At some point, most organizations that distribute live event tickets wind up with tickets that can’t be used. What happens next?
You don’t want to see that money go to waste, but is it possible to recoup sunk ticket costs? How can organizations minimize loss (or increase profit) as they forfeit access to events, games, or shows?
At Ticketnology, we know from experience that there’s no straightforward, one-size-fits-all solution. That’s why so many small- and medium-sized businesses depend on our ticket management and reselling expertise.
In this post, we’ll share the best time to resell concert tickets — the window in which recovering costs and maximizing benefits are most likely.
The best time to resell concert tickets is within the first two weeks of the day they go on sale to the public. At the latest, list them no more than 30 days after ticket sales go live.
To better understand how the resale process works, let’s examine the timing of the general content marketing cycle.
Here’s how it typically works: Thirty to 45 days before an event, ticket holders advertise ticket availability. At this time, the largest number of people talk about a specific event and hear advertisements for it. That buzz pushes interested attendees to actively look for the tickets they want to purchase.
As the event draws near (and the buying window narrows), ticket prices drop in tandem with demand and hype. Most people have secured their tickets, meaning there are fewer opportunities to sell. Most loyal fan bases or interested parties don’t want to wait until the week before an important event to buy; they want to secure their tickets as soon as possible.
What this means for resellers: The resale window becomes narrower as time passes. Last-minute resales are much harder to achieve, especially if your goal is to recover most of the expense. The best time to resell concert tickets is yesterday.
Many ticket holders want to know whether it’s best to wait to resell. Generally, the answer is no. If you have tickets that will go unused, list them quickly. Stay on top of pricing by comparing similar tickets and seats.
If the process sounds laborious and confusing, that’s because it often is. Ticket prices regularly fluctuate based on multiple factors, including availability and popularity. Relying on an experienced ticket broker alleviates that stress.
Because ticket prices fluctuate, you need to understand all the influencing factors. This knowledge can assist you when making price modifications based on where you are or which audiences are most likely to buy.
First, consider the type of event. Advertising tickets to sporting events differs from advertising tickets for a concert. Demand for sporting tickets hinges on winning records, specific players or athletes, postseason popularity, and other regional competitions.
Even when resellers hold out in hopes of getting more money back on ticket purchases, it’s tricky to predict whether a team’s performance will improve or whether they’ll secure a playoff spot. The sooner you list, the better your chances are to resell.
Sometimes, potential buyers erroneously believe event tickets are “sold out.” While it’s true that events do actually “sell out,” this term just means that the original tickets released for sale are gone. There are very few instances where there are no tickets available at all — because the possibility for resales always exists.
When people say they want to attend a “sold out” show, resellers might think they can capitalize on that demand and make back triple their original investment. In reality, thousands of tickets can be available on resale sites. Here, the probability of getting back what you paid is much lower.
When there’s buzz, the best time to resell concert tickets is close to the initial release. This ensures that the resale market isn’t saturated with unwanted tickets.
An event’s uniqueness also determines its resale potential. For example, is the event a 30-date tour or an exclusive one-night-only showstopper?
One-time events usually have higher public demand, particularly for artists who haven’t been on tour recently or who’ve never visited a particular city. As demand rises, ticket prices also change. The more unique an event is, the more money you can make off your original ticket package.
There are three different goals you can pursue when reselling live event tickets:
The best way to avoid losing money on ticket purchases and resales is to list what you know you won’t use as soon as possible.
Though it’s tough to predict when ticket purchases will go unused, you can mitigate losses by buying for specific purposes and people. Intentional, strategic purchasing protects your investment against unforeseen circumstances.
As you navigate a complex ticketing resale market, don’t leave corporate resources on the table. With a qualified ticketing partner, you can easily navigate the buying and selling process while avoiding the hassles of an unpredictable industry.
Book a Ticketnology demo today to learn more about reselling with confidence.
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