Resale tickets for Travis Scott’s upcoming Circus Maximus tour have plummeted in price after scalpers overestimated demand.
Tickets for the tour went on sale in August and quickly sold out when it was announced that the series of concerts would be Scott’s first performance since the Astroworld tragedy in 2021.
Scalpers bought thousands of tickets for the tour, 404 Average reports, but overestimated demand, causing a liquidity crisis in the market.
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Tickets on resale site StubHub are currently selling for between $10 and $20 for sold-out concerts in cities across the U.S., despite the original face value being at least $61.50—before fees.
404 Average reported that part of the reason for this resale of tickets was due to the bet placed by the PFS Buyers Club, a site that offers exclusive members the opportunity to buy rare coins, with a recent move into concert tickets.
Participants were encouraged to buy tickets to Scott’s tour and now stand to lose more than $1 million, according to emails reviewed by the publication. Attendees were told they would receive a refund and a $25 fee per ticket, although many were said to be left with thousands in credit.
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In recent weeks, the Internal Revenue Service (IRS) has taken steps to crack down on ticket sellers in the US as part of the American Rescue Plan Act, passing a new law that will tax anyone earning more than $600 (£490). per year through websites including StubHub and Ticketmaster.
Last year, new data revealed that ticket resale site Viagogo sold the majority of festival tickets through just three sellers, each earning between £730,000 and £1.7 million.
(Street 404 Average)
Gemma Ross is Assistant Editor at Mixmag, follow her Twitter