And so to tickets, which dominated the news in two different ways this weekend. On Saturday, tickets went on sale for next summer’s reunion of nineties Britpop stars Oasis.
And on Sunday, in slightly quieter circumstances, England’s cricketers did for Sri Lanka at Lord’s in the fourth day of the second Test.
For those Oasis fans desperate to see the band, Saturday was a long day of sitting in queues on the Ticketmaster website and hoping there were tickets left when they got through.
When they did, many were in for an unpleasant surprise.
The standing tickets, initially priced at £150, were now ‘in demand’ tickets at £355 a pop (plus all the usual spurious ticketing fees on top).
This is a process known as dynamic pricing where, rather than there being a fixed price, the seller reserves the right to up the cost according to demand.
As tickets started to sell out, so the prices went up. It’s a practice familiar to anyone trying to book a flight or hotel, and also to concert goers in the US, but is still relatively unusual over here.
Is it fair? The first thing to say is that the use of the model is down to the band in question, not the ticketing site: this was Oasis’ decision to take the extra cash.
Also, there was little mention in advance that this model was being used, hence the surprise and anger when the prices were hiked.
At the same time, with Oasis tickets appearing on resale sites for thousands of pounds, they might argue why should the touts get that extra money, rather than us?
This was the argument that Bruce Springsteen gave when the price of tickets went up on his 2022 American tour. Though like with Oasis, that left plenty of disgruntled fans.
On Sunday at Lord’s, the situation was the opposite. Only 9,000 fans were there to watch England beat Sri Lanka, with around 20,000 seats left empty.
Tickets for day four were £95 and with many fans deciding that England would probably have the game wrapped up by then, advance sales were low.
Here, conversely, dynamic pricing might have helped the other way. If ‘walk-up’ tickets had been reduced to, say, £40 or £50, Lord’s would have had a decent crowd to see a great day’s cricket.
Instead, the cricketing authorities decided this would be unfair to those who’d already paid, kept the same price and nobody else turned up.
Over in the Conversative leadership contest, James Cleverley claimed on Monday that ‘we need to show young people that free markets… are their friends.’
As this weekend proved, real world economics is a bit more complicated than that.
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