As prices on the secondary market for Taylor Swift tickets reach sky-high levels, the CEO of Vivid Seats says robust demand for seats is driving the costs up.
Earlier this week, tickets to Taylor Swifts November 2024 shows in Toronto opened to a select few fans through a lottery system, and some of those tickets have already begun to hit the secondary market.
On Vivid Seats, for example, tickets for one of Swift’s Toronto shows range in price from US$1,437 to $30,430 as of Thursday afternoon.
“She is just a phenomenal artist, has a phenomenal fan base and we continue to see an environment where there’s just a lot more demand than there is supply,” Vivid Seats CEO Stan Chia.
Chia added the market for events like Taylor Swift concerts typically drives the prices higher, but often fans can find a deal on the secondary market.
“When we look at the marketplace in totality, over 50 per cent of the listings go for under face value, so I really think it works both ways and consumers really benefit,” he said. “I just think it’s a lot of talk when it’s a hyper demand event.”
When it comes to who might sell their coveted seats on the secondary market, Chia said bots scooping up tickets are illegal, but some people may be taking advantage of the situation.
“I think you have every type of seller from fans to not-so-big fans to big fans who are looking, and they see an opportunity, and they love to participate in the market and that’s who comes to the platform,” he said.