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

Summary

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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.

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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).

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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).

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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)

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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

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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.

Transcript

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[Planet Money Host (possibly Mali Obamsuin or another host)]

This is Planet Money from npr.

[Wayland Wong]

Mali Obamsuin is a composer, bassist, slash singer, songwriter. She plays different genres from jazz to rock. She actually just performed two shows with cellist Yo Yo Ma. Molly says that a few years ago she remembers ticket prices for other bands going up to $150 and I was.

[Planet Money Host (possibly Mali Obamsuin or another host)]

Like, 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, you know. And I think it's important to be able to choose your audience that way and not just like have your own success. Curate an audience that is of a specific income bracket.

[Darian Woods]

Live Nation CEO Michael Rapinoe, though, has a much different view on ticket pricing. Live Nation is the parent company of Ticketmaster, and Michael Rapinoe said last month that concert tickets are underpriced and have been for a long time.

[Wayland Wong]

That comment was tough for a lot of music fans to swallow. I mean, take Bruno Mars. He is playing two shows in Las Vegas in December. I went on Ticketmaster yesterday and the chief the cheapest seat I could find was $850 ticket prices going to Mars.

[Darian Woods]

Maybe that example is on the higher end. But the price of concert tickets has gone up faster than overall inflation and the ticket market is this economic puzzle that continues to bedevil fans, venue owners and artists. Hello and welcome to Planet Money. I'm Darian Woods.

[Wayland Wong]

And I'm Wayland Wong were hosts of Planet Money's daily podcast, the Indicator. With rising inflation, consumer prices up, job growth slowing, Americans are feeling the financial squeeze. So we're doing an occasional special series on the rising cost of living. Today we bring you two stories from that series. First, how the strange economics of the chicken market has given rise to reseller bots. They're considered an industry scourge that makes prices higher, and yet in the world of economics, they do have a function.

[Darian Woods]

We go through the arguments for and against the ticket bots and why it's so hard to get rid of them. From the ticket market, we travel to one state that is battling the bots.

[Wayland Wong]

Then after the break, we'll hear why pet care costs have surged too. The answer goes deep into econ nerdery.

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[Wayland Wong]

Podcast Lauren Wayne can tell when the ticket reselling bots show up.

[Planet Money Host (possibly Mali Obamsuin or another host)]

It's easily recognizable, but it causes a lot of pain and suffering.

[Wayland Wong]

Lauren runs the State Theater in Portland, Maine. It's a historic venue that's been a vaudeville house, an adult film theater, and a dinner theater. Today, it's a concert and event venue. And in the last few years, that has meant constant battle with the bots. Lauren has learned to spot their activity.

[Planet Money Host (possibly Mali Obamsuin or another host)]

If we see tickets on the secondary resale sites that they're selling before we go on sale, that's obviously a red flag.

[Darian Woods]

Those tickets are called spec tickets. They show up on sites like StubHub and SeatGeek, and they don't exist despite both those companies having policies against them. So that's one telltale sign of bots. And then once ticket sales do get underway, Lauren looks for other signs, like 500 tickets getting bought overnight.

[Planet Money Host (possibly Mali Obamsuin or another host)]

They've been purchased by bots who are not even people. It's just technology, just grabbing whatever they can.

[Wayland Wong]

Lauren's Theater has a capacity fewer than 2,000, so a bot that grabs 500 tickets at once is wiping out a huge chunk of tickets that could have gone to fans. Lauren says when this happens, her staff has to manually void the purchases. They refund the money and then return the seats to the regular inventory.

[Darian Woods]

It's time consuming work. And there is another problem. Resellers sometimes offload those tickets to fans anyway. That fan doesn't know that the ticket that they bought has been voided.

[Planet Money Host (possibly Mali Obamsuin or another host)]

So when they show up to the show that night, their ticket can be denied. There's nothing sadder than having someone you know show up at their favorite artists and thinking that they're going to get in and they don't get in.

[Wayland Wong]

Not only that, but the buyer might have paid three or four times more than face value. These kinds of horror stories are what makes fans, artists and venue operators super frustrated with ticket reselling. There's actually a federal law meant to curtail illegal bot activity, but that hasn't stopped the problem.

[Darian Woods]

So there's a lot of finger pointing. When it comes to the secondary market. The obvious villain is the resellers who operate the bots. Then there are big online resale platforms like StubHub. It's being criticised for not doing enough to police bot activity on its website while also benefiting from those sales. But we reached out to StubHub but didn't hear back. In a recent interview with Axios, though, its CEO says the company has publicly lobbied for stopping bots. And its website says that customers will get their money back if their tickets aren't valid.

[Wayland Wong]

The Federal Trade Commission and seven states have also accused Ticketmaster of being part of the problem. Ticketmaster controls 80% or more of the major concert venue's primary ticketing market, but it also allows customers to resell tickets on its platform. In September, the FTC soon sued the company. It said Ticketmaster was coordinating with resellers and profiting from the sale of marked up tickets.

