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| BIGBANG Alive Galaxy Tour in Malaysia ticket launching |
The article was
posted on BIGBANGUPDATES which was written by VIC on the 28th of
July 2012 can be found in BIGBANGUPDATES website. VIC wrote about the sales of the ticket launching event of the BIGBANG Alive Galaxy Tour in Malaysia on the 28th of July 2012.
On the 28th of July 2012, Running
into the Sun had a ticket launching event of BIGBANG Alive Galaxy Tour 2012. In
order to get their hands on the concert ticket, approximately around 3,500 of
fans were reported queuing 22 hours before the ticket launch event due to the high
quantity demand for the concert tickets. Most of the tickets were sold out at
an average time of 50 minutes. When there is a high quantity demanded on the
concert tickets, a shortage will occur whereby the quantity demanded by the
fans are more than the quantity supplied by the organizer (Running into The
Sun). The organizer had to stop selling the high tier category, category 2,
category 3 and category 4 tickets as they were out of tickets and the venue of
the concert could not fit any additional people. Besides that, there was a high
quantity demand for the concert tickets due to the popularity of BIGBANG and it
was their first concert ever held in Malaysia. In order to meet the market
equilibrium, the price of the ticket would have to be increased which will lead
to a lower quantity demand due to the price change. Graphically explained, the
quantity demanded would move downwards along the line to meet the quantity
supplied. When the quantity demand and the quantity supplied are equal, market
equilibrium occurs. The concert tickets can be considered as a luxury goods for
some people as the demand for the tickets is very sensitive to the price change
which will lead an elastic demand. For instance, some people will not purchase
the tickets if the price of the ticket increases as they do not need it as a
necessity in their lives. In contrast, the concert tickets can also be
considered as a necessity good which will make an inelastic demand as some of
the fans would purchase the tickets regardless of how much the price of the
tickets have increased as they think of it as an necessity to attend the
concert and to watch them perform live. This will normally fit to those who
have a high income and has stable financial. Therefore the elasticity demand of
a concert ticket depends on which perspective you are coming from as it may be
an elastic or inelastic demand.
An
opportunity cost will occur when it relates to something of a second best
choice is to be sacrificed in order the pick the first best choice. Therefore,
fans that are attending the concert also face an opportunity cost as they have
forgone the time that can be used to do other stuff. As for those who chose to
not go to the concert has also forgone an opportunity cost by giving up the choice
to not go to the concert. Due to the high quantity demand for the concert
tickets, I predict that a black market will most probably occur whereby those
who got their hands of the tickets and decided not to go will try selling the
ticket at a price above the price ceiling which is set by the company. Some of
them would have also bought the concert tickets on the ticket launching day and
sell them in the black market. A price ceiling is the maximum price of the
ticket that can be sold in the market set by the organizers and the
governments. A black market occurs when there is transactions made ‘under the
table’ which also means that the product is illegally sold to others outside of
the market at a price that is higher than the price ceiling. Reselling the
tickets is illegal as it is written as part of the terms and condition behind
the ticket stating that buyers are not allowed to resell their tickets to any
other people.
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| BIGBANG Alive Galaxy Tour in Malaysia Concert (27/10/12) |
Concerts are normally known to have
fans that will be queuing a day before the concert day in order to get a better
view of their idols and be closer with them especially if they are well known
worldwide. Therefore I predict that there will be a high quantity demanded on
foods and raincoat that are sold nearby the concert venue on the concert day
(27th October 2012). The fans would purchase raincoats as a shade
when it is raining instead of bringing umbrellas from home as umbrellas are
rather bulky and inconvenience to be brought in to the concert venue compared
to a raincoat. In addition, the fans will also be purchasing foods nearby the
stall when they get hungry as they are not able to leave their queuing spot.
Therefore, the owner of the stalls must ensure to prepare enough stocks to be
sold throughout the whole day in order to avoid having a shortage and to meet
the market equilibrium. Market equilibrium occurs when the quantity demand equals
to the quantity supplied.
As a conclusion, most concerts will
tend to be able to be related to a lot of the economics concepts and theories
as most of the concerts involves with people with high popularity which will normally
make a high quantity demand. When there is a concert, there would be stalls
outside the concert venue as the owner of the shops would love to earn some
extra profit. An opportunity cost will definitely occur when there is a ticket
launching of any sort of event as we will have to make a decision whether or
not to go to the event, we will have to forgo something in order to be able to
pick the choice that we think is the best choice for ourselves. A black market
will most probably occur too when there is a event happening as there would be
people who will back out last minute and try to sell of their tickets in order
to not make a loss of their money spent on the tickets. They will either sell
it cheaper or more expensive than the original price depending on the demand of
the tickets.
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