5 ms·
First come first serve doesn't work for most concerts and live sporting events because the true market value, meaning the rate at which "the market" will bear a
by Benjammer 8y ago
First come first serve doesn't work for most concerts and live sporting events because the true market value, meaning the rate at which "the market" will bear a price-point and still relatively easily sell out all the supply (seats), or at least enough to cover costs for the venue/act/promoter, is well above what is printed on the physical ticket as "market value." I would guess that Symphony tickets on the secondary market simply don't fetch enough _margin_ to justify the type of extensive secondary inventory sales infrastructure that pop concerts and pro sports games do. You're starting to see this change though, with NYC broadway at least, with shows like Hamilton and The Importance of Being Earnest fetching just as large secondary market margins as any pop concert.
If you want data to illustrate this point, there's an article on The Ringer site a few years back that was written by a guy who was the CEO of ticketmaster for several years. He said "If you add up the face value for every seat in the venue, that total number is _less_ than what most popular artists are paid out for that show in just the artist appearance fee." This should show you how fake the entire idea of "face value" is...