A ticket exchange is a market where tickets are bought and sold.
Ticket exchanges allow people to buy and sell tickets online. For example, an individual who purchased tickets to a concert may find that they can no longer go and hence sell their tickets on a ticket exchange. Originally, this industry was dominated by street-based touts working outside large events and venues, buying tickets cheaply from people who had spares and selling them on to last-minute buyers. While some street touts may still exist, the advent of the internet has transformed the industry. Secondary markets today are predominantly online. There are two types of ticket exchanges, also called secondary marketplaces - for event tickets and for travel reservations.
Event ticket exchanges are predominantly dominated by four big players - StubHub, Viagogo, Seatwave and GetMeIn. Among these big online ticket marketplaces, smaller players are emerging offering slightly different services, like marketplaces which limit the price of the tickets to the current live price. The event ticket exchanges have suffered significant criticism in recent years for enabling 'armchair' touts.These are small groups of people who purchase a large number of event tickets before fans are able to purchase them for themselves. These groups then sell these tickets on the ticket exchanges for a significantly higher price.
There are online marketplaces where people can offer their transferable flight tickets and hotel reservations for sale. For travellers without travel insurance, it can reduce losses when unable to travel. Flights are transferable if the name on the ticket can be changed. There are over 60 airlines which allow name changes. These airlines always charge a fee for this service. The resale of airline tickets depends only on the rules of the airline and not on the country of the seller.
Ticket exchanges for travel reservations also facilitate the resale of hotel rooms and package holidays, such as SpareFare.net.
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Price discrimination is a microeconomic pricing strategy where identical or largely similar goods or services are transacted at different prices by the same provider in different markets. Price discrimination is distinguished from product differentiation by the more substantial difference in production cost for the differently priced products involved in the latter strategy. Price differentiation essentially relies on the variation in the customers' willingness to pay and in the elasticity of their demand. Price discrimination, very differently, relies on monopoly power, including market share, product uniqueness, sole pricing power, etc.
The "Name-Your-Own-Price" (NYOP) is a system under which buyers make a suggestion for a product’s price and the transaction occurs only if a seller accepts this quoted price. What happens is that the seller waits for a potential buyer's offer and can then either accept or reject that 'named price' that the user had offered. As the Internet is continuously being developed and the online marketplaces are becoming increasingly more popular, consumers have more choices in terms of product pricing. Popularised by the reverse auction pioneer, Priceline.com, such pricing strategy asks consumers to 'name their own price' for various products and services like air tickets, hotels, rental cars, etc. The first bid a consumer places and the subsequent bid increments express the consumer's willingness or unwillingness to haggle. "The economic argument is that the number of bids a consumer submits to win a product in a NYOP auction is determined by the bidder’s intention to trade off higher expected savings from haggling against the associated frictional costs". NYOP retailers do not post a price for their products, and the final price of the transaction is only determined via a "reverse auction process", and these are key features that distinguish hotels and travel intermediaries from NYOP retailers.
A low-cost carrier or low-cost airline is an airline that is operated with an especially high emphasis on minimizing operating costs and without some of the traditional services and amenities provided in the fare, resulting in lower fares and fewer comforts. To make up for revenue lost in decreased ticket prices, the airline may charge extra fees – such as for carry-on baggage. As of October 2019, the world's largest low-cost carrier is Southwest Airlines, which operates in the United States and some surrounding areas.
Ticketmaster Entertainment, Inc. is an American ticket sales and distribution company based in Beverly Hills, California with operations in many countries around the world. In 2010 it merged with Live Nation under the name Live Nation Entertainment.
A travel agency is a private retailer or public service that provides travel and tourism related services to the general public on behalf of suppliers. Travel agencies can provide outdoor recreation activities, airlines, car rentals, cruise lines, hotels, railways, travel insurance, package tours, insurance, guide books, public transport timetables, car rentals, and bureau de change services. Travel agencies can also serve as general sales agents for airlines that do not have offices in a specific region. A travel agency's main function is to act as an agent, selling travel products and services on behalf of a supplier. They do not keep inventory in hand, unless they have pre-booked hotel rooms and/or cabins on a cruise ship for a group travel event such as a wedding, honeymoon, or a group event.