[Darian Woods]

Ticketmaster and its parent company, Live Nation, deny the government's accusations and the companies say they've invested over a billion dollars on ticket security and anti bot technology.

[Wayland Wong]

Now, no matter who you want to blame the most, the secondary ticket market does serve an economic purpose. That's according to Alan Sorenson. He's an economist at the University of Wisconsin, Madison, who has studied this market.

[Alan Sorenson (Economist)]

Tickets are so often mispriced in the primary market, especially I think, for music concerts, because artists have some control over the pricing. I think many artists imagine that by setting low prices, they're doing their fans a favor and that leads to sort of, you know, funky things, among other things, that leads to a really active resale market.

[Darian Woods]

Here's what Alan means by mispricing. Think of a perfectly efficient free market where a good is sold at a price, where supply meets demand. If that doesn't happen, though, if, say, an artist prices tickets below that equilibrium level, then the secondary market will correct that mispricing.

[Alan Sorenson (Economist)]

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.

[Wayland Wong]

Now, before you start waving your pitchfork at Alan, he does acknowledge that there are many problems with how ticket markets function. Like, let's say an artist prices their tickets below that maximum that a fan is willing to pay. That fan ends up spending more than face value on a resale site. Now, that's all profit that goes to a reseller instead of the artist or the venue. And that can feel crummy.

[Alan Sorenson (Economist)]

I was trying to think, like, how could an artist guarantee that they're just granting a bunch of surplus to their fans? Someday, maybe some artists will experiment with this where they will charge high prices for the concert, but then just give out tons of awesome stuff to the people who actually come.

[Wayland Wong]

Okay. Like, get the T shirt cannon out.

[Alan Sorenson (Economist)]

Yes. The T shirt cannon would go wild, you know, and it would have better stuff than T shirts.

[Darian Woods]

Someone should definitely give Ellen a research grant to try this. But in the meantime, venue operators are pushing for state laws to combat what they say are predatory ticketing practices. The National Independent Venue association is an industry group that helped get laws passed in Maryland and Maine over the last couple of years.

[Wayland Wong]

Lauren Wayne was part of the effort. In Maine, the new law bans bots. It also makes spec tickets illegal. Those are the ones that resellers advertise but don't actually own. And Maine now has a 10% resale cap on live event tickets.

[Darian Woods]

And Lauren says this cap is important because it cuts down on price gouging. A regular fan who bought a ticket and then gets sick or changes their mind can still resell that ticket to another fan as long as they don't mark it up more than 10%.

[Wayland Wong]

StubHub now asks sellers in Maine to confirm that their ticket prices are within the legal limits. And at Lauren's theater, if her customers spot any activity that looks like it's violating the new law, the they can fill out a form that gets sent to the state's attorney general's office.

[Darian Woods]

And remember how Lauren says her employees would have to manually scrub ticket transactions to cancel the bot purchases? She hasn't had to do that since the law went into effect in September. So that's great news for Lauren. But she does acknowledge that Maine's victory has probably pushed the bot problem to another state with looser laws.

[Planet Money Host (possibly Mali Obamsuin or another host)]

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.

[Wayland Wong]

Darren, you know what you can do at Lawrence Theater if you want to avoid dealing with ticketing websites just full stop.

[Planet Money Host (possibly Mali Obamsuin or another host)]

What?

[Wayland Wong]

You can go in person to the box office. No fees.

[Darian Woods]

I'll get my tent ready.

[Wayland Wong]

Next up, the rising costs of pet care. During the pandemic, you may have noticed that people fell in love even more deeply with their pets.

[Darian Woods]

Or maybe you're included in that. Well, that increased demand is contributing to higher prices, but there's a lot more to it. After the break, what is behind the rising cost of care for our furry or feathered or scaly friends? And we have an economic theory that helps explain what's going on. Adrian and I pick up the story after the break.

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[Lauren Wayne]

For health care isn't just a problem for people in the past few years, the cost of health care for pets has actually been surging.

[Darian Woods]

For a point of comparison, get a load of this stat. According to the Consumer Price Index, which tracks the price of goods and services, overall prices in the economy are about 25% higher today than they were five years ago. But over that same period, the cost of veterinary services increased by about 41%.

[Lauren Wayne]

Yeah, that is a steep increase. And according to a recent Gallup survey, most pet owners say they have skipped necessary vet care because of the cost. So what is going on here?

[Darian Woods]

Adam Hetchko loves the unpredictability in veterinary medicine. Vets might have to treat a dog and a cat and a snake and a flying squirrel all in one afternoon.

[Adam Henchko (Veterinarian)]

I do everything, but surgery is my thing. We helped a pet this week that had a foreign body and an obstruction had eaten a toy.

[Darian Woods]

Adam runs an independent veterinary practice in Cleveland, Ohio.

[Lauren Wayne]

Can I ask what kind of pet and what kind of toy? Or is this like a HIPAA violation?

[Adam Henchko (Veterinarian)]

This one was a squeaker toy, so the Little squeaky thing that comes out of a stuffed animal. Those little discs. Yeah, that go hee hee hee hee. So the dog had pulled out that swallowed it whole, and it had gotten stuck. It was a lab, and labs are known for being silly and eating things sometimes.

