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2023. ELI Writing Competition Winning Essay: Tickets to Ride: NFTs and the Future of Concert Ticketing
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2023. ELI Writing Competition Winning Essay: Tickets to Ride: NFTs and the Future of Concert Ticketing
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2023. ELI Writing Competition Winning Essay: Tickets to Ride: NFTs and the Future of Concert Ticketing
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Journal Article
2023. ELI Writing Competition Winning Essay: Tickets to Ride: NFTs and the Future of Concert Ticketing
2024
Overview
[...]it has been estimated that bots make up a whopping 40% or so of all activity taking place on primary ticketing platforms.8 Likewise, they assuredly make up nearly all of the activity taking place on the secondary ticketing platforms. More vexing to fans was secondary ticket sites almost immediately inundated with the tickets they sought priced at gallingly high figures (some listed for a dizzying $30k).9 Though the stratospheric heights of such resale prices are uniquely off the charts as a result of Swift's singularly rabid fan base, they nonetheless help lay bare the ubiquitous price gouging that occurs for nearly every sought-after concert. [...]it is estimated that the global secondary ticket market will reach nearly $15bn dollars by 2025, most of which stands to be pocketed by scalpers.10 Tellingly, consumers aren't the only ones fed up with obscenely high secondary market ticket prices. Earlier this year, for instance, Bruce Springsteen explained that a portion of tickets to his highly anticipated 2023 U.S. tour hit the primary market at shockingly high prices (upwards of $5k per ticket in some cases), as \"...[t]he ticket broker or someone is going to be taking that money,\" and Springsteen thus contending, \"...why shouldn't that money go to the guys that are going to be up there sweating three hours a night for it?\".11 Springsteen further expounded that his team were compelled to greenlight the exorbitant ticket prices as a result of \"...ticket buying [getting] very confusing, not just for the fans, but for the artists also...Those tickets...are going to go for that [higher] price somewhere anyway\".12 Whereas Springsteen doesn't exactly require sympathy, espousing these views shortly after his music catalog was purchased for a figure north of $500mm,13 the point he makes certainly has merit.
Publisher
American Bar Association
Subject
