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Tickets for many live entertainment events are distributed in a primary market and then resold on a secondary market. How big is the secondary market? Why does it exist? To answer these questions, we analyze data from a set of surveys that we conducted at 30 scientifically selected concerts in the U.S. from August to October 2006. Over 3,000 fans were asked how they obtained their tickets, how much they paid for their tickets, why they turned to the secondary market, and other questions. We also present evidence from surveys of 1,700 fans at a Bruce Springsteen concert in 2002 and a U2 concert in 2005 to provide additional information on sold out superstar events. We find that the secondary market accounts for about 10 % of all concert tickets purchased, and that the markup for resold tickets is 45 % to 60%, on average. We estimate the total size of the U.S. secondary concert ticket market in 2006 to be around $600 million. The main reason cited for buying tickets on the secondary market was to get better seats, which is confirmed by our observation that the resale rate for the best seats is twice that of average seats and close to five times that of the worst seats. Additionally, reselling is much more common for shows that sell a higher proportion of tickets in the primary market. We find that price premium