[Darian Woods]

The dog's name is Kelly, by the way, and Adam says she's doing great now, even though Adam loves his job, he knows the rising price of veterinary services is a problem.

[Adam Henchko (Veterinarian)]

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.

[Darian Woods]

So we asked Adam straight up what's up with the soaring cost of vet care.

[Lauren Wayne]

And here's the headline. Adam says the costs of operating a practice have just gone up a lot. Medication is more expensive, thanks in part to tariffs, for the same reason medical supplies like bandages, gowns, and syringes are more expensive. Adam says a box of exam gloves costs more than twice what it did just a year or so ago.

[Darian Woods]

But maybe the biggest cost pressure, Adam says, has been the cost of labor wages for veterinarians and support staff like nurses and office managers.

[Adam Henchko (Veterinarian)]

Our labor costs have gone up significantly over the last few years. And in veterinary medicine, many practices, that labor cost exceeds 50% of our overall costs.

[Lauren Wayne]

In a way, what Adam is describing here is a perfect example of a classic economic idea called Baumol's cost disease.

[Darian Woods]

This is one of my favorite economic theories.

[Lauren Wayne]

Yes, this is like a econ nerd deep cut. But Balmol's cost disease is a theory Devised in the 1960s by two economists, William Balmol and William Bowen.

[Darian Woods]

Okay, Bill Baumol and Bill Bowen.

[Lauren Wayne]

That's right. We got BB and BB, the two BB kings.

[Darian Woods]

And according to the two BBs, there are certain industries that get a lot more productive each year thanks to advances in technology, things like manufacturing. And then there are industries where productivity is really hard to increase because the jobs are just, just so inherently dependent on human labor.

[Lauren Wayne]

Yeah, and this explains why over time, we've seen big screen TVs and computer software become cheaper, but certain services that require human labor have gotten more expensive. There isn't yet a robot or an AI in the world that can watch your kid or administer an IV or unclog your toilet or remove a plastic.

[Darian Woods]

Squeaker disc from a dog's insides.

[Lauren Wayne]

Yeah, I don't think I would trust that to a robot. Not yet. And if we as a society want people to become caretakers and nurses, plumbers and animal surgeons, 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. And that is Bommel's cost disease in a nutshell.

[Darian Woods]

So Bowmer's cost disease helps explain the rising cost of pet care, but it doesn't give the full picture. There are a couple more factors we haven't yet talked about. One is the influence of corporate ownership. In recent years, veterinary care has been increasingly taken over by private equity firms, and vets who work at corporate owned practices are under significantly more pressure to generate profits than those who work at independent ones. That's according to a 2023 study. If you're interested, we did a whole episode on private equity and pet care, which we'll link to in the show notes.

[Lauren Wayne]

Finally, one more reason people are spending more on pet care is that many pet owners are just willing to spend more on pet care. Adam Henchko says he's noticed a shift in the culture of pet ownership compared to a few years ago, and he chalks it up to pandemic lockdowns.

[Adam Henchko (Veterinarian)]

When people were isolated, some of the only social interactions that people had or companionship was their pets in their house. And leaning on them to get through some of those challenges, I think only strengthened the bond and, and once you strengthen that bond, there's definitely a change in how you look at the care of your pet.

[Darian Woods]

The shift to remote work meant many people were for the first time spending all day with their pets. So they became more attuned to their fur babies, every hiccup or odd behavior. And Adam believes that's made many people more willing to pay for the very best care they can afford to keep their pet healthy.

[Adam Henchko (Veterinarian)]

So I think pet owners are driving some of that up because they're looking for more options and more services, relatively.

[Darian Woods]

Expensive services like annual blood testing or sonograms or procedures that can cost thousands of dollars.

[Lauren Wayne]

So let's recap. Vets are facing higher costs for supplies, medicines and employees. Some are under pressure from their bosses to be more profitable. And some pet owners are just willing to pay a premium for a premium level of care. But for those who can't, there are still a lot of people who are being priced out of veterinary services.

[Adam Henchko (Veterinarian)]

It's stressful because I want to be able to do everything I can for the pet and my team wants to be able to do everything they can for that pet. And it's hard sometimes when we can't. And I think 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 when I hear that that's not when I was seven years old. That's not why I chose to do this. I chose to do this to help animals, to support the human animal bond.

[Darian Woods]

Adam did have some advice. He says get to know your vet and take your pet for regular checkups to help spot health issues before they become serious and more expensive to treat.

[Lauren Wayne]

And he says you could consider buying pet pet health insurance, but we should say those policies are not cheap. Often they can run several hundred dollars a year. And like pet care in general, the trend is that they're only getting more expensive each year.

[Darian Woods]

These episodes were originally produced by angel carreras. Cooper Katz McKim produced this episode. It was engineered by Robert Rodriguez and fact checked by Cierra Juarez. Cake and Canon edits the indicator. Alex Goldmark is our executive producer. This is npr. Thanks for listening.

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