Thousands of Oasis fans waited long hours in virtual queues this weekend to get their hands on tickets for the British band’s reunion shows next summer, only to find that prices had been hiked as part of a “dynamic pricing” scheme.
Many fans who waited for more than three hours thinking they would pay the initially advertised rate of 148.50 pounds (C$264.28) ended up paying double at 355.20 pounds.
What is dynamic pricing?
Dynamic pricing, also known as surge pricing, is a strategy in which businesses push up prices at times of high demand. This is commonly seen in airline ticket prices and hotel room rates during holiday seasons, as well as Uber surge pricing during peak traffic hours.
Who is responsible for dynamic pricing?
Ticketmaster has said that for concert tickets, artists or promoters are responsible for determining the number of tickets and set the face value price of tickets. They can opt for dynamic pricing if they want …