Top music industry accountant Colin Young, director at London-based C.C. Young &
Company has slammed the secondary ticketing market, calling it unfair towards artists
and promoters.
“The secondary ticketing market needs to change,’ said Young, speaking to Music Week. “It is currently unjust to artist and promoter.”
Young suggested that artists and promoters should be able to benefit from the profits being made from the reselling of tickets.
“The artist and promoter need to participate in secondary ticket profits. With new technology, that will happen,” he added.
Young also commented on how record labels are becoming more reliant on live performance income than ever before.
“All major record labels now take a piece of the tour profits,” he said. “Going forward, I foresee all the indie labels will have to follow suit in order to supplement their reduced recording income.
“Currently, the artist participates in merchandise and ticket sales only. Perhaps a time will come where the artist will also participate in the beer and food sales as well.”
