The U.K.'s Competition and Markets Authority (CMA) has initiated an investigation into the sale of over a million tickets for the highly anticipated Oasis reunion concerts scheduled for next year. The probe will specifically focus on the ticketing practices of Live Nation Entertainment's subsidiary, Ticketmaster, with regards to the use of "dynamic pricing."

Dynamic pricing is a strategy commonly seen in flight sales and home food deliveries, where prices fluctuate based on changing market conditions and demand levels. However, it is not as prevalent in the U.K. as it is in the U.S. It involves rapid and significant price variations, sometimes leading to higher prices and occasionally to lower prices.

The CMA's investigation comes after numerous Oasis fans, who had spent hours queuing online at the Ticketmaster site, expressed discontentment with paying more than double the face value of the tickets due to dynamic pricing. Standard standing tickets were reportedly being sold for £355 ($470), significantly higher than the expected price of £148 ($195). Critics argue that using dynamic pricing for these highly sought-after concert tickets was deceptive and questionable, given the known high demand.

The CMA will scrutinize whether Ticketmaster, the leading ticket seller in the U.K., may have engaged in unfair commercial practices or violated consumer protection law. Key areas of focus include whether customers were clearly and promptly informed about the potential for dynamic pricing and whether they felt pressured to make purchases within a limited timeframe at inflated prices.

Sarah Cardell, the chief executive of the CMA, emphasized the importance of ensuring fair treatment of fans during ticket sales, which was the driving force behind launching the investigation. Cardell acknowledged that many fans had a negative experience and were taken aback by the unexpectedly high prices of the tickets at the checkout.

The CMA is encouraging fans who encountered issues while purchasing tickets to come forward and provide additional evidence. The investigation will involve gathering information from Ticketmaster, as well as potentially involving the band's management and event organizers. If evidence of possible breaches of the law is found, the CMA has the authority to take enforcement action.

Ticketmaster has disclaimed responsibility for setting concert prices, stating that pricing decisions are made by the event organizers based on market value. Nick White, a partner at legal firm Charles Russell Speechlys, highlighted that dynamic pricing is a double-edged sword - a legitimate business strategy for adjusting prices based on supply and demand, but one that can alienate fans and create a sense of exploitation.

In a statement released on Wednesday, Oasis, fronted by brothers Noel and Liam Gallagher, expressed their unawareness of the use of dynamic pricing for ticket sales and admitted that the execution of the ticketing plan failed to meet expectations. The band clarified that ticketing and pricing decisions rest solely with their promoters and management.

The tickets for the Oasis reunion concerts, taking place in July and August next year, went on sale last Saturday. Additional dates have been announced for September at London's Wembley Stadium. To prioritize fans who couldn't secure tickets in the initial sale, dynamic pricing will not be utilized for these later dates.

Oasis, which formed in Manchester in 1991, became one of the most influential British bands of the 1990s, with hits such as "Wonderwall," "Champagne Supernova," and "Don't Look Back in Anger." While the Gallagher brothers, Noel and Liam, haven't performed together since the band's split in 2009, they frequently include Oasis songs in their solo performances, alongside public spats and criticisms aimed at each other.