Gone are the days where buying and selling was a onetime task for buyers and sellers. With businesses getting diversified with every passing day, even the ticket industry went for a great transformation, and the outcome was undoubtedly amazing. Today, a purchaser not only has an option to buy, but can also sell at his convenience. Yes, you read it right! A different industry altogether came into existence over the same purpose. Named ticket reselling industry, the main objective of this market is to act as an intermediary/broker between primary buyers (who become primary sellers) and secondary buyers.
All the companies that enter into this market label themselves as secondary ticket sellers and the persons who purchase tickets from these companies/websites are called as secondary buyers. To put it in a nutshell, primary buyers who cannot wish to attend the event for some reason will sell the tickets through secondary sellers.
Therefore, a primary buyer will become the primary seller here and secondary ticketing companies have no role to play in determining the price of the ticket as it is controlled by the primary seller. Nevertheless, there’s a minimum profit margin that the secondary ticketing companies enjoy and can minimize the same by offering great discounts in order to promote the company.
Tickets that are purchased from ticket resellers will contain the name of the primary seller/buyer, who determines the actual price of the ticket.
According to many reports, secondary ticketing industry enjoys it’s position among the top ten businesses in the world. This industry is in a great boom and will continue to ever play bigger than the major event, venue and primary sellers.
Earlier, there were only scalpers who used to hold the tickets of the event – that are no more available at the box office – and sell them for the prices what they think are appropriate. Most of the times, these tickets would be more than the face value of the ticket. Reselling tickets for a higher price is considered as unlawful in many European countries. However, they are allowed in most of the parts. In fact, Britain has even an association for the same, which is called as Association of Secondary Ticket Agents.
All in all, secondary ticketing industry is the most lucrative industry and has a promising and great future. Many major brands that are into different industries are likely to plunge into this rewarding and satisfying business.