Ministers to Investigate “Dynamic Pricing” Amid Outrage Over Oasis Ticket Costs
The government has announced plans to investigate the controversial practice of “dynamic pricing” following a backlash over the soaring cost of tickets to see Oasis next year. Fans were left outraged as prices for the reunion tour tickets on Ticketmaster skyrocketed, with some reaching over £350, up from the original price of £135.
Culture Secretary Lisa Nandy expressed her concern over the “rip-off resales” that are excluding ordinary fans from attending gigs. She emphasized the need for tickets to be sold at fair prices and vowed to end the practice of inflated prices.
Dynamic pricing, where ticket prices fluctuate based on demand, is not a new phenomenon and is allowed under consumer protection laws. However, many fans were taken aback by the sudden surge in prices for the Oasis tickets.
Competition economist Schellion Horn explained that dynamic pricing is based on supply and demand, with prices rising as demand increases. She noted that there was a realization that the tickets were initially underpriced, given the high demand.
While Ticketmaster stated that prices are set by the event organizer, critics argue that there is a lack of transparency surrounding dynamic pricing. The government’s review will focus on issues related to the transparency and use of dynamic pricing, including the technology behind queuing systems that incentivize price hikes.
The move to investigate dynamic pricing comes after calls for a fairer ticketing system from both fans and politicians. Former Labour leader Sir Keir Starmer previously supported measures to cap prices for resold tickets and limit the number of tickets a person can resell.
As the government works towards creating a fairer system for ticket sales, fans hope to see an end to the scourge of touts and rip-off resales, ensuring that tickets are accessible at reasonable prices for all music lovers.
