It finally happened.
We’ve discussed the secondary market a few times on this blog, wondering e-loud if there was a way for the major players in each market to work together.
Earlier this week, two of the biggest of the big, shook hands on a peace treaty, in a first attempt to figure it out.
Jersey Boys, one of the members of the million dollar club on Broadway (and probably the member with the lowest weekly nut), officially announced that StubHub was their “official secondary market ticket provider.”
What does this mean for both parties? Details on the deal itself were a bit vague in this Variety article that broke the story. But, since StubHub is more of an Ebay experience than a broker experience, the financial arrangement doesn’t seem to involve what I think will be the basis for future deals between brokers and shows: a portion of the above-face-value revenue in exchange for an allocation of tickets for certain performances (thus preventing the brokers from having to speculate).
Still, the deal is a symbolic one. First New York state made its peace with scalpers, and now a show.
It kind of feels like that time when your Uncle Ernie . . . you know, the one no one talked about because no one was really sure what he did for a living . . . was finally invited over for Christmas dinner.
And it was good.
Because Uncle Ernie brought lots and lots of full-price-plus customers as presents.