Hey!
The 2023 holiday continues. I found a key lime pie vending machine in downtown Miami.
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The pricing session is going to be rescheduled for August 15th at 1 PM eastern.
To the Tickets!
I. Beyonce cancels a show in Pittsburgh and postpones a few others:
Tim Chambers’s analysis of the current concert environment was pretty spot on.
Big Idea: Too much inventory, and prices that are too high = an undersold show.
The line that it is “logistics” doesn’t hold any water at all.
These shows didn’t sell well in these markets.
Full stop.
What Can You Do With This?
- You have to do your research in advance. What will the market hold? What does the market value?
- Where is the market going?
- How has the market changed?
II. Legends might buy ASM Global:
Competition and the need for innovation is a topic we will return to once I am back from holiday.
Why does it matter?
Check out this piece from Matt Stoller about Mr. Beast vs. the chocolate Duopoly. You’ll find some interesting comparisons to the world of tickets.
The Big Idea: Without competition, you don’t have innovation.
Innovation matters because if you aren’t disrupting your business, someone is going to come along and disrupt your business for you.
Remember, alternatives matter…not direct competition.
There are tons of options for ways to spend your time and money, people don’t have to go to a show, game, or concert…even if they love them when they get there.
III. Bills PSLs are pricing out regular fans?
These PSLs have a history of working in the short-term, but being problems in the long-term.
One Thing: You never know what exactly will turn fans off. Buffalo isn’t a huge market and if you start pricing out at the outset, can you guarantee you’ll get them back when you can’t fill your building?
IV. Transferability saves customers money:
I’ll come back to this in a few weeks when I’m back from holiday, but this seems to line up with my hypothesis that brokers/fan resellers/speculation run the “face value” of tickets up…and is floating some of the businesses in sports and concerts.
I don’t know.
Read the piece and let me know what you think.
V. Links:
I have a definite take on this, but I’m curious what y’all think.
Let me know.
The LIV/PGA Tour documents are fun to read:
The cutting off of competition right there in the emails.
Taylor Swift’s French onsales have issues:
What can you say…it is always someone else’s fault. Goes in partnership with this editorial from the American Antitrust Institution.
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