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24 September 2013

Last Minute TomorrowWorld Tickets Selling at Half Face Value Not Unusual, StubHub Says

In news that is sure to annoy people who paid more for their TomorrowWorld tickets several months ago, Georgia Unfiltered has found that passes to the three-day music festival are currently available on the secondary market for nearly half their face value.

Three day TomorrowWorld passes, including access to onsite camping, originally retailed for $397.

With less than 72 hours before the festival opens, tickets can be found on ticket re-selling web sites like eBay or StubHub for $190. Without camping, TomorrowWorld tickets drop to $149.

In other words, ticket prices for the massive electronic dance music festival have dropped nearly fifty percent in value from when they first went on sale in April.

While this change in TomorrowWorld ticket prices may seem unusual, ticket re-selling web site StubHub says it isn't.

"Because event tickets eventually expire, we find that sellers often lower their prices gradually as the event date approaches, and dramatically on the day of the event," said Ray Elias, Chief Marketing Officer of StubHub, the world's largest ticket marketplace. "This is obviously demand driven, and can vary based on the number of buyers competing. If you can deal with some uncertainty, and don’t need to make specific plans, there are tremendous deals to be found on StubHub by waiting. On the other hand, if you are traveling, or just need to know where you will be sitting well in advance, waiting may not be the best option."

A survey conducted by StubHub in 2012 found that the landscape of ticket buying on the secondary market is trending towards last-minute purchases.

Compared to three years ago, more than half of respondents said they are making more last-minute plans, and nearly 30 percent said they have attended sporting events or concerts planned within three days of the event. Further, while many of the fans surveyed perceived that tickets would be more expensive closer to the event, StubHub found that on average those who waited until the day of an event paid 30 percent less than if they had purchased tickets one month prior.

The survey was conducted by Penn Schoen Berland in April 2012 by 500 respondents who reported that they purchased sports or concert tickets from StubHub within the past year.

As they say, good things come to those who wait; and those who waited until the last minute to purchase TomorrowWorld tickets are cashing in on some very good deals.