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In response to
"That credit card buying club for concert tickets could be on the verge of being done -- (link)"
by
JD
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Low demand for Travis Scott tickets tanks resale value
Posted by
JD (aka Jason Dean)
Oct 6 '23, 13:41
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In ticket reseller lingo, Scott’s tour is a “bloodbath,” the result of overzealous brokers and noobs “overbuying” tickets based on a miscalculation of the likely value of his tickets on the secondary market. Many brokers now stand to lose a lot of money on Scott’s shows. At least part of this buying frenzy was fueled by a bet placed by PFS Buyers Club, a credit card maxing site I wrote about earlier this week that has recently pivoted from buying rare coins to buying concert tickets. PFS told its members to buy as many tickets to Scott’s shows as possible, according to emails viewed by 404 Media. PFS itself stands to lose more than $1 million on Travis Scott alone when all is said and done, it told members.
Members of the club were promised by PFS that they would be reimbursed for any tickets they bought and would additionally get a $25 per ticket commission. Hundreds of members bought thousands of tickets, most of which are now selling for far below face value. I spoke to people who are currently floating tens of thousands of dollars on their credit cards for Travis Scott tickets they have no idea what to do with. PFS has been telling angry members that it could go out of business because of how much money it stands to lose from the bet. (It's worth mentioning that this is Scott's first tour since the Astroworld tragedy in which 10 people died and hundreds were injured.)
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Responses:
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