Concert ticket reselling or ticket brokering involves purchasing tickets at face value and reselling them at a slightly higher price to consumers.
Reselling concert tickets is often confused with ticket scalping, which is illegal in some states (more on this later).
As such, we will guide you through a legal business model that you can use to generate income from ticket brokering as a side gig.
- Is Reselling Concert Tickets Profitable?
- How Do I Start Reselling Concert Tickets (Like the Ed Sheeran’s Tour Ticket)
- Understanding the Concert Ticket Market
- Setting Up for Business
- Pricing Strategies
- Potential Challenges With Reselling Concert Tickets
- Frequently Asked Questions
- Wrapping Up
Is Reselling Concert Tickets Profitable?
The profitability of selling concert tickets depends on their demand, the cost of acquisition, and the pricing strategies used.
However, considering rates on several top ticket resale marketplaces, like StubHub, the average profit margin for concert ticket resellers is around 10-20% per ticket.
This means you can make up to $20 profit when you resell a $100 ticket and up to a thousand dollars after 50 ticket sales in a month.
Doing this consistently in a year would translate to approximately $12,000 in profits.
Now, there’s potential to earn even more.
With proper research and knowledge of the market, you can find high-value tickets to resell for as high as 30%.
Here’s how to start.
How Do I Start Reselling Concert Tickets (Like the Ed Sheeran’s Tour Ticket)
To sell concert tickets online, follow these steps:
- Research the concert ticket market to understand the demand and resale value.
- Purchase tickets for popular concerts through official channels, such as Ticketmaster or the venue’s website.
- List your tickets on top ticket resale websites like StubHub or SeatGeek.
- Set your prices competitively based on market demand and resale value.
- Be transparent about the details of the tickets, such as seat location and any restrictions.
- Deliver the tickets to buyers in a timely and secure manner.
But like every other online business, you’ll need more than just some steps to excel. We’ll explain the same processes we use below.
Understanding the Concert Ticket Market
Before you start selling concert tickets, you’ll need to commit some time to research which artists and concerts are in high demand.
When we say high demand, we refer to the artist’s popularity, the size and location of the venue, and the concert time.
For instance, is it part of a farewell tour, like the Farewell Yellow Brick Road by Elton John? Or a special event, like Ed Sheeran’s Tour?
Next, check if the tickets are available for reselling.
You can do this by going through official ticketing websites to see if tickets are sold out or in high demand.
It’s best to stick with tickets in high demand because the resale value is usually high and offers a better opportunity to set a flexible rate.
For example, Ed Sheeran’s O2 Arena show sold out for $99 and went on resale after a few days on StubHub for $252 to $413 per session due to its increasing demand.
Taking advantage of this value gap gives you a price point to resell your tickets and make good cash.
To spot these value gaps, stay updated with market trends and news related to the concert ticket reselling market.
Setting Up for Business
For starters, you don’t need a business license, an office, or a website to start selling tickets.
Unless you’re starting a ticket brokerage firm, your sole focus is to buy tickets at a low face value and resell them at a higher price on the secondary market — rinse and repeat.
Considering this, we’ll highlight a few platforms we’ve used where you can buy tickets and resell them to make a profit.
Buy Your Tickets From Platforms Like Ticketmaster
As a reseller, you should aim to buy at the lowest price or from the primary source, if possible.
Ticketmaster is a platform you can use to purchase concert tickets for resale at a low cost, as they sometimes sell directly from the show organizers.
To buy tickets from Ticketmaster:
- Create an account on Ticketmaster.
- Search for a concert event you want to resell (based on your research) and select the ticket amount.
- Choose the delivery method for the tickets you’re purchasing. It can impact the resale value, so consider the fees associated with each delivery method. We prefer to stick with E-tickets or mobile tickets since they don’t require delivery or handling fees.
- Enter your payment information and complete the purchase.
While you can purchase concert tickets for reselling from several other brokers, like TicketIQ, Ticketmaster remains to be a good option because it offers different payment support.
Look For Reputable Ticket Reselling Platforms
Now that you have your tickets, it’s time to resell. There are several platforms with a good client base best for selling tickets, but we highly recommend these two:
StubHub is one of the best platforms to resell tickets to a large audience.
It offers several benefits, such as a secure and user-friendly platform, mobile ticket delivery, and a guarantee for timely and valid ticket delivery.
StubHub also provides several resources and tools to help you set your prices competitively, including real-time data on market demand and pricing trends for specific events and venues.
When you resell tickets on StubHub, the platform charges a fee for the transaction, deducted from the total sale price.
However, considering the broad exposure to potential buyers and the guarantee of payment, we can say that it’s worth the fees.
To start selling your tickets on StubHub:
- Create an account on StubHub.
- Select the event you want to resell and click “Sell tickets.”
- Enter the ticket details, including the section, row, and seat numbers. You’ll also need to set your asking price for the tickets (we’ll discuss pricing later).
