Reselling Arijit Singh Concert Tickets turned out to be a NightMare

 

I canceled my plan to attend Arijit Singh's Concert in GIFT City, Gujarat. 

I found Viagogo on the internet where you could resell your tickets. 

Tbh setting the selling price is a daunting task and finally, I deactivated my ticket listing there.

In this blog, you will learn from my experience why the resold tickets are so expensive and why people are selling at such high prices.

Viagogo adds handling charges , tax applied per ticket,

On sale, the seller receives the amount

via PayPal which charges

4.4% transaction fee

+ 0.30 fixed fee

+ 4% conversion fee

Upon this amount, Indian bank charges

25 dollars fixed transaction fee (if not a business)

+ 3% conversion fee.

After all this, you get money in the bank which is taxed 20-30% as income tax.

So, I bought tickets at 3177 Rs (including GST), but I have to sell them at 14000 Rs 

to make a profit of 147 Rs.

I am willing to sell for the same price of 3177 Rs, but I have not found a buyer in my circle yet.

Also, I wrote a java code just in case someone is looking to estimate the listing price on Viagogo.

public class Viagogo {


    public static void main(String[] args) {

        boolean paypalBusinessAccount = false;
        double ticketPriceActual = 1588.50; // including GST
        double numberOfTickets = 2;
        double ticketPriceListedonViagogo = 7000.00; // per ticket


        double viagogoHandlingFee = 854.00; // viagogo handling fee
        double viagogoTax = 154.00; // viagogo tax
        double paypalTransactionFeeDeducted = 0.956; // 4.4% transaction fee by Paypal
        double paypalFixedFee = 0.30; // fixed for USD
        double paypalCurrencyConversionDeducted = 0.96; // 4% conversion fee by Indian Bank
        double indianBankRemittanceFee = 2140.00; // 25$ transaction fee
        double indianBankRemittanceConversionDeducted = 0.97; // 3% conversion fee by Indian Bank
        double indianIncomeTaxDeducted = 0.80;
        double amountReceivedInBank;

        double finalResoldTicketPrice = ticketPriceListedonViagogo + viagogoHandlingFee + viagogoTax;

        double amountReceivedAndDetectedByIndianBank = (ticketPriceListedonViagogo*paypalTransactionFeeDeducted-paypalFixedFee)*paypalCurrencyConversionDeducted;


        if(paypalBusinessAccount==false)
        {
            amountReceivedInBank = (amountReceivedAndDetectedByIndianBank-indianBankRemittanceFee)*indianBankRemittanceConversionDeducted;
        }else
        {
            amountReceivedInBank = amountReceivedAndDetectedByIndianBank;
        }

        double profitFromResale = amountReceivedInBank*indianIncomeTaxDeducted-ticketPriceActual*numberOfTickets;

        System.out.println("Profit: "+ Math.round(profitFromResale));
        System.out.println("Expected to be Credited in Bank Account: "+ Math.round(amountReceivedAndDetectedByIndianBank));
        System.out.println("Final Ticket Price to the Buyer: "+ Math.round(finalResoldTicketPrice));



    }
}