Oasis tickets: what is dynamic pricing and why is it used for live music?

Oasis fans spent many frustrating hours of the weekend locked in a desperate race to secure tickets for the Mancunian band’s long-awaited reunion tour.
Shows were initially advertised at £148.50. But when fans finally reached the front of the queue, after many hours of waiting, many found that basic standing tickets had been rebranded as “in demand” and had jumped in price to £355.20.
The culprit is an increasingly common strategy known as dynamic pricing. It is commonplace in other industries but how and why did it creep into live music?