultimately, the decision is made by the artist, as well as their manager and promoter.
MCD, who are promoting Oasis’ reunion gigs, are owned by global promoters Live Nation - who also owns Ticketmaster.