In the US, fans even compare values for a trip to Buenos Aires with the resale price in their own country
Singer concert tickets Taylor Swift can cost a fortune in the US, but inflation which exceeds the threshold of 100% per annum in Argentina can turn presentation into a world-class affair for North Americans.
Swift has announced two concerts in the South American country, on November 9 and 10, at the Monumental de Núñez stadium in Buenos Aires. In Brazil, the artist will perform on 18 November at the Nilton Santos stadium in Rio de Janeiro and on 25 and 26 at the Allianz Parque in Sao Paulo.
Some of the cheapest seats to this weekend’s Chicago shows are still over $700 in the secondary market. For other shows in the US, tickets originally selling for just $49 (R$243) plus tax often cost more than $1,500 (R$7,435) on reseller apps. The cheapest flight from Chicago to Buenos Aires in November currently costs $911.
For thousands in Argentina, the final cost of that premium ticket will end up being less than $153. That’s because customers of a bank in Argentina, Banco Patagonia, receive benefits on the first 24,000 Swift tickets and can pay in six interest-free installments, from according to the ticketing website AllAccess.com.
As inflation reaches triple digits, Argentina’s exchange rates will no doubt rise as well, while payment rates in pesos will remain fixed. In short, the economy resets the cost of payment installments over time.
Credit cards are tied to Argentina’s official exchange rate – about 241 pesos to the dollar – which is overvalued due to strict government controls. Casual fares are about double the value at 490 pesos per dollar.
To take advantage of the difference in exchange rates, it is common practice in the South American country for consumers to sell their dollar savings on the black market for pesos, deposit the money in pesos at the bank and pay the credit card bill. Paying interest-free installments is also a popular strategy for residents to partially hedge against high inflation and currency devaluation.
Despite the worsening economic crisis, Argentines are known to spend a lot on tickets when the big shows come. In 2022, Coldplay sold out 10 shows in Buenos Aires, more than any other city during their world tour.
With Swift’s ‘Eras Tour’ in full swing across the US, Bloomberg News reported that it is earning more than US$10 million per event (R$49.5 million), logging between US$11 million (R$54.5 million) and US$12 million (R$59.4 million) in the sale of tickets for each show. (*With information from Bloomberg)
Source: Terra
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.
