BROKE BROKERS: The announcement of a second...

BROKE BROKERS: The announcement of a second U2 concert at Dodger Stadium--Oct. 31--is good news for fans, but bad news for the ticket brokers. The controversial firms that acquire concert and sporting event tickets and resell them at premium prices were counting on the U2 show to pull them out of a summer slump.

While a few of the absolutely best seats in the house may still fetch as much as $600, the presence of 50,000 more U2 tickets on the market severely cuts the value of average seats--especially with the recession already making people think twice about spending for luxuries.

The brokers were already hit hard this summer when Guns N’ Roses and Metallica announced tonight’s concert at the Los Angeles Memorial Coliseum in addition to the sold-out Oct. 3 show at the Rose Bowl.

Unaware of plans for the Coliseum date, brokers had invested heavily in Rose Bowl tickets, buying scores of them from fans who had purchased more than they needed themselves. With the Coliseum show apparently far from a sell-out, few people have sought out brokers for their expensive seats. One San Fernando Valley broker, in fact, reported that he was selling a choice Coliseum seat for $140, less than half of what he thought he would be able to charge for it.

Another blow was Bruce Springteen’s refusal to do more than three nights at the Los Angeles Sports Arena. Brokers, who weren’t able to get many choice tickets for those shows, were counting on extra shows to increase their access to tickets. “If we could get our hands on front-row tickets for Bruce, we could charge $800 for them,” said the Valley broker, who asked not to be identified. “But they’re not around.”

“I wish I could say there was a huge demand (for concert tickets), but we don’t see it,” says Brian Harlig, co-owner of Good Time Tickets.

“The future doesn’t look good for next year either,” agrees the Valley broker. “Hopefully Madonna will come and save the business, but even then I see a lot of agencies going out of business. There’s just not enough money to be made.”