A House Divided The economics of discounting tickets

Jul 5th, 2015
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The economics of scarcity can help explain both the decline of recorded music revenues and the success of the live sector. The former lacks scarcity in a digital age; we could consume all the iTunes downloads on the web today and they would still be there tomorrow.

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Economic InsightIssue 2416.12.11www.prsformusic.com/economicsA House DividedThe economics of discounting ticketsFor those of you in the cheap seats I'd like ya to clap your hands tothis one; the rest of you can just rattle your jewellery! - John LennonPrepared by Will Page,Chief Economist, PRS for Musicand Stewart McKie, freelance consultantWhile discounted tickets have long been a part of live music industry, Live Nationsrecent deal with Groupon has sharply divided opinion on this practice.Here we explore case studies and relevant economic concepts to inform the debate,especially when dealing with empty seats, or distressed inventory.Much hinges upon how positively you view the health of the live music industry,but equally we should understand when art and commerce dont mix.About Stewart McKieStewart McKie is a freelance consultant, havingrecently graduated with first class honours fromLSE and with distinction from StrathclydeBusiness School. He has previously worked withPRS for Music, contributing to Adding up theIndustry 2009 and 2010 and also the WalletShare Insight Paper earlier this year.PRS for Music represents 85,000 songwriters,composers and music publishers in the UK andprotects the rights of international songwritersthrough over 150 arrangements with internationalbodies.Disclaimer:This report has been prepared on the basis of information in thepublic domain and from other sources by Will Page at PRS forMusic an

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