Dynamic Pricing Drama: Oasis Fans Face Soaring Ticket Prices at Wembley Stadium 🎟️⚡
Sep 06, 2024
Recently, the iconic Britpop band Oasis sparked a controversy when they announced two additional shows at Wembley Stadium, set for the coming months. But the big news isn't just about more gigs; it's the surge in ticket prices that has fans talking (and not in a good way).
The crux of the issue? Dynamic pricing.
For these new shows, ticket prices for some seats skyrocketed as demand surged, leaving fans frustrated with prices well beyond their expectations.
The idea behind dynamic pricing is simple: tickets become more expensive as demand increases, with algorithms adjusting prices in real-time. This strategy, often used by airlines and hotels, has now entered the live music scene — and not everyone is thrilled.
What’s the Controversy?
Fans are accusing the ticket platforms of taking advantage of high demand and inflating prices to unreasonable levels. While some argue it’s a fair business model in a supply-and-demand economy, others believe this method exploits loyal concertgoers. Dynamic pricing, in this case, seems to be creating barriers for long-time fans of the band who might have anticipated paying more reasonable prices.
So, what’s your take?
I would love to hear from you:
Do you think dynamic pricing is being applied correctly in the concert industry? Or are we seeing more of a fixed set of "buckets" at different price points, disguised as dynamic pricing?
Should there be clearer transparency about how these prices are set, or is it time for governments to step in and regulate ticket pricing practices?
While dynamic pricing, in theory, allows for prices to fluctuate based on real-time demand, many are questioning if that's really what's happening. Could it be that platforms are simply releasing tickets in fixed tiers, increasing prices under the guise of dynamic pricing?
Furthermore, as the frustration grows among fans, there's a question of whether this pricing strategy is fair or ethical in the entertainment industry. Should government intervention be considered to establish pricing limits, especially for culturally significant events?
Let me know what you think — where do we draw the line between business and fairness?
Join the conversation below and let me know your thoughts!
Looking forward to hearing your insights!
About Fernando Vives
Fernando Vives stands at the forefront of hospitality expertise, guiding Minor Hotels Europe & Américas (former NH Hotel Group) Commercial Discipline and Top Line Results. His dynamic leadership oversees a vast portfolio, including sales, revenue management and digital growth, steering a team of over 2,000 across 30 countries and managing a turnover of over $3 billion USD. Awarded as one of the Top 20 Extraordinary Minds in the industry for Commercial & Revenue Optimization Leadership, Fernando's extensive background includes senior roles at renowned hotel chains and ventures into entrepreneurship. He is an academic pioneer, and an esteemed speaker and a passionate industry advocate, Fernando's educational prowess is matched by his commitment to shaping the future of hospitality as an Ambassador for Hospitality Labs.
The views and opinions expressed in this newsletter are solely those of Fernando Vives and do not necessarily reflect those of any company or organization he works for or is affiliated with, nor those of their partners or suppliers. The data sources used are mostly public, ChatGPT may have been used for research assistance, copywriting or editing. If you find any discrepancies or errors in the data or insights shared, please reach out t via LinkedIn for necessary adjustments. Thank you for following and being a part of this community.
Sources:
https://www.bbc.com/news/articles/c3w6yy4g6gdo
https://www.reuters.com/world/uk/what-is-dynamic-pricing-that-has-angered-oasis-fans-2024-09-02/
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