The Stone Roses and CPI (Concert Price Inflation)
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Unless you have been living without TV, Radio, Newspapers and the Internet, you can’t failed to have noticed that the Stone Roses have ‘reformed’ and are playing three sell out concerts next year in Manchesters Heaton Park. I believe there will also be a ‘special guest’ there by the name of Mr Todd.
Anyway, these concerts throw up some rich material that can be used in Business Studies lesson, none more so than Concert Price Inflation as highlighted in this superb blog. Other issues that can be discussed include supply and demand, price elasticity of demand and capacity utilisation.
Stone Roses tickets went on sale for £55 and sold out in 14 minutes. The Stone Roses infamous Spike Island concert in Chesire in 1990 cost only £14. Had prices risen in line with the Bank of Englands version of CPI then the Heaton Park tickets should have costs £26.
Concert tickets on the whole have seen vast price rises. I personally saw Oasis play Stoke Trentham Gardens in the 1990’s and only paid around £11 for a ticket. I last saw them play in Newcastle for around £35 a ticket. A massive increase.
In todays recessionary times, how much more can ticket prices increase before we say, enough is enough?
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