There could be “Bad Blood” for Ticketmaster from Taylor Swift fans after they learned they couldn’t buy concert tickets Tuesday morning. This represents another hiccup attributable to Swift’s immense popularity and the consequent strain it puts on Ticketmaster.
What Happened: Swift's concert tour, her first in several years, is so successful it is seeing sky-high resale prices and shutting down ticket exchanges. The tour has grossed more than $300 million and experts believe it could go on to gross $1.3 billion, setting world records.
The international portion of Swift's tour witnessed an overwhelming demand for tickets to her shows in France on Tuesday. In response to this colossal demand, Ticketmaster, a subsidiary of Live Nation Entertainment LYV, temporarily suspended sales for the French dates of the "Eras Tour," as reported by Variety.
“We will keep you posted with a new on-sale time as soon as possible. All codes not already used will remain valid,” Ticketmaster tweeted.
Technical glitches plagued Ticketmaster's website on Tuesday, leaving fans unable to log in using their passwords. Amid these difficulties, the company saw a massive queue of over 700,000 fans trying to secure tickets.
Swift will play in Paris at La Defense Arena on May 9, 10, 11 and 12, 2024, and in Lyon at Groupama Stadium on June 2 and 3, 2024. The tickets for the shows were scheduled to go on sale in two date blocks for local times of 9 a.m., 11 a.m. and 1 p.m.
According to The Hollywood Reporter, Tuesday's ticket sale was conducted through a lottery system. This method provided fans with unique codes that could be redeemed for tickets.
Related Link: Taylor Swift's 'Cornelia Street' Inspiration: Here's Your Chance To Buy Or Rent The Iconic House
Why It’s Important: The issues around the sale of tickets for the France shows are reminiscent of past technology issues and huge demand that saw fans not being able to get tickets to U.S. shows back in November 2022.
Swift spoke out on the issue at the time.
“I’m not going to make excuses for anyone because we asked them, multiple times, if they could handle this kind of demand and we were assured they could. It’s truly amazing that 2.4 million people got tickets, but it really pisses me off that a lot of them feel like they went through several bear attacks to get them,” Swift said.
Benzinga has previously reported on the immense popularity of Swift tickets and the extraordinary measures individuals have taken to secure attendance, even being hired as a security guard to sing along to the hit singles.
Ticket prices for the tour have averaged hundreds to thousands of dollars, and saw some Swift fans create an exchange to offer true Swift fans tickets at face value.
Ongoing issues with Ticketmaster and large ticket fees have also prompted reactions from Congress and President Joe Biden.
Through 22 dates on the tour, the Eras Tour has grossed $300 million, according to Pollstar.
Swift released “Speak Now (Taylor’s Version)” on July 7.
LYV Price Action: Live Nation shares trade at $93.14 versus a 52-week trading range of $64.25 to $99.66. Shares of the concert venue and ticket company are up 35% year-to-date in 2023, fueled by strong demand from fans.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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