Planet Money – Everything’s more expensive!! Pet Care!! Concert Tickets!! (Two Indicators)

NPR | Episode Date: November 5, 2025
Hosts: Darian Woods, Wayland Wong

Episode Overview

This episode explores why everyday costs—from concert tickets to pet care—are rising faster than overall inflation, unpacking the economics behind these trends. The show dives into two specific sectors: the concert ticket market (with all its pricing quirks and bot controversies) and the veterinary industry, linking both back to supply, demand, and some deeper economic principles.

Key Discussion Points and Insights

1. Why Are Concert Tickets So Expensive?

The Pricing Puzzle

• Artists like Mali Obamsawin reflect on when $150 seemed like an outrageous ticket price, pledging never to set prices that high to keep shows accessible:

  “Wow, I will never charge more than that. I remember saying that to myself, like, that's insane. Like I still want to be able to reach people who actually can't afford a $150 ticket...” — Mali Obamsawin (00:39)

• Michael Rapino, CEO of Live Nation (Ticketmaster), believes tickets are “underpriced” and argues the true market price should be higher.
• Example of ticket price escalation: The cheapest seat for a Bruno Mars concert in Vegas is $850 (01:16).

Ticket Bots & Secondary Markets

• Reseller bots scoop up hundreds of tickets within seconds of sales opening, creating headaches for venues and fans.
• Lauren Wayne (State Theater, Portland, ME) describes the pain bots inflict:

  "It's easily recognizable, but it causes a lot of pain and suffering." — Lauren Wayne (03:53)

• “Spec tickets” are listed on resale sites before the box office even opens, indicating bot and speculative reseller activity (04:17).
• Staff are forced to identify and void fraudulent purchases, but innocent fans who buy voided tickets are turned away:

  “There's nothing sadder than having someone…show up at their favorite artists and thinking that they're going to get in and they don't get in.” — Lauren Wayne (05:20)

• Despite laws against bots, enforcement lags, so platforms (e.g., StubHub) are under fire for not stopping illicit activities but benefit from higher prices.

The Economics of Scalping

• Alan Sorenson (Economist, UW-Madison): Artists often underprice tickets out of goodwill, fueling a “really active resale market” (07:10).
• Secondary markets “correct” this mispricing—tickets end up reselling at the true market equilibrium despite the artist’s intentions:

  “It might feel like the price really shouldn't be $250…but if it sells in an open free market for $250, then yes, that kind of is the market price, whether you like it or not.” — Alan Sorenson (07:54)

• The bad news: profits from higher resale prices go to scalpers, not artists or venues, leaving both with little incentive to keep prices low (08:09).
• Sorenson imagines a solution: High ticket prices with premium attendee perks, redistributing “surplus” back to fans:

  “Maybe some artists will experiment with this—charge high prices for the concert, but then just give out tons of awesome stuff to the people who actually come.” — Alan Sorenson (08:32)

Legislative Responses

• States like Maine enacted laws banning bots, outlawing spec tickets, and capping resale markup at 10% (09:21).
• Since these reforms, bot problems have diminished locally (“She hasn't had to do that [manual scrubbing] since the law went into effect in September”—10:04), but bots simply move to states with looser rules.
• “That's why we're encouraging that every state try to enact, like, tougher ticketing legislation, because they're just going to move to the easiest market.” — Lauren Wayne (10:24)
• Silver lining: You can avoid online hassle and fees by buying tickets at the box office in person (10:37).

2. Why Is Pet Care Getting So Costly?

The Steep Climb in Vet Bills

• Over the past five years, consumer prices rose 25%, but vet service prices shot up 41% (12:21).
• Many pet owners now skip necessary care due to costs.

Everyday Challenges for Vets

• Adam Henchko (Veterinarian, Cleveland, OH): Loves the job’s unpredictability, treating everything from dogs to flying squirrels (13:06), but is troubled by rising service costs:

  “My sleepless nights are because I want to deliver the best service I can for the best value that I can. Sometimes some of that is out of my control.” — Adam Henchko (13:51)

• Key cost drivers:
  • Medications and supplies: More expensive thanks to tariffs and supply chain disruptions.
  • Labor: Rising wages for vets, nurses, and office managers now exceed 50% of total costs for many practices (14:37).

