I hate hearing when someone who continually tells you about all their stock gains, but never tells you about their losses. So just as easily as I made money on Billie Eilish, I lost it all and then some on Blackpink. Before the tickets went on sale, I had pegged them a 4 on the risk/rewards scale. Kpop is “huge” right now with BTS, and they are the #1 female Kpop group right now. They have 5 songs on Spotify with over 100M streams; 1 with even 200M streams. I bought FLOOR seats for NY, Atlanta, Chicago, Dallas, and LA. Essentially, I’m the guy who had been grinding the $10 blackjack table all night, was up $200, got cocky and decided to bet $100 because I thought I was “hot,” got dealt an 11 and then double down’ed and got dealt a 2. FACEPALM!
I held onto these tickets for too long and the current ROI for New York is about -72%, Atlanta is about the same -75%, Chicago is -67%, Dallas is trending that way too, and LA is -50%. So what went wrong? Well, PRICING was the issue. They were pricing their tickets like BTS and they are no BTS. I mean $300 all in for FLOOR tickets should have made me pause and think, “Who the hell would pay $350 for these flips? And HOW MANY PEOPLE WOULD PAY that much?” Clearly the answer is not that many. With resell prices for floor hovering around $100, clearly they should have priced their tickets $50 for nosebleeds and $100 for floor. The funny thing is I don’t even know how or why they decided to add a 2nd Dallas show. I think THEY THINK demand was so high that they decided to do a 2nd show, but in reality, they were just overbrokered. They’re gonna be playing to lots of empty seats I tell you. I mean, to their management, it was a home run tour because they made so much money on the tour. But like Taylor, no broker is going to buy their next tour. Especially if they have ridiculous prices again.
So now I’m back to the same amount of chips I started with; maybe even a little less.. The more I ticket flip, the more I think it’s essentially a casino game. You just gotta win more hands than you lose and know when to double-down.