Louis C.K. Battles Ticket Scalpers Using Basic Economics: He's Increasing Supply by Adding Shows
Comedian Louis C.K. is battling ticket scalpers (see recent related CD post here) for his upcoming national tour using some basic principles of economics: he's increasing the supply of tickets by adding shows to meet fan demand. The market conditions that allow ticket
When enough tickets are supplied to satisfy fan demand, the secondary market for tickets above face value is limited. Louis C.K. apparently understands that he can combat the ticket scalpers by increasing the supply of tickets in markets where his originally scheduled shows sold out, and that's what he's doing. So far Louis C.K. has added shows in New York City (two shows added), Tampa (one show added), Fort Lauderdale (one show added), Seattle (one show added), St. Louis (one show added), Dallas (one show added) and Austin (one show added). In most cities, if his first show at 7:30 or 8 p.m. sold out, he's added a second show at 10 p.m.
Musicians, artists and other performers should take an economics lesson from Louis C.K. and realize they have been largely responsible for creating a secondary market for tickets to their performances and they have been supporting ticket scalpers by under-supplying tickets relative to fan demand. Increase the number of tickets to satisfy fan demand, and the secondary market for tickets above face value evaporates.