This is a common question that many concert-goers have when looking to get tickets for a show. With ticket prices being high, especially for big name artists, fans are always looking for ways to try and save money on seats. The day before a concert is often seen as a prime opportunity to score deals as demand decreases leading up to the event. But does this convention wisdom really hold true? Here we’ll take an in-depth look at whether ticket prices actually drop right before a concert.
The Basic Economics of Concert Tickets
To understand if and why ticket prices may fall right before a show, we first need to understand some basics about the economics of the concert industry. Concert tickets are a classic example of a product with fluctuating demand and a fixed supply. The number of seats available for any given show is set based on the venue’s capacity. However, the number of people interested in buying tickets fluctuates over time.
Initially when tickets go on sale, demand is very high as fans rush to purchase. This high early demand allows promoters to charge higher prices. As the event date approaches, some fans may lose interest or make other plans, reducing demand. Additionally, as the event nears, the supply of unsold tickets also declines. With lower demand and dwindling inventory, basic economics says that prices should fall as show date approaches in order to sell remaining tickets.
However, other factors also come into play, making it not quite so simple. Things like buzz building around a tour, overall ticket availability, and the artists’ pricing strategies also impact prices over time. Next we’ll look closer at why prices may or may not fall right before a concert.
Why Prices Could Drop
There are a few key reasons why basic economics points to the possibility of getting cheaper last minute tickets:
Lower Demand
As mentioned earlier, demand for tickets is often highest right when sales begin, especially for big name performers. Fans snap up tickets hoping to get the best seats. However, over time some fans may change plans or lose interest. Life happens and schedules get shifted around. With demand lower, prices naturally should adjust downwards.
Fewer Tickets Available
Along with lower demand, the remaining number of unsold tickets also declines as the event date nears. Venues have a set capacity so inventory drops every time a ticket is purchased. When only single seats here and there remain, sellers are motivated to discount to move them.
Sellers Want to Unload Tickets
Venues, promoters, and ticket resellers have an incentive to sell all their remaining tickets rather than letting seats go unsold. Even if they have to drop prices, some revenue is better than no revenue on an empty seat. Discounting late can help convert that inventory into cash.
Why Prices Could Stay Steady
On the other hand, there are also some scenarios where ticket prices are unlikely to change much at the last minute:
Hot Shows and Low Inventory
If a show is very popular and not many tickets are available, prices are less likely to fall. Sellers know demand is strong so they may hold out for full price on the limited tickets remaining. Big name acts often can keep selling out shows.
Buzz Building
For some concerts, hype and buzz may actually increase closer to show date, keeping demand high. This could occur with festivals or with artists on a major tour. If anything, prices could increase if a show is looking like a hot ticket late in the game.
Dynamic and Variable Pricing
Many concerts now use dynamic or variable pricing where ticket prices fluctuate over time based on projected demand. Rather than falling, prices may adjust upwards if late demand appears strong for a show. Big data and analytics help set optimal price points.
When Are Late Deals Most Likely?
Looking at all these factors, are there certain situations where scoring last minute deals is more likely?
Less Popular Artists and Events
For smaller venues and lesser known acts, demand is often weaker from the start. Fans may wait to buy tickets until closer to the event once they are sure they can attend. More availability means higher likelihood of discounts.
Weeknight Shows
Weeknight concerts are less convenient for fans with work and school obligations. This can limit demand and lead to lower prices as sellers try to entice buyers.
End of Tour
As a tour winds down, there is less motivation for fans to catch one of the last shows. Ticket prices may fall for final events or venues.
Bad Weather Forecast
If the weather forecast looks bad for a show date, buyers may get cold feet. Rain or snow can impact prices as people stay home.
Where to Shop for Last Minute Deals
If you do decide to try hunting for cheap tickets right before a show, where should you look?
Official Box Office
It never hurts to check directly with the official box office, which may release last minute tickets or have unsold seats they’ll discount. Just be aware of time limits to purchase online or get tickets at will call.
Reseller Sites
Many tickets end up getting resold through secondary marketplaces like StubHub, VividSeats, SeatGeek, etc. Resellers may cut prices on inventory they still need to move as game time approaches.
Social Media
Fans often resell extra tickets through Facebook groups, Craigslist, Twitter, and other social platforms. You may be able to find last minute deals being offered by other concert goers.
At the Venue
In some cases, unsold tickets may be sold at the box office right before the doors open. Prices could be discounted although options may be very limited at that point.
Other Last Minute Ticket Tips
Beyond shopping around for ticket discounts, there are some other strategies fans use to get deals on late concert tickets:
- Buy just before doors open – Prices often drop as sellers try to unload remaining tickets at the last minute.
- Split up your group – Single seats are easier to find deals on so divide up if possible.
- Consider obstructed view – You can sometimes save money on tickets with an obstructed view of part of the stage.
- Wait in ticket line – Some venues sell tickets at the door and you may get discounted seats they release.
The Verdict
At the end of the day, whether concert tickets drop in price at the last minute or not depends on many factors. For very popular shows with limited tickets, discounts are less likely as demand stays strong. But for smaller concerts or unattractive dates, deals are definitely possible. Fans who are strategic and flexible can sometimes score big savings – just be prepared to put in some time searching and still come up empty handed. With patience and persistence, you might just land some cheap seats!