Learning how to make money selling concert tickets online offers a lucrative opportunity in today’s digital economy. With the demand for live events higher than ever, it’s a perfect storm for the ticket reselling industry.
Once you know the ins and outs of platforms such as StubHub and Ticketmaster, you’ll be able to capitalize on this booming market. You don’t need fancy gimmicks or tools; sometimes, just paying attention to the timing and price is all that is needed to get it right.
With straightforward, simple-to-understand data about buyer behavior and market trends, selling tickets online becomes a profitable, lucrative side hustle. Considering these potential legal issues and platform policies will help ensure your ticketing process goes smoothly.
This guide will walk you through those basic steps to ensure you can confidently move across the online world. Here’s how you can make money selling concert tickets online.
Table of Contents
Understanding Ticket Reselling
What Is Ticket Reselling?
Ticket reselling, aka secondary ticketing, is purchasing and reselling event tickets for a profit. It’s effective because, as we all know, demand for tickets is highly perishable, and ticket resellers get people into sold-out shows.
Therefore, this can make for a fantastic side hustle! Millions of willing consumers want to pay a premium to get tickets, particularly in expensive metropolitan areas. Shows on weekends and at local, smaller-capacity venues often experience the most successful sales.
This is mostly because they produce the much more intimate atmosphere common to small venues.
Ticket Reselling vs. Scalping
License for ticket reselling is legal and broadly defined as buying and selling tickets by regulations. Scalping, in contrast, refers to the unauthorized reselling of tickets at a price greater than their original value, which can violate state laws.
To prevent getting fined, make sure you’re abiding by your local regulations every time you resell a ticket!
The ticket primary and secondary market is profitable but can be a difficult and risky market since it is volatile, and not all tickets will be profitable.
ticketmaster.com and BarrysTickets provide resellers a 10% commission, the lowest flat rate available from any ticketing platform. Savvy resellers know to identify and anticipate future demand ticket by ticket and adjust the supply accordingly.
They can look at Google Trends to gauge the surging public ticket demand.
Starting Your Ticket Reselling Journey
The first step into the ticket reselling world begins with appreciating the ticket market’s often volatile nature. All that volatility can translate into big-time profits if you know what you’re doing.
Initial steps include:
Sign up for platforms like StubHub and Ticketmaster.
Create manual listings and set prices.
Research Google Trends for popular concerts.
Choose the Right Events
Smart selection of events is crucial. Keep in mind venue size and artist popularity.
A checklist might include:
Event day and ticket pricing.
Monitoring trends for high-demand opportunities.
Find Reliable Ticket Sources
A successful ticket reseller learns where to get them. Trusted ticket sources include:
Primary platforms like Ticketmaster.
Evaluate pros and cons for reliability and pricing.
Look into seasonal sales for cheaper tickets.
Set Up a Selling Platform
Your selling platform should be user-friendly. Popular options include:
StubHub, Ticketmaster.
Factor in platform fees to maximize profit.
Connecting with other resellers is a great way to access valuable information and helpful advice.
Remember, ticket reselling takes time and effort to understand. Try to set your ticket prices around 10% lower than market value to maximize your profits.
Strategies for Buying Tickets
1. Use Credit Card Presales
Credit card presales are a great way to get an early jump on tickets before they go on sale to the general public. By taking advantage of these offers, you’ll be able to lock in tickets well in advance and maximize your profits.
Finally, being strategic about which credit cards you use when redeeming presale benefits is good. Cards, especially American Express, usually have exclusive presale offers.
Set reminders for presale date and time. Save them on your calendar to ensure you’re first in line! Having several cards tied to different accounts helps get the most tickets, too.
2. Join Fan Clubs for Access
Joining fan clubs can open up exclusive opportunities to buy tickets early. These clubs usually offer their members advance notice of sales, allowing you to get a jump start on the competition.
These tickets are a godsend to scalpers, as for many popular events, many tickets are all reserved for fan clubs, which often sell members-only tickets.
