Morning Report: Not content to own everything else, Amazon explores entering the concert ticketing space.
Rumor has it that Amazon is getting into event ticket sales—another activity that the all-seeing eye of Bezos will happily take over for you.
At first glance, the move makes sense as access to high-demand events and early pre-sales could potentially boost Prime membership. But how exactly will Amazon position itself in the ticketing market?
On one hand, Amazon has an interesting market opening: Consumers are actively looking for options aside from Ticketmaster, which has been called out for its exorbitant service fees and monopolistic tendencies.
On the other hand, snagging the $5 billion market from Ticketmaster seems unrealistic, even for Amazon. The multibillion-dollar ticket giant enjoys 80 percent market share domestically for a reason. Instead of charging venues to sell on its platform, Ticketmaster pays their venue operators with a portion of the high fees imposed on ticket buyers. Thus, rather than taking on Ticketmaster, teaming up with it to establish a ticket distribution system may be a wiser route for Amazon to take.
There is still a lot of wiggle room before Amazon makes its debut into the ticketing space, but what we do know is that the retail giant’s greatest value resides in its customer base. The success of its partnerships with ticketing companies may even depend on its willingness to share this data.
While ticket-selling is now on the horizon, it’s only one of Amazon’s new endeavors amongst Fresh, Restaurants, and Music.
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