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this post was submitted on 06 Feb 2024
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How do you define gouging? Last I checked, even with these high ticket prices, most of her shows are sold out. How does that differ from basic supply and demand?
Interesting we use Taylor swift as a discussion point on supply/demand for first year economics.
Effectively, there is a shortage of tickets vs demand so those at the higher end of the demand line can buy for ridiculous prices, everyone else misses out.
So they tried a lottery system - you get a ticket, if your number comes up you buy at a lower price as less people can now buy. Doesn't work because scalpers push in as well, then sell to those with a higher WTP, pocket the difference, price doesnt change and venue/her miss out.
So she tried a point system- buy her cd, follow on insta, join fan club, get points, higher points get early access to lower priced tickets, actual fans get tickets and not worth effort for scalpers. But she got hauled over the coals for turning it into a popularity contest and had to stop it.
And now here we are.