Connecting on social media with other fans can lead to valuable insider knowledge on how to score tickets. Finding events with the highest profit margins, like playoff games or in-demand concert tours, is your best bet to earn the most money
3. Purchase General Sale Tickets
With general sales, speed is of the essence. Get ready by creating accounts on sites such as Ticketmaster, Vivid Seats, or StubHub so you can check out quickly.
Keeping an eye on ticket release dates is essential to making the most of new ticket sales. Keep in mind that not every ticket you buy is available for resale; look for resale options on sites like Ticketmaster.
The confidence and experience gained from the initial sale will set you up for future sales, so start with one ticket.
Platforms for Selling Tickets
When selling concert tickets online, picking the right platform can help you maximize your reach and profits. Here’s a quick comparison of the top ticket platforms by fee structure, audience reach, and overall user experience.
Sell on Major Ticket Marketplaces
Big-name platforms with huge audiences, such as StubHub and SeatGeek, provide you with the most exposure. StubHub is the most secure option for buyer fraud, with a flat 10% commission, making it highly competitive.
Ticketmaster is the most popular place to purchase tickets, and they charge sellers a variable fee of 10%-20%. With good descriptions and keen pricing, you can get more buyers interested through your listings.
Having a pulse on marketplace policies will help you stay compliant and have a smoother transaction experience.
Explore Niche Reselling Sites
Niche reselling sites focus on specific events, such as sports or concerts. Vivid Seats, while admittedly more expensive with higher fees, includes a broader range of popular events across the US and Canada.
barrystickets.com founded in 1985, provides another alternative for sellers. These niche sites usually translate into lower competition and a more focused audience.
The key is to experiment with different platforms to find the one that works best for your unique ticket inventory.
Social Media Channels
Social media platforms such as Facebook and Instagram can also act as additional ticket-selling platforms; their huge audience and behavioral targeting capabilities give ticket sellers the power to ensure they’re reaching the right people.
These platforms allow creators to deliver more flexibility and personal interaction, creating a better buying experience.
Legal and Ethical Considerations
Understand Legal Regulations
Understanding the legal framework for ticket resale is a must. State and federal laws can differ widely, so it’s important to understand the legal landscape where you work. Several states, including New York and Illinois, have aggressively addressed the use of bots to buy multiple tickets.
They enforce compliance through stiff penalties ranging from high monetary fines to criminal prosecution. Determining whether you need a license to resell tickets in your jurisdiction should be your next step. As we know, laws are constantly changing, and keeping your finger on the pulse is critical.
This keeps you out of legal hot water and helps keep your enterprise up and up. While navigating this complex landscape may feel intimidating, being aware of these regulations is an essential part of legal and ethical ticket reselling.
Address Ethical Concerns
Ethically, ticket reselling is a murky issue. It’s a perfectly legal way to make money selling tickets you no longer plan to use, but price-gouging fans is bad business. Setting fair pricing protects you from being labeled a scalper.
Equally as important is transparency in how transactions happen. Be transparent. Disclose all ticket conditions, restrictions, and additional fees upfront, keeping your customers’ trust and loyalty in mind.
Working with the community on ethical reselling practices will improve your standing in the community. Joining the discussion demonstrates a commitment to equity and fairness and can better inform your practices.
In this manner, reselling isn’t simply about turning a profit but protecting a level, conscientious marketplace.
Managing Risks in Ticket Reselling
Whether you’re a new or seasoned professional, navigating the world of online ticket reselling takes a careful approach to managing risks, particularly buyer fraud. First, ticketing platforms need to adopt strong security measures. This can mean leveraging resale marketplaces with end-to-end encryption and anti-fraud technology.
Knowing your buyer is crucial. Verifying buyer identities should be a key step no matter how you sell. By verifying key information such as email addresses, IP addresses, and payment information, you can help minimize the risk of fraudulent transactions. Being aware of prevalent scams is your best defense against becoming a victim.
Watch out for buyers requesting odd forms of payment. In addition, beware of anyone who says they will pay more than your listed price. These red flags can help you identify potential fraud and protect your business.
