House Approves TICKET Act Following Ticketmaster Controversy: Will It End Hidden Fees, Speculative Ticketing?

Author: Franca Quarneti | May 20, 2024 11:01am

The TICKET Act sailed through the House with a commanding vote of 388-24 on Wednesday.

This legislative proposal seeks to revolutionize the ticket-selling landscape by mandating upfront disclosure of total prices, inclusive of all fees, and guaranteeing refunds in the event of cancellations or postponements.

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Although its journey to becoming law requires passage by the Senate and the president’s signature, the resounding support in the House bodes well for its prospects, The Verge reported.

The genesis of this legislation traces back to the controversy surrounding Ticketmaster and Taylor Swift‘s Eras Tour tickets. Ticketmaster abruptly terminated general sales, attributing the decision in part to overwhelming demand driven by bots.

This incident prompted congressional scrutiny, culminating in a hearing that summoned the top executive from Live Nation Entertainment Inc (NYSE:LYV) Ticketmaster’s parent company.

Moreover, amid reports of a Department of Justice investigation into Live Nation for potential antitrust violations, the need for regulatory intervention in the live events industry becomes increasingly apparent to lawmakers.

Parallel to these developments, the Biden administration has been fervently championing consumer rights and competition, particularly in its crusade against hidden fees.

The administration aims to eradicate “junk fees,” such as processing charges and service fees, which often inflate the final cost for consumers.

Furthermore, the proposed legislation cracks down on deceptive practices like speculative ticketing and fraudulent resale sites using misleading URLs.

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Image credits: red mango on Shutterstock.

Posted In: LYV