Internet ticketing site StubHub just released their third annual report, and it’s a keeper…
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Internet ticketing site StubHub just released their third annual report, and it’s a keeper. Despite public cries of recession and a floundering music industry, the ticket resale site posted increases in sales.
“This year’s report surfaced some interesting trends with respect to secondary concert ticket purchasing habits,” said Chuck La Vallee, Head of Music Business Development for StubHub. “Despite the economic woes of the last few months and a lukewarm concert schedule for the year, ticket selling prices actually increased a bit from 2007. It speaks to the overall demand for live touring acts and despite challenging economic times, StubHub buyers are willing to invest in the experience they get for the price of admission.”
StubHub has particulary gained popularity in the last year, with over 11,000 events listed on the site in 2008. Some find StubHub’s practice questionable, however, as the site is really a legalized arena for ticket scalping. Another complaint is that, rather than going to the artist, 15 percent of the selling prices goes directly to StubHub.
The annual report also listed their top selling acts of 2008. Rounding out the top five were Madonna, the Jonas Brothers, Bruce Springsteen, Bon Jovi, and Coldplay. The award for highest ticket prices also goes to Madonna, whose Sticky & Sweet tour seats went for an average of $306.