When we last spoke to Lawrence Peryer, the 25-year industry vet who serves as Chief Strategy Officer for Lyte, the reservation technology ticketing platform, almost a year ago to the day, there was optimism in the live music business returning before the delta and omicron Covid variants shuttered venues again until the beginning of this year
“It looked like summer was going to open up and we were off to the races,” Peryer agrees, noting that, at the moment, the concert business is in the midst of a rebound, led by Live Nation’s record-breaking Q1 earnings. “We are seeing incredible demand, but that was true even during the pandemic, when people were buying tickets knowing the shows were still a year or two away.”
Peryer notes that both the high and low ends of concert tickets pricewise are flourishing, but the middle area remains soft. “The value shopper is going gangbusters, but people are still making last-minute decisions when it comes to attending. I hope we’re not just masking this problem. I hope it’s not like the movie business, where grosses may be up only because we’re charging three times as much.”
The secondary ticketing market – where Lyte has been involved – continues to see ticket prices soar due to supply and demand, not to mention the inflation and health mandates which have driven up the cost of touring and then passed on to the consumer.
“I don’t think it’s gouging,” insists Peryer. “There’s been a move towards dynamic flexi-pricing in the live event space. Coming out of Covid, that’s become the default dominant model in ticketing. But the supply should at least match the demand. If Garth Brooks plays five dates in a city and the fifth doesn’t sell out, he’s saturated the market. That’s the only way to combat secondary sales, through routing and scheduling.”
In fact, one of Lyte’s stated goals is to help agents, promoters and band managers assess the demand for tickets before they go on sale to determine not just pricing, but the size of venues as well as insights into the acts’ strongest markets.
“You don’t want to leave any money on the table,” says Peryer. “In a perfect world, tickets would just be available, and the pricing would change based on several variables. The goal is to make that more transparent to the consumer.”
As to what form those tickets will take, Peryer sees the physical ducat going the way of most analog media, especially in the era of “smart” stadiums like L.A.’s SoFi, where the entire process from parking to after-show takes place on the phone and online.
“I go to a lot of shows, and I can’t tell you the last time I touched a ticket,” he admits. “As a fan, I love the idea of a souvenir, but this way is pretty darn convenient. When you tie in the ability to get into the venue easily, get a drink or any other amenity. There’s such a wave of innovation coming to live events around that mobility and location awareness, where the phone can tell you the best way to avoid traffic into the stadium and where the shortest lines are at the restroom.”