People used to view ticket reselling unfavorably. The mere mention of the word scalping brings to mind shady characters loitering on street corners, selling concert tickets for a higher price to people who could not get one for themselves before they sold out.
Indeed, scalping is illegal in many places. However, there are legal alternatives to scalping.
In this guide, we will discuss how to sell concert tickets and make money legally.
What Does Ticket Reselling Mean?
Ticket reselling means you buy concert tickets at a lower price and then sell them at a higher price to earn profit.
It could also mean ticket brokering or touting. Basically, you buy concert tickets from a licensed seller, such as a concert organizer, in bulk, and then resell them at a higher price.
Nowadays, ticket reselling is mainly done online.
Ticket Reselling vs. Ticket Scalping
Ticket reselling is a legal trade that takes place in compliance with local or federal laws. The reseller buys these tickets from a licensed seller who is compliant with any ticket-selling regulations in the jurisdiction.
In contrast, ticket scalping is often illegal since scalpers do not abide by local laws governing the sale of tickets. Scalping is sometimes referred to as a black market.
However, it can be hard to tell the difference between the two, as explained by SeatGeek’s director of growth and communication, Will Flaherty.
He says, “The lines are blurring between a professional scalper and someone who sells their tickets. Back in the day, brokers would have to fax each other updated inventories. Now, that information is readily available to sellers online.”
Is Ticket Reselling Profitable?
Ticket reselling is definitely profitable, although it might not seem so to some people. After all, why would someone buy a ticket for $1,000 when it was being sold for $700 earlier?
Well, there are two reasons for this:
- First, if the concert tickets are for a famous artist, they sell out quickly. Fans who cannot get their hands on tickets are ready to buy them at a higher price to hear their favorite artist live.
- Second, if there is a last-minute rush for an event, people hurry to buy tickets and are willing to pay resellers a higher price.
What Events Should You Buy Tickets For?
When you are buying tickets for reselling, you have to be very strategic about the tickets you choose. For instance, there is no point in purchasing tickets for an event that is unlikely to sell out.
Here are some things to consider when you buy tickets in bulk:
Is the artist performing at the concert extremely popular? For example, if Beyoncé is performing, you know the tickets will sell out quickly and anyone who missed out will clamor to buy tickets at nearly any price.
Some tickets are better than others because they might be closer to the stage or have VIP provisions. Although it is hard to buy these tickets as a reseller, you can earn a significant sum by selling them since they often appeal to more devoted fans who are willing to spend more to be closer to the artists they love.
Another thing to keep in mind is the city or region in which the concert is happening. Is it a metropolitan area or a small town? Do people in that area have disposable income? What is the venue?
Keep in mind that concerts taking place in popular venues are attended by more people. So, their tickets are in higher demand.
Weekend events generally tend to be more popular than concerts held during the week. Try buying tickets for weekend concerts because people are more likely to have a day off and want to go out.
How To Sell Concert Tickets
The first step of selling concert tickets is to find places to sell them. You can always sell concert tickets on Craigslist and eBay, but here are some websites dedicated explicitly to ticket buying and selling.
Stubhub is the most popular place to resell concert tickets. You can list your tickets on the website for free. However, StubHub charges a commission fee slightly higher than other resale options when you do sell a ticket.
Despite that, StubHub is a great option since it gets a ton of visitors. Here’s how to sell concert tickets on StubHub:
- StubHub has tickets for a range of events, including sports, stand-up comedy and concerts. Search for the show you want to sell tickets for.
- When the event pops up in the search result, click the “Sell” button. It will be next to the venue.
- You will have to create a StubHub account at this point. Some questions you need to answer include the number of tickets you have in your possession and whether you would ship or email them.
- Once you have done this, set a price for the tickets. There are two options for this; declining price and fixed price. The latter is self-explanatory, but if you pick the declining price option, StubHub will slowly lower your tickets’ cost as the event approaches to keep them competitive.
- Finally, you have to choose the payment method. Paper check and PayPal are two available methods. If you are feeling generous, StubHub lets you donate the proceeds from ticket resale to charity.
VividSeats is a ticket broker that charges a higher fee but also has very high sales traffic. Make sure you price your tickets accordingly. Follow these steps to sell concert tickets on the website:
- Click the “Sell” option on the VividSeats home page.
- The next screen will show you the steps for ticket resale and the benefits of using the website. Click on “sell your tickets” here.
- You will see a list of upcoming events. Choose the event you have tickets for and click “Continue.”
- Make an account on the website by filling in basic information about the tickets.
- Price your tickets and choose the delivery method, such as FedEx.
- Lastly, enter your PayPal address. The money from your ticket resale will be automatically sent to your PayPal account after the VividSeats fee is cut.
You can also sell concert tickets on SeatGeek. The process is explained below:
- On the website’s home page, sign up to make an account.
- Go to the “My Tickets” section.
- At the top of the page, you will see a link to upload tickets. Upload PDFs of the tickets to your account.
- Go to the event page and look for the event you are selling tickets for.
- Click “Sell Tickets” on the details page.
Risks Involved in Ticket Reselling
Ticket reselling can be lucrative if you are observant and do it right. But there are some risks you should be wary of.
Firstly, a concert might not get as much hype as you had anticipated. It could be due to the poor PR from the artist’s team or harsh weather conditions. In that case, the tickets will not sell quickly, and your liquid funds will be tied up in worthless tickets.
Secondly, some buyers are fraudsters and might say they did not receive the tickets to rip you off. Make sure you read the terms and conditions of any resale site before you make an account because not all websites have provisions for mediation.
Now that you know how to sell concert tickets, you can take your first steps into the $5 billion ticket resale market.
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