Dynamic Ticket Pricing

In a statement delivered in the House of Commons, a minister addressed the issue of dynamic pricing for event tickets. The minister acknowledged the laws of supply and demand, but also emphasized the importance of transparency and fairness. The minister explained that when ticket purchasers reached the payment screen, they were faced with a very limited time to decide whether to pay the "hugely inflated prices," which the minister likened to the "dopamine rush of a gambler." The price increase, ranging from £150 to £400, meant that the transaction was no longer a choice, but more of an impulse buy. The minister acknowledged that some argue dynamic pricing is used effectively in other sectors and is a demonstration of the dynamism of a free market. However, the minister noted that even within the music industry itself, there is dispute as to whether dynamic pricing is an acceptable way forward. Overall, the minister's statement highlighted concerns about the impact of dynamic pricing on ticket purchasers, emphasizing the need for transparency and fairness in the ticketing process.