Garth Brooks Show Sells Out In 58 Seconds = Tickets Were Undersupplied And/or Underpriced
Calgary Herald — “Some 15,322 tickets to country superstar Garth Brooks’ highly anticipated July 12 show went on sale at 10 a.m. last Saturday and were snapped up in 58 seconds — the fastest sellout in the Calgary Stampede’s 100-year history.
Country music fans vented on social media. Indeed, by mid-morning, “Garth Brooks” was trending Canada-wide on Twitter. Fan frustration was mostly directed at online resale sites. Prices for single tickets on StubHub, for example, ranged from $275 to $4,500 a piece — much higher than their original $62 cost. That had music lovers like D.J. McMillan of Calgary crying foul about rampant ticket scalping.”
MP: Fan frustration shouldn’t be directed at online ticket websites, but at those ultimately responsible for creating a ticket shortage, which then creates a market for ticket resales: Garth Brooks and the concert promoters. Obviously, the artist and promoter failed to both: a) price the tickets according to market demand, and b) supply the appropriate number of tickets to satisfy fan demand. By under-supplying and under-pricing Garth Brooks tickets, it was the artist and promoter who guaranteed a secondary market for tickets above face value. The secondary market can easily be eliminated by: a) raising the face value of tickets and/or b) adding additional shows and increasing the number of tickets for sale.
Basic Economics: Since the artists and/or promoters have direct control over P (price) and Q (quantity supplied), simple economics tells us that it’s the actions of the suppliers (artists and promoters) that create ticket shortages and ticket re-selling. Eliminating ticket re-sales can easily be eliminated: simply raise P or raise Q and most of the secondary market and “ticket shortage” would disappear.