Resale value of Travis Scott concert tickets has plummeted due to low demand

The resale value of Travis Scott concert tickets has taken a nosedive due to a significant lack of demand. Travis Scott is gearing up for his "Utopia-Circus Maximus Tour," which is scheduled to kick off on October 11 with 40 arena concerts. This tour marks his return to the stage following the tragic events at Astroworld in 2021. However, recent reports indicate that ticket sales have been sluggish, signaling a lack of enthusiasm among potential concertgoers.

According to Jason Koebler of 404 Media, scalpers are struggling to offload tickets for Travis Scott's tour on secondary markets. Koebler pointed out a StubHub page for Scott's Raleigh show where the cheapest tickets are now priced at a mere $14, which is less than a quarter of their original $61.50 face value on Ticketmaster.

Initially, tickets sold out rapidly when they were first released on August 31. Scott even added more tour dates to meet the apparent demand. During the initial sale, tickets were available starting at $65 plus fees. However, due to the dwindling interest, tickets are now available for as low as $10 in some locations. For example, when Scott performs in New York City at Brooklyn's Barclays Center on December 18th and 19th, tickets can be snagged for as little as $59, a bargain for a concert in the Big Apple.

In Miami, Florida, at the Kaseya Center, tickets can be purchased for as low as $34, and in Tulsa, Oklahoma, StubHub is selling tickets for a mere $16.

It's worth noting that last month, there was a frenzy to buy tickets for the "Utopia - Circus Maximus" concert, which led to a rapid sell-out. Koebler also highlighted the role of the PFS Buyers Club, a website that usually deals with rare U.S. Mint coins but had shifted its focus to buying tickets for popular concerts. It's possible that this club contributed to the initial buying frenzy.

The situation has taken a surprising turn for ticket resellers who had invested heavily in the tour. Some are now facing the possibility of losing significant amounts of money. One buyer mentioned buying 123 tickets across several cities, spending over $36,000 in total. PFS Buyers Club initially promised its members a $25 commission, but it has since reneged on that commitment, citing potential financial losses.

Ticketmaster has faced criticism for its lack of protection against predatory scalping and its controversial practices, including "dynamic ticketing" fees. This issue gained attention after Taylor Swift's Eras tour caused the site to crash in November 2020, resulting in multiple lawsuits by disgruntled fans. The matter has also triggered an ongoing investigation by the Department of Justice into Ticketmaster's 2010 merger with Live Nation.

As a reminder, ticket scalping, also known as ticket touting or ticket reselling, involves purchasing a large number of tickets for events from authorized sources using automated software (bots) with the intention of reselling them at a higher price. This practice typically targets popular sports and music events. Scalper bots are responsible for a significant portion of online ticket purchases, acquiring tickets with automated software for later resale at inflated prices.