A timeshare is a property with a divided form of ownership or use rights. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each owner of the same accommodation is allotted their period of time. The minimum purchase is a one-week ownership, and the high-season weeks demand higher prices. Units may be sold as a partial ownership, lease, or "right to use", in which case the latter holds no claim to ownership of the property. The ownership of timeshare programs is varied, and has been changing over the decades.
Orbitz.com is a travel fare aggregator website and travel metasearch engine. The website is owned by Orbitz Worldwide, Inc., a subsidiary of Expedia Group. It is headquartered in the Citigroup Center, Chicago, Illinois.
The secondary market, also called the aftermarket and follow on public offering is the financial market in which previously issued financial instruments such as stock, bonds, options, and futures are bought and sold. Another frequent usage of "secondary market" is to refer to loans which are sold by a mortgage bank to investors such as Fannie Mae and Freddie Mac.
A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, good, commodity, or service. A price floor must be higher than the equilibrium price in order to be effective. The equilibrium price, commonly called the "market price", is the price where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change, often described as the point at which quantity demanded and quantity supplied are equal. Governments use price floors to keep certain prices from going too low.
Ticket resale is the act of reselling tickets for admission to events. Tickets are bought from licensed sellers and are then sold for a price determined by the individual or company in possession of the tickets. Tickets sold through secondary sources may be sold for less or more than their face value depending on demand, which tends to vary as the event date approaches. When the supply of tickets for a given event available through authorized ticket sellers is depleted, the event is considered "sold out", generally increasing the market value for any tickets on offer through secondary sellers. Ticket resale is common in both sporting and musical events.
Amadeus IT Group, S.A. is a major Spanish IT provider for the global travel and tourism industry.
Viagogo is a London-based ticket exchange and resale company. It was founded in 2006 by Eric Baker, who was the co-founder of the similar U.S.-based service StubHub.
A global distribution system (GDS) is a computerised network system owned or operated by a company that enables transactions between travel industry service providers, mainly airlines, hotels, car rental companies, and travel agencies. The GDS mainly uses real-time inventory to service providers. Travel agencies traditionally relied on GDS for services, products and rates in order to provide travel-related services to the end consumers. Thus, a GDS can link services, rates and bookings consolidating products and services across all three travel sectors: i.e., airline reservations, hotel reservations, car rentals.
A ticket is a voucher that indicates that an individual is entitled to admission to an event or establishment such as a theatre, amusement park or tourist attraction, or has a right to travel on a vehicle, such as with an airline ticket, bus ticket or train ticket. An individual typically pays for a ticket, but it may be free of charge. A ticket may serve simply as proof of entitlement or reservation. A ticket may be valid for any seat or for a specific one.
An airline ticket is a document or electronic record, issued by an airline or a travel agency, that confirms that an individual is entitled to a seat on a flight on an aircraft. The airline ticket may be one of two types: a paper ticket, which comprises coupons or vouchers; and an electronic ticket.
Airline reservation systems (ARS) are part of the so-called passenger service systems (PSS), which are applications supporting the direct contact with the passenger.
Online ticket brokering is the resale of tickets through a web-based ticket brokering service. Prices on ticket brokering websites are determined by demand, availability, and the ticket reseller. Tickets sold through an online ticket brokering service may or may not be authorized by the official seller. Generally, the majority of trading on ticket brokering websites concerns itself with tickets to live entertainment events whereby the primary officially licensed seller's supply has been exhausted and the event has been declared "sold-out". This "sold-out" status increases the ticket's potential market value. Critics of the industry compare the resale of tickets online to ‘ticket touting’, ‘scalping’ or a variety of other terms for the unofficial sale of tickets directly outside the venue of an event.
Until 27 November 2018 Seatwave was an online ticket marketplace for buying and selling tickets to music, sporting and cultural events. Ticket sellers were able to list their tickets on Seatwave and specified what price they would be willing to sell them for. Buyers could browse the site, compare ticket prices and could then purchase the ticket they feel was the best deal. Seatwave’s TicketIntegrity guarantee ensured buyers got the tickets they ordered by the day of the event. If they did not, Seatwave would find replacement tickets, or refund the buyer.
Jetcost is a travel website, whose metasearch engine allows users to browse and compare rates and availability for flights, hotels and car hire.
Ticketbis is an online platform where users can buy and sell tickets to events. Founded in Spain in 2009 by Ander Michelena and Jon Uriarte, the company operates under the secondary ticketing market alongside several others including industry giant StubHub. Ticketbis is currently present in 31 countries.