by Jamara Robinson, Life+Style Reporter (@itsJamara)
From streaming to chart topping, reports are filing in on who made an impact in the music business last year. According to Billboard, Jay-Z is reported to have grossed $48.7 million on his 2017 4:44 Tour. This is a remarkable accomplishment for the 48-year-old rapper whose approach of slow ticketing proved to be a success.
Slow ticketing is a method of selling tickets that hinders bots and scalpers, people who purchase tickets as soon as they release to resell them at a much higher price compared to the original price. Without slow ticketing, fans who can’t afford those resale prices are unable to buy tickets, taking money away from the artist and companies responsible for selling the tickets.
On the surface, slow ticketing seems like a bad idea since tickets are being purchased at lower rate than usual. However, it has been a big advantage for the artists in the industry. Slow ticketing has allowed Jay-Z and Live Nation to take high demand tickets like front row seats, VIP experiences and platinum tickets and mark them closer to market value. By doing this, scalpers are at a disadvantage when it comes to raising prices. As a result, more money will stream in for the artists and more tickets will be available for fans at a reasonable price, ultimately creating more revenue for artists, including Jay-Z.
As people become aware of this method, more artists are engaging in slow ticketing. Taylor Swift recently used this strategy for her 2018 Reputation Tour. For Swift, some viewed her slow ticket sales because of the decreased demand to see the popstar live, though, within only a week of her tickets being on sale, the tour grossed $180 million.
Altogether, slow ticketing, a method made to block out resellers, has allowed artists to make more money on their tours. If the people in the entertainment industry continue to make smart business moves like this one, the amount of money made in the entertainment industry may increase over time.