Reselling concert or event tickets, also known as ticket brokering, involves purchasing tickets at face value and selling them to consumers at a slightly higher price. It’s important to note that reselling concert tickets is different from ticket scalping, which is illegal in certain states. In this guide, we will provide you with a legal business model to make money selling tickets.
Is Reselling Concert Tickets Profitable?
The profitability of reselling concert tickets depends on factors such as demand, acquisition cost, and pricing strategies. On average, resellers on top ticket resale marketplaces like StubHub make a profit margin of around 10-20% per ticket. This means you can earn up to $20 profit on a $100 ticket and potentially make thousands of dollars after selling 50 tickets in a month. Consistently reselling tickets throughout the year can result in profits of approximately $12,000.
However, there’s potential to earn even more. With thorough research and market knowledge, you can find high-value tickets to resell at a markup of up to 30%.
Getting Started: Make money selling tickets (e.g., Ed Sheeran’s Tour Ticket)
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Reselling concert tickets for profit, follow these steps:
- Research the concert ticket market to understand demand and resale value.
- Purchase tickets for popular concerts through official channels like Ticketmaster or the venue’s website.
- List your tickets on top ticket resale websites such as StubHub or SeatGeek.
- Set competitive prices based on market demand and resale value.
- Provide transparent information about the tickets, including seat location and any restrictions.
- Deliver tickets to buyers promptly and securely.
Understanding the Concert Ticket Market
Before joining to resell tickets for profit business, invest time in researching high-demand artists and concerts. Factors like the artist’s popularity, venue size and location, and concert timing determine the level of demand. Farewell tours or special events like Ed Sheeran’s Tour tend to have high demand.
Check if tickets are available for reselling by visiting official ticketing websites and checking if tickets are sold out or in high demand. Focus on tickets in high demand as they typically have higher resale values, offering better opportunities to set flexible prices. For example, Ed Sheeran’s O2 Arena show sold out at $99 and was later resold on StubHub for $252 to $413 per session due to increasing demand. Identifying such value gaps allows you to set profitable price points for reselling.
Setting Up Your Reselling Business
To start to make money selling tickets doesn’t require a business license, office space, or a website. Your main focus is buying tickets at a low face value and reselling them on the secondary market. Here are a few platforms where you can purchase tickets and resell them for a profit:
- Ticketmaster: Aim to buy tickets at the lowest price or directly from the primary source. Ticketmaster offers tickets at low costs as they sometimes sell directly from show organizers.
- Other ticket brokers: While Ticketmaster is a good option, consider purchasing tickets from other brokers like TicketIQ, as they offer different payment support.
How to Buy and Sell Concert Tickets for Profit
Anyone can start buying and selling sports tickets for profit with determination, tenacity, and knowledge. Ticket reselling can be lucrative because event organizers and venue owners often sell tickets below market value to avoid empty seats. This creates an opportunity for ticket resellers to buy underpriced tickets and sell them for a higher price, benefiting both the reseller and buyers.
To get started in this money making venture, you will just need a laptop and an internet connection. Keep tracking ticket selling platforms.
People in cities with a higher cost of living are usually more willing to pay a premium for tickets. Additionally, events held during holidays, weekends, or special occasions tend to attract more attendees and higher ticket prices.
Consider these factors when deciding which events to target for ticket resale. It’s important to focus on events that have a higher likelihood of selling out or generating strong demand.
Where to Buy Tickets for Resale
Now that you understand the methods for buying tickets, let’s explore the best places to acquire tickets for resale.
- Primary Ticketing Platforms: Start by checking official ticketing platforms like Ticketmaster, Live Nation, or the venue’s website. These platforms often offer presale opportunities or early access to tickets. Take advantage of these options to secure tickets at face value before they become available to the general public.
- Secondary Marketplaces: If you’re unable to obtain tickets directly from the primary platforms, you can turn to reputable secondary marketplaces. StubHub, SeatGeek, and Vivid Seats are popular platforms that connect buyers and sellers. These platforms provide a wide range of tickets for various events, allowing you to find profitable opportunities.
- Online Classifieds and Social Media: Explore online classified platforms like Craigslist or Facebook Marketplace, as well as social media groups and forums dedicated to ticket sales. These platforms can sometimes offer hidden gems or last-minute ticket deals. However, exercise caution and ensure you’re dealing with legitimate sellers to avoid scams or counterfeit tickets.
Remember to do your due diligence before making any purchases. Research the reputation and reliability of the sellers, read reviews, and compare prices across different platforms to ensure you’re getting the best deal.
More Tips to make money selling tickets
To increase your chances of success in ticket reselling, consider the following tips:
Stay Informed: Keep yourself updated on the latest trends, popular events, and market dynamics in the concert ticket reselling industry. Follow news related to artists, tours, and venues to identify potential opportunities for high-demand tickets.
Price Competitively: Set your ticket prices competitively based on market demand and resale value. Research the prices of similar tickets on various platforms to gauge the market and find the sweet spot that maximizes your profit while attracting buyers.
Provide Transparency: Be transparent about the details of the tickets you’re selling. Clearly state the seat location, any restrictions, and whether the tickets are for a specific date or a range of dates. Providing accurate and detailed information builds trust with potential buyers and increases the likelihood of a successful sale.
Deliver Tickets Promptly and Securely: Ensure a smooth transaction by delivering the tickets to buyers in a timely and secure manner. If you’re selling physical tickets, use reliable shipping services to ensure they reach the buyers safely and on time. If you’re selling e-tickets, make sure to transfer them securely through authorized platforms or email.
