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StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping

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Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping

#11

Post by andrew_lettuce »

vjvjvjvjghv wrote: post #7

I don’t really understand the outrage over scalpers. Isn’t this just normal market behavior? Is a retailer that buys things and sells them with a markup a scalper? People seem to be willing to pay crazy prices for events.

The outrage is over the apparent collusion between a platform that argues it only facilitates a fan-to-fan marketplace, and a hedge fund run by the platform's CEO that sells a massive volume of resale tickets. This is definitely not on the spirit of competition regardless of it's illegal or not

Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping

#12

Post by fecal_henge »

vjvjvjvjghv wrote: post #7

I don’t really understand the outrage over scalpers. Isn’t this just normal market behavior? Is a retailer that buys things and sells them with a markup a scalper? People seem to be willing to pay crazy prices for events.

The ultimate customers would certainly pay more than the face price which is what the scalpers pay, yet the scalpers get all the tickets. This is abnormal market behaviour.

Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping

#13

Post by Brendinooo »

vjvjvjvjghv wrote: post #7

I don’t really understand the outrage over scalpers. Isn’t this just normal market behavior? Is a retailer that buys things and sells them with a markup a scalper? People seem to be willing to pay crazy prices for events.

>Is a retailer that buys things and sells them with a markup a scalper?

If you bought all of the food then offered the food at 10x the prices, we'd be outraged with you, yes.

Stakes are lower because it's a luxury good, not food, but it's the same idea.

Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping

#14

Post by eightysixfour »

gruez wrote: post #10
xnx wrote: post #5

Scummy behavior, but customers are also tacitly endorsing high prices when they pay $1500 for a Taylor Swift (or name your artist) ticket.

You're not entirely wrong, but the root issue is artists not charging the market clearing price for tickets. If you're selling something worth $1000 for $200, you shouldn't be surprised arbitrageurs pop up to take advantage.

> You're not entirely wrong, but the root issue is artists not charging the market clearing price for tickets.

Because there is value for the artist in maintaining the perception of accessibility.

Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping

#15

Post by sdthjbvuiiijbb »

vjvjvjvjghv wrote: post #7

I don’t really understand the outrage over scalpers. Isn’t this just normal market behavior? Is a retailer that buys things and sells them with a markup a scalper? People seem to be willing to pay crazy prices for events.

Yes it's rational market behavior. But it bothers people for such a blatantly worthless middleman to capture all consumer surplus for themselves while providing zero value.

Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping

#16

Post by badgersnake »

gruez wrote: post #10
xnx wrote: post #5

Scummy behavior, but customers are also tacitly endorsing high prices when they pay $1500 for a Taylor Swift (or name your artist) ticket.

You're not entirely wrong, but the root issue is artists not charging the market clearing price for tickets. If you're selling something worth $1000 for $200, you shouldn't be surprised arbitrageurs pop up to take advantage.

This argument has been made a lot on this site, mainly by people who don’t understand live music.

Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping

#17

Post by sushid »

vjvjvjvjghv wrote: post #7

I don’t really understand the outrage over scalpers. Isn’t this just normal market behavior? Is a retailer that buys things and sells them with a markup a scalper? People seem to be willing to pay crazy prices for events.

It's not a simple buy/sell marketplace. There's no recourse for fans who purchase a confirmed ticket, only to find that the seller "doesn't have them" and see the same ticket relisted for higher if the price jumps. Stubhub prioritize these scalper relationships and doesn't meaningfully protect its buyers from getting screwed over.

Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping

#18

Post by nubinetwork »

We've known for years that ticketmaster scams their tickets on StubHub. Concerts selling out instantly, to only see tons of tickets on stub...

I'm sure if they get shut down, they'll just do it again under a different name, but they can't pretend it's a small handful of scalpers when they're the ones doing it themselves.

Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping

#19

Post by godsinhisheaven »

gruez wrote: post #10
xnx wrote: post #5

Scummy behavior, but customers are also tacitly endorsing high prices when they pay $1500 for a Taylor Swift (or name your artist) ticket.

You're not entirely wrong, but the root issue is artists not charging the market clearing price for tickets. If you're selling something worth $1000 for $200, you shouldn't be surprised arbitrageurs pop up to take advantage.

I understand the arguments against charging the market clearing price, but I do just think it would be very funny for Taylor Swift to sell out a concert charging $10k+ a ticket.
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