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1 Comment
TicketMaster Buys TicketsNow For $265 Million
The acquisition of Ticketsnow is a surprising move for Ticketmaster since the majority of tickets posted on Ticketsnow’s website are ticket brokers’ inventory, may of whom will now pull the plug by not listing them anymore as a result of this partnership. Ticketsnow’s business model caters to brokers and the majority of the web hits are from fellow brokers, not from fans listing inventory.
Ticketmaster, a dominant primary market ticket seller, actively encourages teams and concert promoters to buy and then sell their tickets on Ticketmaster’s secondary market exchange. As a result of losing several legislative battles in states such as New York and being investigated in states such as Missouri, Ticketmaster’s “Ticketexchange” and “auctions” have failed in the public eye. Ticketmaster must use the Ticketsnow brand name to market premium seats to events such as Hannah Montana to the secondary market which will inflate the prices.
The law of supply and demand dictates the price of tickets on the secondary market, consumers reselling their tickets on the Internet are a contributing factor for what the market price is, reputable companies such as ticketsofamerica.com , Ebay, and Stubhub encourage fans to buy/sell at market prices which often times causes prices to sell at less than face value. Ticketmaster, Promoters, Sports Teams, and Venue partners often hold back the supply of tickets which artificially inflates the prices by hyping the scarcity of supply and deceiving the public by saying “sold out.” This is not in the best interest of the consumer and prices are never going to be less than face value or at true market price.