Jay-Z‘s current solo tour has become his highest-grossing yet – despite some tickets for the tour being sold for as low as $6 (£4.50).
The Brooklyn rapper is currently in the middle of his ‘4:44’ tour in North America, with the 47-year-old touring his thirteenth studio album to arenas around the continent.
Despite some rumours that the tour had been suffering from poor ticket sales – with fans noting that some upper tier tickets to last week’s Anaheim show had been going for as low as $6 on StubHub – Jay-Z’s promoter Live Nation has pointed out that his latest arena tour is actually the rapper’s highest grossing solo tour to date, with the average gross up 21% on his 2013 ‘Magna Carta… Holy Grail’ tour.
The success of the tour has derived from a ticketing strategy which puts high, market value prices on front row, premium and VIP tickets – forcing touts to set their prices closer to the actual face value of the tickets, leaving little room to create a mark-up on price.
With the majority of proceeds from the tour being made from these premium seats, tickets for the upper-level seats have been able to go for much cheaper prices on both primary and secondary ticketing sites – especially as touts are being forced to sell off those tickets for less than face value, taking a loss on profit.
Speaking to Billboard, Eventellect’s Patrick Ryan pointed out the benefits of Live Nation and Jay-Z’s latest ticketing strategy.
“This might be the future of ticketing. We are seeing many creative pricing strategies and we are seeing artists find what works for them,” says Ryan said. “You generate a ton of revenue up front, but you still have a $25 price point that makes it more affordable for individuals who want to see an arena show.”
Yesterday, Jay-Z responded to the two-to-four year prison sentence that has been handed to his friend and collaborator Meek Mill.