Across all listings, eBay estimates that it will sell $150 million worth of tickets in2002. Although this . gure may seem high, it represents only about 1 percent oftotal ticket sales based on the Forester Research estimate. On a given day (in August2002),more than 22,000 tickets were for sale on eBay, with about 9,000 for concertsalone, and auction prices above $1,000 were not uncommon. Although some of theexchanges in the secondary market are driven by early buyers who genuinelyintended to attend the event at the time of purchase and changed their mind, themajority of exchanges are initiated by professional brokers who buy tickets earlywith the intent of reselling them at a pro. t.Broker markets are usually quite competitive in most large metropolitan areas.Brokers are typically small . rms with a few employees and about $3 million inrevenue per year (Happel and Jennings, 2002). They advertise in places like phone
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Tickets, TOTAL TICKET SALES, brokers, promoter. Event promoters, professional brokers, Forester Research estimate.