Ticket brokers struggling to refund fans for some of the $3.5 billion spent on concerts this year

If you're stuck with a ticket stub in your hand before the pandemic shut down concerts across the country, you're not alone. 

Billboard estimates more than $3.5 billion was spent on ticket sales this year for concerts that likely won't happen. That leaves customers wondering when they will see that money again. The ticket brokers like Ticketmaster are scrambling to update their refund policies to keep up with demand.

"It's going to require a little patience but know that you will get that money back. You are entitled to that money back," said Gary Graff, a music journalist with the Oakland Press.

Graff is confident that third parties will do the right thing. Mirroring that confidence, Ticketmaster issued a statement this week saying:

"Starting May 1, once rescheduled dates are announced, customers will get emails from Ticketmaster offering refunds. You'll have 30 days to request your money back, otherwise, your ticket is good for the rescheduled date."

A spokesman with Ticketmaster told Business Insider Magazine last week that it's already refunded more than $2 billion to event organizers, making it impossible to refund fans before recouping sales receipts from the organizers.

However, FOX 2 has received multiple calls from fans who say they could use the money now, rather than later as they attempt to make ends meet during the COVID-19 pandemic.

"The issue now is the tours, the shows, the events that have been postponed but a new date has not been established yet," said Graff.

However, if you're not strapped for cash and can hold on until the shutdown ends, Ticketmaster has a deal for you.

"They have a new program called 'Rock When You Are Ready' and if you want to let them keep your money, then they're offering 150% of that money to use on other LiveNation events," said Graff.

It's a gamble that could pay off if you can afford to wait.