Demand
How does an artist’s popularity affect the demand for their concert tickets?
Increased popularity leads to a much higher and faster selling ticket demand.
When an artist is new to concerts. The supply of tickets will be _____ then a popular artist.
Lower.
What is an example of a primary market in the industry?
Direct contracts with venues like ticket master
What is equilibrium Price?
A stable price in the market
When ticket prices rise, quantity demanded usually ______.
Decreases
What would cause the supply curve to shift to the left?
An increase of ticket companies
What is an example of surplus in the ticket market?
Unsold tickets
What is an example of an inelastic concert?
Taylor swift going on a last tour.
Super fan with limited supply
If demand decreases and supply stays the same what would happen to the tickets?
The equilibrium price of tickets would decrease, the quantity of the tickets sold would also decrease.
Tickets would most likely go on sale
What would cause the supply curve to shift to the right?
Decrease in number of ticket seller
Decrease in price of resources
What causes deficits in the ticket market?
Resellers, supply not meeting demand
What is an example of an elastic concert?
Newer less popular artist going on their first tour.
Buyer does not feel the NEED to go
What would cause the demand curve to shift to the right?
It would have an Increase in popularity, viral songs, awards, etc.
The number of concert tickets do not usually increase after tickets have sold. Why
The venue which sells the tickets has only a fixed number of seats, no more tickets can be added.
What are secondary markets in the industry?
Stub Hub, Resellers
What do resellers do to the market when they surpass the original price and the tickets sell?
It means the OG price was at a lower equilibrium and there is now a new equilibrium.
What would cause the demand curve to shift to the left?
Decrease in artist popularity (scandal)
Cheaper substitutes for concerts