Reselling tickets for concerts or sporting events is a phenomenon that has existed for a long time.
If there was an event going on, it's probable that someone somewhere resold tickets to said event at a much higher price.
In the last few years, however, it has gone from something shady characters straight out hardball would do to something respectable professionals and companies do.
This blog post will look at what reselling is, how and if it differs from its distant cousin, ticket scalping, and how you can use it to generate some extra cash.
What is Ticket Reselling?
It's exactly what it sounds like. It's the resale of tickets for sports events or music concerts at a higher price than they were originally priced.
Is There a Difference Between Ticket Scalping and Ticket Reselling?
Depending on the corner of the internet that you are on, you will get two varying answers.
On one side, those who have had a negative experience with resellers will tell you the two are one, and on the flip side, some people will tell you they are not.
So Is it Legal to Resell Concert and Sports Tickets?
Yes. Reselling tickets is a completely legal venture.
However, some states have laws that ban the sale of tickets altogether or a couple hundred meters from the venue.
Some states also require that the tickets should only have a markup of 10 %. In most states in the US, however, reselling is completely legal as long as the first seller i.e., the venue or website, has complied with all necessary regulations in the jurisdiction.
Is Reselling Tickets Profitable?
Whether you make a profit from reselling tickets will depend on several factors :
- The cost of acquisition, i.e., how much they cost when you buy the tickets. If you get early bird prices, your profit margins will be better than if you bought them at regular times.
- The demand for the tickets: sports tickets might have a higher demand compared to music concerts. Additionally, concerts for certain entertainers might have a bigger audience.
- The pricing strategies you choose to implement.
So How Do You Go About Reselling Tickets?
Choose a ticket reselling platform
similar to the various ways you can use to buy tickets, there are also several ways you can go about selling the tickets. A quick Google search will bring up several household websites that you can use to sell the tickets.
Create an Account
The next step is to create an account/register with them after deciding on a platform. This is usually straightforward, and the steps are outlined.
Post Your Listing
Just as you would do when selling on an e-commerce platform, the next step is to post your listing. Depending on the platform, they may require the seat number, or row, and other additional information.
Do thorough research
This step will help ensure you haven't overpriced or underpriced your tickets. The price should be set competitively within the market.
Select Your Preferred Payment Method
You can add as many payment methods as you'd like. Cover all the bases, Paypal, Visa, Mastercard, Apple, Google Pay, and any others you may feel are appropriate.
Implement Marketing Strategies
Having tickets to an in-demand sporting event or concert will do you no good if no one knows you have the tickets.
Get out there virtually and market them, especially if the platform you're using doesn't get high traffic.
You can use social media to promote your listing and ensure the ticket sells.
This step is just as important as posting your listing.
This will include transferring the ownership to the new owner, removing the listing, and ensuring the tickets get to the customer in good time. This will ensure you have a good working relationship with your customers.
What Ticketing Platforms Can You Use to Sell and Buy the Tickets?
In the age of technology, you can use practically use any site to sell your tickets. From sites like eBay and Craigslist to creating your store on an e-commerce platform.
Here are other examples of ticketing platforms you can use:
Founded in 2000, StubHub is one of the more popular ticket reselling platforms, whether the tickets are for a sports event, theatre, or concert.
What makes Stubhib impressive?
They back every order. This means you are guaranteed on-time payment for the tickets you sell. This cover is only for tickets bought and sold on their website.
StubHub also offers flexibility that other platforms don't.
If you bought tickets from another platform, you can still sell them on StubHub.
Another popular player in the game is Seatgeek. Although newer in the industry, SeatGeek offers a convenient way to resell tickets for any event.
With SeatGeek, the process is simple. All you have to do is open the app, select the ticket group you want to sell under, decide on the number of tickets you want to sell and set the price.
After a ticket sells, they notify you via email to let you know.
One thing to note is that SeatGeek deducts 10% for each ticket sold. This goes towards the maintenance of the site.
When it comes to reselling tickets, Ticketmaster takes the spotlight as a trusted and popular platform. It's not just about buying tickets; Ticketmaster also provides a bustling resale marketplace for sellers like you. Why is it worth your attention?
Ticketmaster's reputation alone draws in a massive crowd of ticket seekers, giving you a better chance of selling your inventory quickly.
The user-friendly interface makes listing your tickets a breeze, and you can easily adjust prices and track your sales.
Use the official website
This is more favorable, and a lot of resellers recommend using this method. You only need to have a laptop, an internet connection, and the agility of a teen whos always on their phone.
This method may prove to be a bit challenging as some resellers use bots to scoop up many tickets.
One way to mitigate this is by having a reminder on your devices and enlisting others.
Go to the venue
The next best method to resell your tickets is by going to the venue and purchasing the tickets directly. This is by far the easiest option, although you may find lines of people queueing.
You may also find it harder to sell your tickets through this method as the venue may have a cap on the number of tickets that can be sold in person.
Do you Need a Business License to Start Reselling Tickets?
No, you do not. From what we have gathered online, you do not need to get a business license to start a ticket reselling side hustle.
However, the laws may change, and you may be required to get a business license. As such, you must stay current with the laws regarding ticket reselling.
How to Make Your Ticket Reselling Business Profitable
Like any business, if you implement the correct strategies, chances are you can turn a sizable profit. Here are a couple of tips that you can use:
Record everything :
You need to ensure that you are recording everything. Not only for tax purposes but having your records straight will help you see when the tickets sell for a good profit and vice versa.
You can use Excel sheets when first starting and upgrading as your business grows.
Do Thorough Research :
Before buying any tickets, you must thoroughly research the market. This includes :
What Does Your Target Market Look Like :
Does your intended market have disposable income to spend on tickets? This typically tends to be millennials and some gen z as they are more established and have more cash for events.
Is the artist/event popular :
You don't want to buy tickets to an unpopular event. Events for major entertainers and sports tend to be hot on the market. You want to keep an eye out on the market demand and ticket availability.
The timing and venue :
If an event is held at a legendary venue, people may be willing to spend more on the tickets. Additionally, weekend events usually do better than their weekend counterparts.
Strategic Ticket Purchasing :
You want to take advantage of presales, exclusive offers, and bulk buying opportunities to secure tickets at the most opportune moments.
How Good are the Tickets :
Another thing you should consider is the location. Are the seats at the back of the arena or at the front in the VIP section? If you can get your hands on VIP seats, all the better; however, if you can't, look for ones at the front or middle. They aren't extravagant in the pricing and are proportional in their demand and availability.
Handling Potential Challenges and Risks :
The resale market isn't without challenges. You will need to stay informed and vigilant. Prepare for any impromptu cancellations or rescheduling. Additionally, always ensure that the tickets can be resold. Some tickets cant be resold, and you may find yourself with a couple of tickets that are worthless.
Buying and reselling tickets is a viable business that can be profitable. By implementing the strategies outlined in this blog post, you can embark on your journey as a certified ticket reseller.