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September 27, 2003

Free Market

Billboard Magazine:

Easing into new territory, Ticketmaster has debuted its first concert ticket auction for a Sting charity show Oct. 4 at New York's Hammerstein Ballroom.

 When Billboard first learned of Ticketmaster's plan to provide sanctioned auctions, the program was met with some concern that it would unnecessarily drive up ticket costs.

Everyone is concerned that this auction will lead to high ticket prices and "gouging". It will actually lead to higher, but "correct" prices.

Right now, the ticket prices for top-level acts are kept artificially low, because they're afraid of being accused of gouging. But the result of keeping prices low is that some people, who are lucky or priviledged, get cheaper tix, and many others are shut out altogether cause there aren't enough tickets to go around.

I'll be watching this auction thing with interest cause done right it will allocate the scarce supply of tix to those who want them the most.

Posted by jghiii at September 27, 2003 12:10 PM
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