Reuters top ten news stories delivered to your inbox each day.
You are here:
Business & Finance
The Great Debate
Do More With Reuters
Make Reuters My Homepage
Support (Customer Zone)
About Thomson Reuters
Last minute concert tickets hot items in recession
Thu Jul 30, 2009 7:37pm EDT
Email | Print |
| Reprints | Single Page
By Sue Zeidler
LOS ANGELES (Reuters) - Unemployment is up and consumer confidence is down, but one silver lining of the recession is that last-minute tickets to hear big acts like Coldplay and Bruce Springsteen are as little as $1.
According to eBay Inc's StubHub, the leading Internet ticket re-seller, last-minute concert ticket sales at sharply lower prices are on the rise for acts like Paul McCartney, Springsteen, Jonas Brothers, Coldplay, and U2.
"People often assume a secondary ticket site only offers inflated prices, but it's very challenging right now," said Sean Pate, a spokesman for San Francisco-based StubHub.
He said cheap prices were not showing up just for "nosebleed" seats or lawn seats, but rather in all seat locations for top performers.
"This trend of lower resale ticket pricing is very variable. It's almost like a stock market and a barometer for pricing city by city," he said.
He said fans have already purchased tickets as low as $1 for Springsteen and Coldplay, $9 for Kenny Chesney and $10 for the Jonas Brothers this season, with tickets listing for as low as $16 for upcoming McCartney shows this weekend in Maryland.
According to Pollstar, a concert industry trade magazine, the concert industry in North America is off to another record year, with the top 100 tours grossing a combined $1.6 billion for the first half of 2009, up $113.5 million or 10.8 percent over the same period in the first six months of 2008.
Indeed, the nation's leading concert promoter, Live Nation Inc, said recently that U.S. concert ticket sales this summer were surprisingly strong despite a weaker economy.
And Pollstar said the average ticket price hit $64.61 for the top 100 acts, up 4 percent or $2.54 per ticket.
But Pollstar editor Gary Bongiovanni said prices will likely be moderated in the second half due to heavy discounts on general admission amphitheater lawn seats.
Live Nation has said sales were holding very strong, helped by discounts like fee waivers it introduced as a recession-year break for customers.
Many of the big tours are reportedly sold out through vendors like Live Nation, but anywhere from 10 to 20 percent of those tickets may find their way onto the secondary market on sites like StubHub or craigslist.org, being sold by a combination of ticket brokers and ordinary fans.
In some of these cases, given the economy, the tickets are not re-selling for their face value and are therefore selling for substantial bargain prices on the secondary market, Pate said.
While average concert ticket prices on StubHub have fallen 12 percent since 2008, Pate said overall volume was up more than 50 percent and thousands of tickets for shows like the McCartney concerts have also commanded significant premiums.
Typically, sellers pay 15 percent of any completed transaction through StubHub, which also collects another 10 percent fee on transactions. Continued...
View article on single page
Photographer Leibovitz sued for breach of contract
also on reuters
Full Coverage: Uninsured camp out for free healthcare
Commentary: An abnormal recovery for housing market
Former Wall Streeters take on new parenting roles
More Entertainment News
Jackson mother gets custody, Rowe gets visits
"Funny People" laughing loudest at box office
Hollywood stars visit Havana amid U.S.-Cuba thaw
HBO renews "Hung," "True Blood," "Entourage"
Just A Minute With: Ashley Tisdale on her rising career
More Entertainment News...
A selection of our best photos from the past 24 hours. Slideshow
Most Popular on Reuters
Senator asks Clinton to explain Honduran policy
U.S. auto "clunker" program reaches limit
Pelosi lashes out against insurance companies
Hollywood stars visit Cuba amid U.S.-Cuba thaw
Photographer Leibovitz sued for breach of contract
Obama more bartender than mediator at beer summit | Video
WRAPUP 4-U.S. healthcare plan suffers a Senate delay
Some U.S. bank pay "unmoored" from performance: Cuomo
White House faces questions on healthcare message
Is it safe? U.S. vaccine experts want to build trust
Most Popular Articles RSS Feed
Jackson's mother gets custody
"Beer Summit" at the White House
Mourners arrested at Iran memorial
Northern Iraq's election impact
Katherine Jackson gets full custody
Arroyo in Washington
7 year-old in car chase
Shot dead for enforcing smoking ban
Parents accused of locking up child
Healthcare bill hits a snag
Most Popular Videos RSS Feed
Special Coverage: Michael Jackson
The King of Pop
Full coverage of Michael Jackson's sudden death, with the latest news, videos, facts and timeline. Full Coverage
Help and Contact Us |
Advertise With Us |
Site Index |
Thomson Reuters Corporate:
Professional Products |
Professional Products Support |
About Thomson Reuters |
Latin America |
United Kingdom |
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.