Live Nation Entertainment, the company that owns Ticketmaster, has seen its value increase by $2bn (£1.52bn) this month, as fans are forced to pay inflated prices for Oasis tickets this weekend.
The stock price has risen by nearly 18% in the last year, with sales of Taylor Swift’s and Oasis’s latest tours helping boost its attractiveness to investors, according to Stocklytics.
It’s currently trading at $97.67 (£74.35) per share (as of 9am 2nd September before markets open), making its market capitalization $22.5bn (17.1bn). On the 5th August, the company was valued at $20.4bn (£15.5bn).
The ticket seller has come under fire after Oasis tickets went on sale at 9am on Saturday, with fans claiming it inflated prices by up to five times their face value.
Its dynamic pricing model set tickets yesterday at around £350 plus fees while reselling websites were advertising tickets for between £500 and £14,000.
“Tactics like dynamic pricing are huge money spinners for companies like Ticketmaster and this is helping to add billions of dollars to its value,” said Neal Roarty, market analyst at Stocklytics.
“This creates a market where fans are forced to pay out hundreds, if not thousands, to see their favourite bands and acts.”
In the last month alone, Live Nation Entertainment’s share price increased $10 (£7.61), which led to its value increasing by over $2bn (£1.52bn) in August.
