Despite a deluge of backlash, Ticketmaster officials are defending the outrageous cost of Bruce Springsteen tickets, which are selling for as much as $5,000 each. In a statement issued in response to widespread complaints about the cost of tickets to see The Boss, Ticketmaster says the high prices are a result of “marketing pricing” – a sales model in which a formula is used to adjust prices of items based on consumer demand. “In some instances, events on our platform may have tickets that are ‘market-priced,’ so ticket and fee prices may adjust over time based on demand,” the statement reads. “This is similar to how airline tickets and hotel rooms are sold.”
The release goes on to point out there are plenty of tickets available for under $200. According to the ticket seller, only 11.2 percent of the tickets for Springsteen’s upcoming tour have been sold for as much as $5,000. The remaining 88.2 percent are being sold at fixed prices ranging from $59.50 to $399, per Ticketmaster.
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