周末媒体冲击你想买我的碧昂丝演唱会门票吗？

this truly remarkable. Can you think of another business where youbuy something today, only to resell it back to the same businesstomorrow, and they profit from you again? This situation highlightsthe complexities and challenges in the ticketing industry!EXHIBIT 2:The reselling opportunity, or the easiest way tomake high-margin revenue streamsI paid the following for my 2 Beyonce ticketsIn GBP2 Tickets330.00Service and Facility Charges22.60Order Processing Fees2.75Total to Pay355.35I am currently trying to sell my tickets on TicketmasterIn GBP2 Tickets355.36Service Charge (incl VAT)53.32Handling Fee3.25Total to Pay411.93Source: company website, Bernstein analysisI might be missing something though. As I look at the availability oftickets for June 12th, there are currently 480 tickets available forresale and still 223 first-time tickets on Ticketmaster for the event(Beyoncé: COWBOY CARTER TOUR in London). This staggeringnumber, mostly of resale tickets, made me wonder: are there really480 people who suddenly have other commitments on that day, orare scalpers at play? If the resellers are scalpers, are they puttingthe tickets on resale (as a sort of insurance) but actually bet on themnot being resold any time soon and will sell them in the black marketin the three days prior to the event when the tickets will be availablein app (betting on the fact that the demand will surge ahead of theconcert)… because, ultimately, if they resell the tickets today onTicketmaster they won’t make any money (as per Exhibit 2).They may also bet on Ticketmaster lowering the concert capacity,which may trigger a rise in ticket prices. For reference, TottenhamHotspur has a capacity of >62k. As per Exhibit 3 it looks likeroughly half the stadium spots are for sale. However, as an outsider,it’s impossible to know with what fill rate Ticketmaster is currentlyplanning (this is the key trick used by concert organisers/ticketersto manage the actual event).Those scalper bets may not work out though. Market Watch, forexample, has reported that on the opening night of the Cowboytour in LA, the cheapest ticket they could find was $44, on theplatform Gametime. This compares to $115 on opening night forthe Renaissance tour in 2023. This may very well be the result ofdynamic pricing, but luckily that is not something I have to deal within the UK as the UK Competition and Market Authority launchedan investigation into Ticketmaster over dynamic pricing earlier thisyear (link here).If you’re interested in my tickets or have any insights on this resalemarket, I’d love to hear from you… because my other realizationis that all the above doesn’t bode well for my chances of actuallymanaging to resell my tickets. My one hope to be able to resellis that there are some tickets being sold for higher prices thanwhat can be found on primary sites today. As I write this report, thesecondary platform Stubhub UK has >200 tickets available forJune 12that a price ranging from £95 to £1195, which is higherEUROPEAN MEDIA than what one pays today on Ticketmaster.EXHIBIT 3:Beyonce availability for June 12th in LondonSource: TicketmasterThe tickets you can find on Ticketmaster today (primary andresale) range from £71 to a staggering £877 each (Exhibit 3).This brings me to the topic of pricing. I firmly believe that pricingis a key driver of growth in the ticketing industry, supported bynumerous evidence points that we won't delve into here. It's clearthat prominent celebrities significantly influence pricing. TaylorSwift ticket prices have dominated the scene over the past twoyears, as she achieved a record gross of $2bn from her last tour,with ticket prices reaching unprecedented levels.In comparison, Beyoncé's 2023 Renaissance tour grossed only$580m. This may seem modest at first glance. However, whenexamining the number on a per-concert basis, the differenceisn’t that stark. Taylor Swift performed 149 shows averaging >$13m/show, whereas Beyonce grossed >$10m/show. At the time,Beyonce’s tour had been the highest grossing tour by a femaleartist. Although total grossing numbers for Beyoncé's CowboyCarter Tour are not yet available, trade press suggests (link here)she made $55m in the first 5 nights of the tour. If she maintains thisrun rate for the entire 32 shows, she would average $11m/show.This may still not be the level achieved by Taylor last year, but inaddition to Beyoncé, other mega-celebrities are touring this year(e.g. Oasis, Robbie Williams, Dua Lipa, Jennifer Lopez, etc.), whichmakes us believe that pricing is supported for another year.Where does that leave us? a) Primary ticket sellers are uniquelypositioned to capitalize on the reselling opportunity. b) While theymay operate somewhat like a black box, the alternatives can beeven less favorable. c) There continues to be strong demand formajor celebrities, which should help drive pricing. d) The ongoingticket resale saga has raised numerous questions and presents anopportunity for further discussion. e)