What is 'dynamic pricing' for concert tickets? It can cost you hundreds of dollars while you queue.

Dynamic pricing, also known as "In Demand" pricing, is a practice that adjusts ticket prices based on demand in order to maximize profit and shape consumer behavior. While dynamic pricing is common in tourism and air travel, it is relatively new to the music concert industry. Unlike other services, concert ticket prices are not seen until consumers reach the front of the queue, where they are presented with a price and a countdown timer. The live music market is dominated by a few key players, and the use of dynamic pricing has raised concerns about market power and exclusion from shared group experiences. Ticketmaster's dynamic pricing is currently under investigation in Europe and the UK, and the US government is suing Live Nation-Ticketmaster for misuse of monopoly power. The article suggests that dynamic pricing may be here to stay in the live music sector, but it also raises questions about the structural issues within the industry. [Extracted from the article]