BUFFALO, N.Y. (WIVB) — Tickets to see Bruce Springsteen & the E Street Band live at KeyBank Center went on sale Wednesday morning at 10 a.m.
The tour starts in February and includes 31 performances across the U.S. Springsteen will play Madison Square Garden in Manhattan on April 1, 2023 and Barclays Center in Brooklyn on April 3, 2023. Those tickets go on sale on Friday.
Some tickets have been listed as high as $5,000. Those are for what Ticketmaster is calling the platinum tickets. This is what financial experts refer to as dynamic pricing.
The pricing algorithm amounts to charging higher prices for tickets right when they go on sale. If tickets are left over as the concert gets closer, the price may drop.
Concertgoers must decide if they would rather pay that money upfront, or possibly miss out on the chance to see the show.
Ticketmaster released a statement Wednesday, saying promoters and artist representatives set the pricing strategy and price range parameters for events, including dynamic and fixed price points.
“The biggest factor that drives pricing is supply and demand. When there are far more people who want to attend an event than there are tickets available, prices go up. If prices were under market value at the onsale, they frequently resell on the secondary market at higher price points,” the company said. “Dynamic pricing is about capturing more value for the artist at the initial onsale, vs that value going to people reselling tickets on the secondary market. Similar to airlines and hotels – prices adjust up or down based on demand.”
The company also noted that 18% of Springsteen’s U.S. tour tickets sold for under $99, and only 1% of tickets sold for more than $1,000.
Financial advisor Tony Ogorek says this is much more than just price gouging.
“What people are experiencing is what we call the dark underbelly of capitalism, where people will try to extract as much money as they can from the consumer until they say ‘uncle,'” Ogorek said.
Ogorek says it is doubtful things will change unless people stop buying tickets altogether. He contributes some of the financial strain to a merger back in the mid-2000s. Ogorek said key players are trying to make the most money they can off the concerts because they know people will likely pay for it.