- Choose the delivery method for the tickets you’re selling. You can either upload a digital copy or transfer them from your Ticketmaster account (if you purchased them from Ticketmaster).
- Review and confirm the details of your listing. Check the selling price, delivery method, and payment method. After this, your tickets will be on StubHub.
- StubHub sends you an email notification whenever your tickets sell. Then you’ll need to deliver them to the buyer using your chosen delivery method.
- Once the buyer receives the tickets, StubHub will process your payment. You’ll receive it via PayPal or direct deposit.
Like StubHub, SeatGeek is a ticket broker that offers you a platform with access to its broad audience of potential buyers.
You can set your ticket prices at the right level based on available market data and manage your ticket listings.
SeatGeek also provides marketing and promotional tools to help you attract more buyers, but there’s always a commission fee for every ticket sale you make.
To start selling on SeatGeek:
- Visit the SeatGeek website, and fill out a registration form with your personal and contact information.
- After verifying your SeatGeek account, your account will now be activated.
- To list your tickets, go to your dashboard and click on the “List a Ticket” button. Follow the prompts to create your ticket listing, and enter the event details, seat location, and price.
- SeatGeek will review your listing to ensure it meets its quality standards and complies with its policies.
- It will then be published on the SeatGeek website and available for purchase by potential buyers after approval.
There is no foolproof strategy when setting prices because the market changes all the time. We’ll show you how to sell your tickets at reasonable rates and still make decent income.
Research Is Everything
The first principle to setting competitive rates is researching.
Buying a ticket at a resale price can be difficult for a customer, so you want to ensure you’re reselling at rates that aren’t inflated beyond market prices.
We recommend checking at least three top ticket resale sites for prices. This will help you see the estimated secondary market value of the ticket and find a good spot to set yours.
Choosing a Minimum Rate Gain Percentage
The Rate Gain Percentage is the minimum profit you aim to get from each ticket sale. For instance, you can sell your tickets at a minimum of 20% gain. So, if you bought a ticket for $100, you can resell it at $120.
This can give you the flexibility to sell lower while maintaining a stable profit.
The rates for high-value tickets can be volatile due to demand. So, stay updated with changing rates by following the news and checking ticket price updates across multiple ticket brokers.
Potential Challenges With Reselling Concert Tickets
Several factors can impact the success of your efforts as a reseller. Some of the challenges that you need to be aware of include the following:
- Limited supply: Concert tickets are in high demand but are often limited in supply. This is because they can sell out quickly, leaving only a few inventories for resale.
- Price fluctuations: The price of tickets can fluctuate rapidly, especially in high demand. When this happens, setting a competitive price for resale tickets can be difficult.
- Legal and regulatory issues: There may be legal restrictions on reselling tickets in some locations, so check your local ordinances.
- Competition: The market for ticket resale can be highly competitive, with many resellers vying for the same pool of buyers. This can make it challenging to attract buyers and sell tickets at a profit.
Frequently Asked Questions
Here are answers to frequently asked questions about reselling concert tickets:
Is Concert Ticket Reselling Illegal?
Ticket reselling is generally not illegal. However, some states may have laws or regulations concerning concert and event ticket sales.
These laws may restrict the resale of tickets by requiring sellers to be licensed, capping the amount they can sell for, or prohibiting certain types of ticket resale practices (e.g. ticket scalping).
For instance, Massachusetts prohibits the resale of tickets for more than $2 above the face value.
What’s the Difference Between Ticket Reselling and Ticket Scalping?
Ticket reselling and ticket scalping are terms often used interchangeably, but there are differences.
Ticket reselling is purchasing tickets to an event and then selling them to someone else. It can be done to make a profit, recoup the cost of the original ticket purchase, or help someone looking for tickets to the event.
On the other hand, ticket scalping is the practice of buying tickets with the intent of reselling them at a significantly higher price, often violating the event’s terms or local laws.
Scalpers may use various tactics to acquire tickets, such as buying up large ticket quantities immediately after they go on sale using bots.
What Do I Need to Start a Ticket Reselling Business?
Like starting a small business from home, you’ll need a mobile phone or a laptop and access to the Internet.
You’ll also need some starting capital depending on the type of tickets you want to sell. $500 should do for a start.
Buying and reselling your tickets is the next vital step. As explained above, find a suitable platform that will allow you to buy at a low price and resell at a reasonable rate.
We recommend checking out Ticketmaster and StubHub to buy and resell your tickets.
If you’re interested in starting a concert ticket reselling business, we recommend researching the market and identifying events likely to have high ticket demand.
You can then buy tickets through authorized sellers like Ticketmaster and list them for sale on reselling platforms like StubHub and SeatGeek.
Remember to operate your business with integrity and honesty. Ensure you read the platform’s terms and conditions to avoid penalties or disabling your account.
Ultimately, don’t forget to check if there are any local laws in your area restricting ticket reselling.