Having a sustainable financial plan is equally important. Continue to manage cash flow vigilantly and be ready to move quickly to take advantage of emerging opportunities. Setting a specific budget for ticket purchases can help avoid overspending and ensure continued profitability.
This helps ensure enough capital without risking your money. It’s important to keep an eye on costs associated with ticket reselling. Hidden fees eat away profits, deterring buyers and hurting sales more than anyone realizes.
Finally, keeping a close eye on ticket inventory is important to avoid over-committing your resources. If you double-sell tickets and cannot fill all sales, your reputation will take a hit. By closely monitoring your inventory, you can avoid losing out on legitimate, profitable sales while ensuring your inventory is in check.
Maximizing Profits in Reselling
Mastering the concert ticket resale market takes smart planning and a sharp focus on details. The market’s volatility creates exciting opportunities but significant risks, making an in-depth knowledge of the events and smart pricing strategy crucial.
Here’s how you can maximize your profits:
Track Sales and Margins
To record ticket sales and profit margins. This allows you to keep track of your cash flow and identify patterns.
Identify what works best and track performance metrics regularly to determine which strategies are the most effective and profitable. Knowing which tactics have worked best in the past helps you make more informed decisions moving forward.
Identify target profit margin levels and adjust your strategy accordingly. This kind of flexibility can make a profound difference.
Optimize Your Listings
Use high-quality images and descriptions to make your listings more appealing and get more buyers interested.
Time your sales and Test pricing to find the ideal resale price based on different conditions such as buyer interest and competition.
Consider the market and change your listings to reflect buyers’ wants. This is on top of building in seasonality, like selling more on Mondays.
It’s no coincidence that the ticket scalping market has flourished in cities with unaffordable living costs. Weekend events and smaller venues are the secret to maximizing profitability.
Profits can be heavily affected by reselling on platforms like StubHub and navigating the service fees.
Conclusion
Getting into the concert ticket resale business can be a great decision if you do it the right way. By learning the ins and outs of how to buy and sell tickets, you’ll be able to net yourself a nice chunk of change. Know the right platforms to use and do it legally. The best defense is to keep a finger on the pulse of your market and know what’s coming next. Proper risk control is essential, so be sure to have a plan B ready. Whether you’re looking for tickets to the biggest concert in the world or a show by the hottest local band, timing and strategy are your greatest allies. 6. Be ethical and honest with your buyers. So, what are you waiting for? Take these tips and use them to take action! Take your first steps into the ticket reselling space and discover the opportunities that await. Get started today and see your profits soar!
Frequently Asked Questions
What is ticket reselling?
Ticket reselling is the practice of purchasing event tickets and subsequently reselling them at a markup. It’s a lucrative opportunity for making money on the internet. Knowing the market demand and timing is crucial.
How do I start reselling concert tickets online?
You should look for in-demand events and ticket exchange websites. Put your money in smart ticket-buying tools. Buy what you can afford, and don’t exceed a small inventory. Just be sure you know the legalities in your neck of the woods.
What strategies can help buy tickets?
Accessing via mobile may be slower; consider using a desktop for quicker access. Sign up for fan clubs for presale chances. Keep an eye on social media for their release. Prompt action is essential in getting the most popular tickets.
Which platforms are best for selling tickets?
Think of marketplaces like StubHub, Ticketmaster, and VVivid Seats. Each has its own advantages, fee structures, and audience reach. Pick one according to your unique needs and target market.
Are there legal restrictions on reselling tickets?
Spoiler alert — laws change depending on where you live. Some states’ scalping laws are prohibitively draconian. Be sure to reference your local regulations to align with all legal requirements. Ignoring these rules can result in hefty fines or even a permanent ban.
How can I manage risks in ticket reselling?
By diversifying your ticket inventory, you make it harder to lose everything. Know where to get updates about changed events and refund information. Protect your ticket resale business by using a safe payment method.
How can I maximize profits from reselling tickets?
Sell popular events, and don’t waste your time on events that don’t have the demand. Charge enough to make money, but don’t squeeze fans dry. There are strategic ways to time your sales to maximize profits. You can make more profitable, informed decisions by closely monitoring market trends.
