TICKETMASTER'S PRICING FOR OASIS TICKETS IS UNDER INVESTIGATION IN THE UK

The U.K.’s competition watchdog has launched an investigation into the way more than one million tickets were sold for next year’s reunion concerts from iconic 1990s Britpop band Oasis.

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In a statement Thursday, the Competition and Markets Authority (CMA) said its investigation into Live Nation Entertainment’s unit Ticketmaster will look specifically at “dynamic pricing,” whereby prices can vary rapidly in light of changing market conditions.

It is a pricing strategy used in flight sales and home food deliveries, where demand levels can fluctuate and lead to surging prices while also sometimes leading to lower prices. It is a more common practice in the U.S. than in the U.K.

Many Oasis fans who queued online at the Ticketmaster site for hours Saturday complained that they ended up paying more than double the face value of the ticket as a result of dynamic pricing, with standard standing tickets often sold for 355 pounds ($470) as compared to the expected 148 ($195).

Critics said it was deceptive and inappropriate to use dynamic pricing for the concerts given that it was well-known in advance that demand for the fixed number of tickets would be sky-high.