The current economic crisis isn’t having a great an impact on concert ticket resale, according to a recent study by StubHub of activity on its site for 2009. Overall, StubHub has seen a 54 percent increase in concert ticket sales volume compared with 2008, and business seems to be booming at both ends of the spectrum.
Over the first six months of 2009, fans snapped up bargain basement prices on tickets for some of the hottest tours of the year, as well as paid out impressive amounts on premium seats for these concerts.
Some of the ticket deals offered have been nothing short of amazing. Seats for a Bruce Springsteen concert in Greensboro, NC earlier this year sold for as low as $1, according to the company. The Dave Matthews concert at Fenway Park in May had some seats going for $9. Fans looking forward to U2’s September series at Gillette Stadium have been able to secure tickets for $25. On average, ticket prices on StubHub have dropped 12 percent since last year, good news for many consumers in the midst of a recession.
Fortunately for brokers, fans’ willingness to shell out big money for tickets to many top-grossing concerts has not diminished, at least over the first six months of 2009. The average price at StubHub for a ticket to the Eagles’s 2009 tour was $264, while prices for other top acts like Eric Clapton, Celine Dion, Fleetwood Mac, Paul McCartney and Elton John with Billy Joel have averaged around $200. StubHub has seen sales of more than 2,000 tickets for each of these acts, despite the significant cost per ticket.
“People sometime assume that a secondary ticket site only offers inflated prices but these numbers tell a different story,” said Ray Elias, Director of Marketing for StubHub, in a recent statement. “What’s most impressive is we’re not merely seeing deals show up for the nosebleeds or lawn seats. There are significant values in all seat locations for amazing performers – offering a great opportunity to get out and have some fun without hurting budgets.”
(This story was edited on Wednesday, August 5, 2009 at 4:55pm to reflect that StubHub saw an increase in concert ticket sales volume.)