SomersetBen on Nostr: There’s much discussion about the reselling of #Oasis concert tickets at 40x face ...
There’s much discussion about the reselling of #Oasis concert tickets at 40x face value. This is simply a case of the market finding the accepted value for a commodity. Price fixing (by cancelling resold tickets, for example) is not the answer. It’s hard to track ownership of the tickets. I can see two approaches. Go full KYC, AML, the “Glastonbury” way and require photo ID or how about letting the market find its own level?
One simple way to implement the latter would be to hold a Dutch Auction. Start ticket sales at £10,000 and gradually reduce the price until all are sold. Sure, the band would make a lot more than selling tickets at £150 and there would be claims of profiteering. One response to that would be to give excessive profits to charities, maybe those supporting up and coming musicians. The question now arises, how much money should the concerts be expected to generate for the band, the crew, the promoter, the venue, etc. Maybe that’s more detail than they would like to disclose.
One simple way to implement the latter would be to hold a Dutch Auction. Start ticket sales at £10,000 and gradually reduce the price until all are sold. Sure, the band would make a lot more than selling tickets at £150 and there would be claims of profiteering. One response to that would be to give excessive profits to charities, maybe those supporting up and coming musicians. The question now arises, how much money should the concerts be expected to generate for the band, the crew, the promoter, the venue, etc. Maybe that’s more detail than they would like to disclose.