..their national ‘On The Run’ Tour is not suffering from dismal ticket sales. According to Billboard magazine (which can easily be influenced by the glare of a star’s spotlight), the On The Run Tour is selling well.
But numerous national media outlets are detailing Beyonce and Jay Z‘s struggles to sell tickets to their upcoming co-headline tour. Many believe the brutal beating Jay Z suffered at the hands of his sister-in-law, Solange Knowles, has destroyed his street cred.
Buried deep within Billboard‘s optimistic denials and artificially inflated sales figures is this irrefutable truth:
“It is true that a fair amount of tickets are still available for sale in some cities on both the primary and secondary markets.”
Reality check: there should be no tickets left in any market for these 2 high profile stars. If Outkast — a group that hasn’t released new material in a decade can sell out an entire city park, why can’t Beyonce and Jay Z sell out stadiums?
From Billboard.com:
Sources close to the Live Nation-produced tour tell Billboard that, as of June 17, the tour has racked up about $86 million in ticket sales and is on a pace to gross close to $100 million from just 19 shows. The source says attendance is on a pace to top 850,000 tickets sold, and a Live Nation rep confirmed to Billboard last night that the tour is indeed nearing that threshold. That’s a whopping nightly take of $5.2 million, and an average attendance of nearly 45,000 per show — well more than two sold-out arena shows would generate in any given market. Numerous shows are sold out, and Live Nation cites “unprecedented” VIP and platinum ticket sales.
Two days later, Live Nation offered this statement to Billboard: “The On The Run Tour opens next Wednesday in Miami’s Sun Life Stadium to over 48,000 fans, then rolls to Cincinnati to a sellout crowd of more than 37,000 fans, and on July 1st more than 50,000 fans will pack Boston’s Gillette Stadium. With sellout nights across North America, these first three shows are indicative of the strong demand. Overall, the tour has sold well over 750,000 tickets, grossing more than $90 million, and has unprecedented VIP and Platinum ticket sales.”
It is true that a fair amount of tickets are still available for sale in some cities on both the primary and secondary markets. Regarding the latter, to pass judgment on the success of any tour by the number of tickets available on the secondary market is misguided. Those tickets have already been sold, at least once. Ticket resellers are, for the most part, speculators; they buy tickets at on-sale, speculating that they will be able to re-sell them at a higher price. Sometimes they win big, and sometimes they lose. Quite often, resellers purchase more tickets than demand dictates, and in many cases these tickets are priced higher than the market will bear. In such a situation, re-sellers adjust pricing or take a hit, and that’s when fans with patience can find deals as re-sellers slash prices in an attempt to cut their losses. In the end, supply and demand rules the day, as it does in most businesses. READ MORE
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