Build a Network: Networking with other ticket resellers or industry professionals can provide valuable insights and potential partnership opportunities. Join online communities or attend industry events to connect with like-minded individuals and share experiences and strategies.
Remember, ticket reselling is a dynamic and competitive market. It may take time to build your reputation and establish a profitable business. Be patient, learn from your experiences, and adapt your strategies as needed.
Look For Reputable Ticket Reselling Platforms:
When it comes to ticket reselling, it’s essential to choose the right platform to showcase and sell your tickets. There are numerous ticket reselling platforms available, each with its own set of features and reputation. Here are some key factors to consider when selecting a platform:
Reputation and Trustworthiness: Look for platforms that have a good reputation within the ticket reselling community. Check online reviews, testimonials, and ratings to gauge the platform’s reliability and credibility. A reputable platform will have a track record of providing secure transactions and protecting buyers and sellers from fraudulent activities.
User-Friendly Interface: Opt for a platform that offers an intuitive and user-friendly interface. This will make it easier for you to list and manage your tickets, communicate with buyers, and track your sales. A platform with a well-designed interface can enhance your overall selling experience and save you time and effort.
Pricing Flexibility: Consider platforms that allow you to set your own prices for the tickets you resell. Having control over your pricing strategy enables you to respond to market demand and maximize your profit potential. Look for platforms that provide features such as dynamic pricing or the ability to adjust prices based on factors like ticket availability and event popularity.
Ticket Authenticity Guarantee: Choose a platform that offers some form of ticket authenticity guarantee or verification process. This ensures that the tickets you sell are genuine and eliminates the risk of counterfeit tickets. Platforms that partner with event organizers or have established relationships with ticketing agencies can often provide more reliable authentication processes.
Customer Support: A platform with responsive and helpful customer support can greatly assist you in addressing any issues or concerns that may arise during the ticket reselling process. Look for platforms that offer support through various channels, such as live chat, email, or phone, and have a reputation for providing timely and satisfactory assistance.
Remember to thoroughly research and compare different ticket reselling platforms to find the one that aligns with your needs and goals as a ticket reseller. It’s also beneficial to join online communities and forums dedicated to ticket reselling to gather insights and recommendations from experienced resellers.
Conclusion
Ticket reselling can be a lucrative side gig if approached strategically and ethically. By understanding the concert ticket market, purchasing tickets from reliable sources, and implementing effective pricing and selling strategies, you can consistently make money selling tickets.
Remember to stay informed, provide transparent information, and deliver tickets promptly to build trust with buyers. With time, experience, and dedication, you can find success in the ticket reselling business and turn it into a profitable venture. However, it’s crucial to abide by local laws and regulations regarding ticket resale to ensure that you operate within legal boundaries.
It’s worth mentioning that while ticket reselling can be a lucrative opportunity, it’s not without its risks. Factors such as event cancellations, changes in artists or lineup, or unexpected circumstances can impact ticket demand and value. Therefore, it’s important to carefully assess the risks and potential rewards before investing significant time and resources into ticket reselling.
Furthermore, always prioritize ethical practices in your ticket reselling endeavours. Avoid using bots or automated software to purchase tickets, as this can contribute to unfair competition and hinder genuine fans from securing tickets at face value. Instead, focus on providing value to buyers by offering competitive prices and excellent customer service.
Lastly, be aware of the potential for counterfeit tickets in the resale market. Counterfeit tickets can lead to disappointed buyers, legal complications, and damage to your reputation. Take necessary precautions such as verifying the authenticity of the tickets, purchasing from reputable sources, and educating yourself on common signs of counterfeit tickets.
In conclusion, ticket reselling can be a profitable and enjoyable venture if approached with careful consideration and strategic planning. By understanding the market, acquiring tickets from reliable sources, implementing effective pricing strategies, and providing excellent customer service, you can maximize your chances of success in the ticket reselling business. Remember to stay informed, build a network, and always prioritize ethical practices to maintain a reputable and sustainable ticket reselling operation.
Best of luck in your ticket reselling endeavors!
Is it legal to resell tickets for profit?
Generally, ticket resale is legal, but it’s important to comply with local laws and regulations. Some venues or events may have specific rules regarding ticket reselling, so it’s advisable to familiarize yourself with them.
How can I find popular events to sell tickets for?
To find popular events, you can explore official event websites, follow social media accounts of event organizers, or use ticket aggregator platforms. Additionally, keeping an eye on trends and conducting market research can help you identify lucrative ticket-selling opportunities.
What are some effective pricing strategies for ticket reselling?
Pricing strategies vary based on factors such as event demand, ticket availability, and market trends. Some common strategies include setting competitive prices, utilizing dynamic pricing based on demand, offering bundled packages, and considering factors like seat location and event date.
What are the risks involved in ticket reselling?
While ticket reselling can be profitable, it’s essential to be aware of potential risks. These include purchasing counterfeit or invalid tickets, dealing with event cancellations or reschedules, and facing competition from other resellers. Taking precautions like using reputable platforms and verifying ticket authenticity can mitigate these risks.
Are there any additional costs or fees associated with ticket reselling?
Yes, additional costs may be involved in ticket reselling. These can include platform fees, payment processing fees, shipping or delivery charges, and taxes. It’s important to factor in these costs when determining your selling prices to ensure profitability.