Priced out: Why are event ticket prices so expensive?

If you want to get standing tickets to see the Toronto Maple Leafs in the NHL playoffs, be prepared to shell out at least around $400 per ticket.

Ticket prices for events, whether sports or concerts, have skyrocketed, leaving many fans reeling from sticker shock.

The cheapest ticket to see the Leafs play Wednesday morning at Toronto’s Scotiabank Arena was about $386 to stand atop the arena’s highest seating level. Seat tickets start at $500, but the view is obstructed. According to CTV’s Your Morning, at the 300 level he’s $600 a ticket, and all tickets are over $1,000 near the ice.

Concert prices have also increased significantly, especially for confirmed resale tickets.

Ken Wong, a professor of business administration at Queen’s University, told CTV’s Your Morning that fans will have to get used to the price.

“The price is determined by what the market will pay, but anyone with a ticket is free to put it up on the auction site and give it to the highest bidder,” he said.

Wong said “nearly all” of that liability could stem from confirmed resale tickets.

“They are like buying a timeshare,” Wong says, citing the example of season ticket holders.

Wong explained that when demand for tickets increases, other sellers will buy the tickets and resell them at even higher prices. This situation happened when Taylor Swift announced her Ellas Tour. The incredible demand caused his website on Ticketmaster to crash, and since then, ticket resale prices have climbed up to $38,000.

Wong says artists have no say in final ticket prices.

“They[artists]set the price they charge the event for their performance, and then it’s up to the person producing the event to decide what the ticket list price will be,” he said. rice field. .

Click the video at the top of this article to hear the full interview.

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