Ticket touts have never been the most popular individuals (although Sajid Javid who famously dubbed them ‘classic entrepreneurs’ might disagree), but cracking down on their antics across sites such as StubHub, Get Me In! and Seatwave has proved difficult.
Now the CEO of concert promoter Live Nation, which owns Ticketmaster, has offered his thoughts on the current state of affairs. But consumers probably won’t like it. Michael Rapino claimed artists were missing out on billions of dollars by underpricing tickets that are snapped up by touts at face value and then resold for a profit.
‘We have to start pricing the house to match the market,’ he said. ‘We’re only scratching the surface of the opportunity for the artist.’