Resale tickets for Travis Scott’s forthcoming ‘Circus Maximus’ tour have plummeted in price after ticket scalpers overestimated demand.
Tickets for the tour went on sale in August and were tipped to sell out fast when it was announced that the string of shows would be Scott’s first headline run since the 2021 Astroworld tragedy.
Scalpers bought up thousands of tickets for the tour, 404 Media reports, but overestimated demand, causing a liquidity crisis in the market.
Tickets on resale site StubHub are currently selling between $10 and $20 for sold out shows in cities across the US, despite an original face value of at least $61.50 – before fees.
404 Media reported that part of the reason for such oversale of tickets was down to a bet placed by PFS Buyers Club, a site that offers exclusive members the chance to buy rare coins, with a recent pivot to concert tickets.
It suggests that members were encouraged to buy tickets to Scott’s tour, according to emails seen by the outlet, and now stands to lose over $1 million alone. Members were told they’d receive a reimbursement and a $25 commission per ticket, though many are said to be down thousands on credit.
In recent weeks, the Internal Revenue Service (IRS) made strides to crack down on ticket touters in the US as part of the American Rescue Plan Act, with the introduction of a new law that would tax anyone making more than $600 (£490) per year through websites including StubHub and Ticketmaster.
Last year, new findings showed that ticketing resale site Viagogo had been selling the majority of festival tickets through just three sellers - each making between £730,000 and £1.7 million.
[Via 404 Media]
Gemma Ross is Mixmag's Assistant Editor, follow her on Twitter