Oasis fans' fury sparks UK govt review of dynamic pricing

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00:00It's the moment that Oasis fans have only dreamed of, a chance to see the iconic British

00:11band reunited and play live for the first time in 16 years.

00:15But many fans virtually queuing for hours on end for a ticket were met with a nasty

00:19surprise with many confronted with double or triple the initially advertised price.

00:24I think the price is absolutely ridiculous, like 300 for something and I think it should

00:30be at least 100.

00:33I think the whole Ticketmaster pricing scheme is reprehensible.

00:38I think it discourages true fans from accessing what they really want to see and it creates

00:43a whole lot of competition that doesn't need to be there.

00:46Anger at missing out on tickets is now being directed at the platform Ticketmaster for

00:50their Dynamic Pricing, a strategy in which businesses push up prices at times of high

00:55demand.

00:56What was happening was basically the algorithm was looking to balance supply and demand.

01:00So as demand was increasing, demand was high, it tries to find that price that really balances

01:05supply and demand, that sort of clears the market.

01:07And that's what it did.

01:08So the sort of prices went up when demand was high.

01:11The outrage is also due to the lack of transparency, as many fans had no idea that a dynamic pricing

01:17model was in use.

01:18Following the backlash, the government says it will consider an overhaul of the system.

01:23We think there's clearly a problem there, and so we'll be consulting over the autumn

01:27about the changes that are needed to enable fans to have access to, whether it's gigs

01:32or live events, at a fair price and in a fair way.

01:35More than a million tickets went on sale Saturday morning, with the prices starting at around

01:3988 euros.

01:41But the increase in demand has seen some resale sites selling them for more than 9,000.

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