On Ticketmaster, “Official Platinum” refers to a special tier of tickets that are priced dynamically based on demand. Official Platinum tickets are an official ticket category directly from the artist/team and venue. The price fluctuates based on market demand, similar to how airline tickets or hotel rooms are priced. This allows artists and venues to capture more value for in-demand tickets.
What are Official Platinum tickets?
Official Platinum tickets are a special category of tickets released directly by the artists, teams, or venues on Ticketmaster. They are an official ticket type, just like general admission or VIP tickets. The key difference is the pricing model:
- General admission and VIP tickets are priced at fixed face-value prices set by the artist/venue.
- Official Platinum tickets fluctuate in price based on demand. The more demand there is for a show, the higher the Official Platinum ticket prices will go.
Artists, teams, and venues work with Ticketmaster to analyze data and forecast demand. Using dynamic pricing algorithms, they set optimal price points for Official Platinum tickets leading up to the event to capture maximum value.
Fans who buy Official Platinum tickets pay market-driven prices. The upside is access to tickets for in-demand shows where regular tickets may have already sold out. The downside is paying a substantial premium over face value.
Why are Official Platinum tickets used?
There are a few key reasons artists, teams, and venues utilize Official Platinum tickets:
- Capture more value from high-demand events: By using variable pricing that adjusts to demand, Official Platinum tickets allow artists and venues to capture more revenue from their most popular events.
- Provide access to high-demand tickets: Even when lower-priced tickets sell out, Official Platinum tickets are still available for fans willing to pay a premium price point.
- Discourage scalping: By pricing tickets closer to their market value, Official Platinum tickets reduce the incentive for scalpers to buy up tickets only to resell them at higher prices illegally.
Essentially, Official Platinum tickets are an official form of the type of dynamic pricing already being done illegally by ticket scalpers. By handling pricing officially through Ticketmaster, artists and venues can control dynamic pricing and generate additional revenue themselves.
How are Official Platinum ticket prices set?
Official Platinum ticket prices are set using an algorithm that analyzes historical ticket data and forecasts future demand. Factors include:
- Artist popularity: How much demand does this artist generate historically for shows in this location?
- Venue size: Is it a small theater or large stadium? Smaller venues typically have higher demand.
- Market demand: How quickly are tickets currently selling? How does that compare to past shows?
- Special events: Is there a major festival or holiday happening near the event date that may impact demand?
Using these data points and proprietary forecasting models, Ticketmaster’s algorithm sets and updates Official Platinum prices dynamically as demand changes leading up to the event.
How much more do Official Platinum tickets cost?
There is no fixed premium for Official Platinum over regular ticket prices. The premium is based entirely on dynamically adjusting prices to meet demand. Markups frequently exceed 50% to 100% over fixed ticket prices:
Event | Regular Price | Official Platinum Price | Markup |
---|---|---|---|
The Weeknd Concert | $125 | $350 | 180% |
NBA Playoffs Game | $80 | $200 | 150% |
Harry Styles Concert | $75 | $250 | 233% |
The most in-demand events can see Official Platinum prices 5-10x the original ticket price. While steep, these prices reflect what the market is willing to pay for high-demand tickets that are otherwise sold-out.
Pros and cons of Official Platinum tickets
There are both pros and cons to the Official Platinum ticket model for both fans and event organizers:
Pros:
- Fair market value pricing: Prices represent what supply and demand dictate for tickets in an open market. Fans pay what they are willing to pay.
- Artist/venue revenue: Enables artists and venues to capture more revenue from their most popular events.
- No scalping: Discourages illegal scalping since prices are set closer to market rates officially.
- Accessible tickets: Provides ticket access even when lower priced options are sold-out.
Cons:
- High prices: Fans pay large premiums over face value prices, sometimes drastically so.
- Unpredictable costs: Fans don’t know what the final price will be making it hard to budget.
- Limits access: Lower income fans get priced out of events they otherwise could’ve attended.
- Bad optics: Artists/venues look greedy selling high-priced tickets even if market driven.
Who should buy Official Platinum tickets?
Official Platinum tickets are best suited for fans that:
- Highly value access to in-demand events and are willing to pay premium prices.
- Are flexible on budgets and can accommodate variable pricing.
- Want to avoid illegal scalping markets and buy officially from Ticketmaster.
- Missed out on regular tickets and still want to see the event.
Fans on tight budgets or those adverse to high variable pricing are better off avoiding Official Platinum tickets when possible. Similarly, fans who value predictability and face value pricing are better off buying regular admission tickets.
Are Official Platinum tickets worth the price?
Whether or not Official Platinum tickets are “worth” the premium prices is ultimately subjective based on each fan’s budget, priorities, and desire to see the event. From a purely economic standpoint, the prices are a fair reflection of supply and demand dynamics in a free market for a limited resource (tickets). However, many fans still object to the high prices on principle and refuse to buy on moral grounds. Each fan must decide if securing a ticket is worth the premium cost. In many cases, waiting until closer to the event can yield ticket prices coming down nearer to face value. However, that strategy risks the event selling out entirely. There are arguments on both sides, so every fan needs to decide for themselves if Official Platinum tickets are worth the price for their circumstances.
Conclusion
Official Platinum tickets are a form of variable or dynamic pricing implemented officially by Ticketmaster on behalf of teams, artists, and venues. By adjusting prices based on market demand, Official Platinum tickets enable event organizers to capture more revenue from their most popular events. For fans, the tradeoff is paying higher prices in exchange for access to in-demand tickets otherwise sold out at box office rates. Official Platinum is essentially an officially regulated version of scalping designed to discourage illegal black market resellers. Whether or not the premium prices are justified remains hotly debated among ticket buyers. In the end, fans have to decide for themselves if Official Platinum tickets are worth the price based on their budget, priorities, and desire to attend particular events.