Travis Scott's 'Sold Out' Tour is Losing Resellers Money Due to Low Demand
Scalpers are in panic mode as the resale value of tickets to Travis Scott’s “sold out” tour continue to plummet due to low demand. https://t.co/EPxgLb4eFr
- The FADER (@thefader) October 5, 2023
If you've tried to buy a ticket to a big concert recently, it's likely that you have encountered long waits, high prices, and limited availability. That is in part because of ticket resellers, who buy up face value tickets to high demand concerts and resell them for inflated prices. However, this strategy only works when the demand exists to buy the resale tickets.
Travis Scott's 'Utopia - Circus Maximus' tour sold out quickly, but with many of its tickets going to resellers, including a group called PFS Buyers Club. This group employs the strategy of using credit cards to buy as many tickets to popular events as possible, specifically to resell them for a profit and max out credit card rewards points. Members of this club are supposed to get a commission per ticket, in this case $25.
In some cities, things are going just as planned for the resellers. Scott's tour has a few dates in Canada, and available tickets are selling for double face value.
However, many of his upcoming dates are selling poorly due to much lower than expected demand, with tickets for his upcoming date in Charlotte, NC going for as low as $14 on StubHub. This is creating a liquidity crisis for resellers, including groups like PFS Buyers Club. They stand to lose over $1 million just on Scott's tickets, which could put them out of business.
Source
