Starting later this year, the company plans to begin auctioning the best concert seats to the highest bidder.
The system will be similar to eBay. You enter a bid for the event you want to attend and hope that nobody raises the price too much before the allotted time for the auction runs out.
WKMG-TV reported that there will be no official price ceiling.
Ticketmaster officials say although some people think the new system is unfair they say it's just capitalism, according to a report. They say they will now be able to compete with brokers and scalpers for the highest price the market will bear.
Venue operators, promoters and performers will have the option to decide whether to participate in the Ticketmaster auctions or not. Industry watchers agree that auctions will affect all concertgoers and prices of tickets by revealing the true market value of an event.
Musicians and insiders say if states would just outlaw ticket scalpers there would be no need for online auctions. They say the money Ticketmaster will make on the auctions should go to the artists and not to the ticket giant.
I hope this fails miserable for them, I can't stand paying an extra $7 to $10 on every ticket I buy already through them. They have a monopoly, that's why I go out of my way to get them directly from the venue ticket office if possible.
