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Interesting article on ticket prices and Ticketmaster - Page 2 - Peoples Republic Of Cork Discussion Forums

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  #11  
Old 16-04-2013, 01:30 PM
Bin Hex 12 Bin Hex 12 is offline
 
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Originally Posted by madtheory View Post
O right. So the largest chunk of the pie goes to the artist then? And TM give that to them directly? In my ignorance I always thought it was the promoter paid the artists then took the risk on whether or not they could sell tickets. So the promoter gets the largest chunk of the ticket sales after TM take their relatively smaller chunk.

Cool thanks.
Edit: I thought it was this article that delzer was referring to:
http://www.thesundaytimes.co.uk/sto/...cle1245080.ece
That was just the front page biz news story - the detail was in the business feature.
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  #12  
Old 16-04-2013, 01:54 PM
madtheory madtheory is offline
 
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Ah cool, thanks.
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  #13  
Old 16-04-2013, 02:35 PM
Falling At Your Feet Falling At Your Feet is online now
 
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Quote:
Originally Posted by madtheory View Post
O right. So the largest chunk of the pie goes to the artist then? And TM give that to them directly? In my ignorance I always thought it was the promoter paid the artists then took the risk on whether or not they could sell tickets. So the promoter gets the largest chunk of the ticket sales after TM take their relatively smaller chunk.
You are right. The promoter does the deal, and agrees the fee with the artist. TM sells the tickets on behalf of the promoter, and TM pays the promoter, who then pay the artist.

But this particular thread is specifically about TM fees, which has now been proved 100% to be partially, paid back to the promoter.

Promoters had been whinging for years about the high cost of putting on gigs, insurance etc. But failing to mention that when a ticket is sold, they also get a slice of the fees charged by TM.

There is also the fact that TM takes payment today, for an event that may not be happening for 6 months or 9 months. Theres also a few quid in interest to be had there as that money is banked up to several months before a promoter has to pay the artist in full.
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  #14  
Old 16-04-2013, 03:21 PM
Cyprus Avenue Cyprus Avenue is offline
 
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Originally Posted by Falling At Your Feet View Post
Theres also a few quid in interest to be had there as that money is banked up to several months before a promoter has to pay the artist in full.
Promoter is only paid his ticket sales by ticketing agencies approx 1 week AFTER the show has happened; for which he receives only the value of the ticket net of any ticketing agency bkg fees/commissions.

Also, probably best to mention this, but i dont think any Cork-based promoter sells enough tickets to qualify for rebates!
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  #15  
Old 16-04-2013, 04:11 PM
Falling At Your Feet Falling At Your Feet is online now
 
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Originally Posted by Cyprus Avenue View Post
Promoter is only paid his ticket sales by ticketing agencies approx 1 week AFTER the show has happened; for which he receives only the value of the ticket net of any ticketing agency bkg fees/commissions.

Also, probably best to mention this, but i dont think any Cork-based promoter sells enough tickets to qualify for rebates!
Maybe have a word with tickets.ie about rebates!!!

Thanks for clarifying, so TM get all the interest also, and this can mount up to a very substantial figure.

Take an O2 gig, most are a mixture of standing & seated, so it holds at least 14,000 for a "floor standing" gig. Take an average ticket price of 70Euro(after booking fees etc) -some are higher, some are lower.
Thats 980,000 banked by TM, many months, before it is paid over to the promoter. If they get say 2% pa interest(they probably get more) for say 6 months in advance of the gig, thats just shy of 10,000 in interest. Okay I am leaving out VAT and some other transaction cost considerations, but it gives one an idea of the scale of these financial transactions, and the huge interest which can accrue on them.
Of course a sold out outdoor gig like Slane, Croke Park, RDS or festivals, is a multiple of that interest figure. An 80,000 capacity Croke Park gig @ 70 a ticket, would yield around 56,000 in interest if sold out 6 months in advance, (around 70 cent per ticket)which a lot of them are.
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  #16  
Old 17-04-2013, 06:59 PM
comet comet is offline
 
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Quote:
Originally Posted by Cyprus Avenue View Post
Promoter is only paid his ticket sales by ticketing agencies approx 1 week AFTER the show has happened
I can see why TM have to hold that money because in the event of a cancellation they'll need to have the cash to refund the tickets.
Given the information about TM charges rebate to promoters I don't think its unreasonable to guess that the big promoters are getting an interest payment from TM on big events like Springsteen etc which involve massive amounts of money sold out months in advance.
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  #17  
Old 29-08-2019, 09:12 AM
LarryDavid LarryDavid is offline
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The Government has been told by online ticket exchange company StubHub that its proposed regulations to prohibit ticket touting are “outdated and irrelevant” due to impending changes in pricing in the sector.

StubHub, which is owned by Ebay, also told officials from the Department of Business, Enterprise and Innovation that plans to ban above-cost selling would be punitive for customers who were already paying more than face value when service charges and credit card fees are considered.

An email, released to the Irish Examiner under freedom of information, instead advised the department that if it was going to progress with the regulations, it should only cap “business sellers” and that the cap should be 120% of the original sale price.

The Prohibition of Above-Cost Ticket Touting Bill 2017 will prevent the sale of tickets for major sporting, musical and theatrical events for more than face value. It was approved by the Dáil in January and is now making its way through the house.

In the email, Alasdair McGowan, Ebay’s director of government relations for the UK and Ireland, told officials that dynamic pricing, where prices fluctuate based on demand, will become the industry norm in the coming years. He said when this happens, the concept of face value “will become increasingly outdated and irrelevant”.

“With this industry evolution, establishing regulatory models around an antiquated concept like ‘face value’ will provide little benefit to consumers,” he said.

Mr McGowan said that Ebay “understands” the objective of preventing individuals from profiting from reselling tickets.

However, he said capping resale prices at face value would be punitive for customers who already incur additional charges, such as credit card fees, shipping fees and ticket insurance, when buying tickets.

“These fees can easily reach an additional 25% on top of face value and may often exceed that percentage,” he said.

The company recommended that any price cap, if introduced, includes an extra 20% above face value to cover additional charges.

It recommended adopting a clause similar to one that is in place in the UK where individuals selling more than 100 tickets in a year or more than six for a single event are deemed “business sellers” and that only these people should be subject to caps.

RDS chief executive Michael Duffy in an email criticised the practice of above-cost selling, saying doing so damaged the reputation of legitimate events and sellers. The RDS, a registered charity, organises the Dublin Horse Show.

In 2018, many customers bought tickets above their original value from resale websites despite these tickets being available at face value directly from the Horse Show’s website, according to Mr Duffy.

Subsequently, the RDS was contacted by a number of customers who were frustrated at having bought tickets above face value.

He said this would have resulted “in a loss of revenue for the Dublin Horse Show, as well as damage to our relationship with our customers and the reputation of the RDS, all of which, in the long-term, could have financial implications for the Show”.





Gougers and touts try to justifty fleecing customers.
Put them out of business.
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