Rockonomics by Alan B. Krueger

Author:Alan B. Krueger
Language: eng
Format: epub
Publisher: The Crown Publishing Group
Published: 2019-06-03T16:00:00+00:00

Homeward Bound

“We’re in an industry that prices its product worse than anybody else,” Ticketmaster’s chairman, Terry Barnes, observed in 2006.40 The industry has come a long way since then, but there is still much room for improvement. Verified Fan, slow ticketing, dynamic pricing, and expanding supply (à la Garth mode) are some of the new strategies to improve the efficiency of ticket distribution. We should expect more innovation in the future, especially for the hottest stars and best seats.

While Garth Brooks labors to expand supply to satisfy demand at an affordable price, several artists—including Paul Simon, Elton John, Joan Baez, and Lynyrd Skynyrd—have recently announced their farewell tours, which is a way to limit supply and drive up demand.

Even after these rock icons retire, however, there will be plenty more first-class live entertainment to see. In his 2017 year-end business column, Barry Ritholtz wrote, “We are now in the golden age of, well, everything…but especially live music.” He advised, “If you haven’t been going out to regular live events, you don’t know what you are missing.”41 One piece of advice from rockonomics research could save you some money: if you buy tickets on the secondary market, you can get the best deals by waiting until the latest possible moment to purchase your ticket. Prices tend to decline on the day of the show—after all, a ticket becomes worthless after the event is over. As long as you are not too risk averse, or if you have the option to see the show on another occasion, you can generally get the best deal if you wait to buy until just before showtime.

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