StubHub is doing okay selling you tickets to see your favorite performers in concert. However, like all businesses, the company realizes that it can make more money by cutting out the middleman. Therefore StubHub announced that it would be entering the concert production industry, selling tickets for shows that it promotes.
The ticket hocking industry is dominated by Ticketmaster, which is technically involved in the concert production industry if you take into consideration the ticket giant is owned by Live Nation Entertainment, one of the biggest concert promoters in the country. AEG also has a hand in the ticketing industry, with AXS. StubHub is owned by Ebay, a company with cash but less vested interest in music, so it will start with smaller venues, with target capacities of 300-600 attendees.
"This is about doing something that we can repeat and continue to bring around the country and deliver to fans in as many markets as makes sense," said Michael Lattig, chief marketing officer for StubHub.
StubHub has apparently been working on this plan for a while, as it plans to host its debut show on May 18 in Los Angeles. That's less than three weeks from now, but the company hasn't announced a headlining act or a venue. StubHub says the act will be announced next week.
Still, ticket prices have already been announced. And for $60, hopefully you'll get a good act. And, even if you don't, at least the benefits will go to charity. Proceeds will benefit the Mr. Holland's Opus Foundation.
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