    “Our labor costs have gone up significantly…and [they] exceed 50% of our overall costs.” — Adam Henchko (14:37)

The Baumol’s Cost Disease Effect

• Baumol’s cost disease explains why human services (like vet care) get more expensive even as goods like TVs get cheaper.
  • Some sectors see productivity gains (manufacturing); others, like health care, require people’s time and skill, so costs rise with wages.
• Example: “There isn't yet a robot or an AI in the world that can…remove a plastic squeaker disc from a dog's insides.” (15:37)
• “If we as a society want people to become caretakers…wages for those jobs have to rise over time. Otherwise, a lot of people that might have chosen to do those jobs will choose to do something else.” — Lauren Wayne (16:01)

The Corporate and Social Squeeze

• More vet practices are now owned by private equity, creating pressure to generate profits; staff at corporate clinics face extra pressure (16:25).
• Pet owners are simply valuing their pets more post-pandemic, seeking more extensive care:

  “When people were isolated…the only social interactions…was their pets in their house…that only strengthened the bond.” — Adam Henchko (17:17)

• Demand now includes premium services (annual blood testing, sonograms, elective procedures).

The Human Toll

• Many vets find it emotionally wrenching when owners can’t afford care:

  “It's stressful because I want to be able to do everything I can for the pet…And it's hard sometimes…when we can't.” — Adam Henchko (18:32) “What's even harder is when we get the comment, well, you're just in it for the money or you don't care about my pet. That cuts me deeply…That's not why I chose to do this.” — Adam Henchko (18:32)

Tips and Takeaways

• Regular checkups and early detection help avoid costlier crises.
• Pet health insurance provides a safety net but can run several hundred dollars a year—and, like vet care itself, is getting pricier (19:12).

Notable Quotes & Memorable Moments

• “Wow, I will never charge more than that...[ticket prices of $150].” — Mali Obamsawin (00:39)
• “It might feel like the price really shouldn't be $250 for that ticket, but if it sells in an open free market for $250, then yes, that kind of is the market price, whether you like it or not.” — Alan Sorenson (07:54)
• "It's easily recognizable, but it causes a lot of pain and suffering." — Lauren Wayne, on ticket bots (03:53)
• “There isn't yet a robot or an AI in the world that can...remove a plastic squeaker disc from a dog's insides.” — Wayland Wong (15:37)
• "It's stressful because I want to be able to do everything I can for the pet...That cuts me deeply when I hear that..." — Adam Henchko (18:32)
• “You can go in person to the box office. No fees.” — Wayland Wong (10:38)

Important Timestamps

• 00:39 — Reflections on ticket affordability from artist Mali Obamsawin
• 01:16 — Outrageous ticket prices (Bruno Mars at $850)
• 04:17 — How venues spot bot activity; spec ticket warning signs
• 07:10 — Alan Sorenson on ticket mispricing and economics of resale
• 08:32 — Ideas for sharing concert "surplus" with real fans
• 09:21 — Maine's anti-bot ticket law and resale cap
• 12:21 — The surge in veterinary costs (41% in 5 years)
• 14:37 — Labor as the biggest cost for vet clinics
• 15:37 — Explanation of Baumol’s cost disease
• 16:25 — Corporate vet ownership and effects on pricing
• 17:17 — Pandemic’s role in changing pet owner behavior
• 18:32 — The human/animal cost when care becomes unaffordable
• 19:12 — Tips: Checkups and pet insurance

Summary

This episode of Planet Money deftly connects the dots between two seemingly different issues—concert tickets and pet care—by showing how core economic forces, tech disruptions, industry structures, and cultural shifts combine to push prices higher. The hosts and guests keep the tone direct, conversational, and approachable, peppering in humor and empathy for both fans and pet owners feeling squeezed by these trends. The show also leaves listeners with practical takeaways and a deeper understanding of why “everything’s more expensive!!”, along with ideas for managing the new economic normal.