Twenty-five tours topped the $1 million mark in StubHub’s secondary ticket marketplace, reflecting significant growth in the concert side of the ticket resale website.
StubHub released a year-end report on concert ticket sales Wednesday, the day after a group of 400 British music acts announced a consortium called the Resale Rights Society, which wants its share of the resale revenue and to regulate the burgeoning industry (Daily Variety, Dec. 5).
The ticket resale business has been growing at a steady pace over the last couple of years, growing from a piece of auction sites such as eBay into dedicated sites such as StubHub. Ticketmaster, a primary outlet for concert tickets in the U.S., has developed its ticket exchange service, which facilitates the reselling of seats at inflated prices.
StubHub reported that the category is the site’s fastest growing and has now surpassed $100 million in sales. In some cases, that delights artists and their management, who have set up deals with sites to generate extra revenue for themselves and promoters or, on occasion, charity. In other instances, where no deals have been made, the Resale Rights Society says the acts should be entitled to a share of the profit above the asking price.
Increase in StubHub traffic has come as the average price of a resold ticket has dropped. StubHub’s average price for a concert ticket was $117, a $28 per ticket drop from last year’s $145 average.
The Miley Cyrus/Hannah Montana “Best of Both Worlds” tour was the first concert tour to surpass the $10 million mark in gross sales on StubHub and the highest-grossing tour of the year on the site. Average Cyrus ticket price was $257.
The top average ticket price was for Celine Dion’s Las Vegas show: $347. An orchestra seat, for most of the year, was $159 and, for VIP, just over $200 a ducat. An average Elton John ticket, a distant second, fetched $260 per ticket, followed by Cyrus.
Tickets for Bruce Springsteen, who has kept the face price of his tickets to less than $100, went for an average of $226.
The Police reunion tour sold the most actual tickets on StubHub — more than 44,000.