Ticketmaster and Live Nation were beaten by BTS K-pop fans. But why did it come to this?
When there’s a big-spending splurge that usually coincides with the inflation rate being higher than the Federal Reserve wants it to be, the temptation for many is to blame those who splashed the cash and issue the usual warnings about how they should have known better rather than risk upending the economy.
But a strange thing happened last week and we saw the blame game reversed, thanks in large part to one of the world’s biggest pop groups.
But before we get into how a Korean boy band is mobilizing people against the music industry, we need to go back to 2024, where Taylor Swift is preparing to bring her Eras Tour to Australia for a series of sold-out shows.
It was one of the biggest world tours undertaken by any musician at the time. It ultimately became the highest-grossing tour of all time. net 2 billion US dollars ($2.8 billion) in ticket sales alone.
As Swift and her tour arrived on Australian shores, a contingent of doomsayers predicted that her Melbourne and Sydney shows would bring the local economy to its knees because of the money fans would spend at a time when inflation was already high. Two years later, we know the sky didn’t collapse, the economy didn’t collapse, and everything was going well.
All this brings me to BTS, who has tickets for their upcoming concert. Arirang world tour went on sale this week. While BTS doesn’t have the widespread name recognition in Australia as Taylor Swift, they’re easily considered one of the biggest bands in the world right now (if not the biggest).
Many people (myself included) were not even aware that it was a legal practice not to disclose ticket prices until the day of sale.
With a fan base of more than 90 million worldwide, Korean analyst firm NH Investment and Securities predicts that his upcoming world tour, which heads to Australia in February 2027, will create excitement. up to US$5.3 billion worldwide. The firm called the expected boom “BTSnomics”.
Just like with Swift, demand was huge when tickets went on sale through pre-sale and general sale events this week. But trouble had already arrived for Ticketmaster and Live Nation, the ticket and tour companies responsible for the Australian tour dates, days before they found themselves targeted by BTS’s die-hard fans.
This was because Ticketmaster had initially announced that it would not release ticket prices or seating options for the Melbourne and Sydney shows until the day tickets went on sale, telling fans prices would be “released after the waiting room”. [where people wait to access tickets during high-demand sales periods] opens”.
In other words, no one would have any idea how trapped they would be until the minute they were expected to pay.
Similar to Ticketmaster’s dynamic pricing scheme made famous at the 2024 Australian Open, many people (including me) had no idea that it was a legal practice to not disclose ticket prices until the day of sale.
And since stadium tours for large groups were available, fans rightly anticipated paying hundreds of dollars per ticket; This meant they definitely needed to be able to budget and consider their options in advance.
The problem for Ticketmaster and Live Nation was that with such a large fan base, the backlash from BTS supporters was swift, strong, and highly publicized.
In an open letter to Ticketmaster and posted via the BTS_Australia Instagram account on May 26, fans wrote: “Without prior access to basic pricing information, we are unable to make full, informed financial decisions before entering an extremely high-pressure purchasing environment during an already stressful cost of living crisis.”
The letter continued: “Withholding ticket information until your consumers enter the waiting room or actively engage in the sales process puts fans in a position of unnecessary and entirely avoidable hardship and stress. For many Australians and New Zealanders, attending these long-awaited concerts will require coordination to ensure they do not over-commit to purchase or risk their financial security with impulsive decisions on the day to secure a ticket.”
In addition to noting that in order to attend one of the shows, many people also need to factor in things like travel expenses, accommodation costs, overall budget, and annual leave, fans pointed out that Ticketmaster has previously published ticket prices and seating maps for BTS’s shows outside of Australia, so there’s no clear explanation as to why they would want to do anything different here.
Fortunately, people’s power paid off. By June 1, one day before presale tickets and three days before general sale tickets went on sale, Ticketmaster reversed its decision and released detailed seating plans and ticket prices in both cities.
The shows are not cheap as fans predicted; The most affordable tickets are sold for $152.69 in Melbourne and $156.82 in Sydney. Meanwhile, the most expensive option in Melbourne is $662.44 and $669.37 in Sydney.
We still don’t know what Ticketmaster’s or Live Nation’s intentions are with holding prices until the last minute. But what we do know is that when people splurge or overspend on “treat” purchases, it almost always happens because a combination of emotional triggers, such as anticipation or fear of missing out, as well as social pressures, are present.
During long periods of judicious budgeting and financial stress (i.e. the ongoing cost-of-living crisis and the rising threat of inflation), such feel-good purchases are guaranteed to give us a major hit of dopamine because they feel like a reward after reining in our spending for so long.
It also allows us to create memories that we will cherish for years to come; This is a rare occurrence when you are in a daily grind.
We also know that the cure for overspending while being extravagant is to create the opposite environment; a place where it is relatively calm and where people have enough time, space and information to make good financial decisions.
In this case, common sense prevailed, thanks to people highlighting apps that didn’t pass the pub test.
This is a win for BTS fans and for the Australian economy, which will not only survive but benefit from the BTSnomics boom. However, it is truly disappointing that it has come to this point.
Victoria Devine is an award-winning retired financial advisor, bestselling author and host of Australia’s #1 finance podcast. He’s after the money. He is also the founder and director of Zella Money.
- The advice given in this article is general in nature and is not intended to influence readers’ decisions about investments or financial products. They should always seek their own professional advice, taking into account their personal circumstances, before making any financial decisions.
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Victoria Devine is an award-winning retired financial advisor, best-selling author and host of Australia’s number one finance podcast, She’s on the Money. Victoria is also the founder and managing director of Zella Money.
