UK Government Plans to Cap Resale Ticket Prices in Bid to Combat Touting
New consultation seeks to address inflated resale ticket prices and dynamic pricing in the events industry.
In a move to tackle the long-standing issue of ticket touting, the UK Government has unveiled plans to cap the price of resale tickets.
This initiative comes after complaints about inflated ticket prices for popular concerts by artists like Taylor Swift and the recently reunited Oasis.
The resale of concert tickets at exorbitant prices by professional touts has been a significant concern, leaving many fans disappointed.
Concert-goers have often found themselves paying up to six times the original ticket price, according to Trading Standards.
The Competition and Markets Authority (CMA) reports that mark-ups on the secondary market typically exceed 50%.
A study by Virgin Media O2 highlights that ticket touting costs music fans an additional £145 million annually.
The public consultation will explore options to cap resale prices, ranging from the original sale price to a maximum of a 30% markup.
Another measure under consideration is limiting the number of tickets a reseller can list, aligned with primary market purchasing limits.
Dynamic pricing also comes under scrutiny, as seen in recent Oasis ticket sales where prices more than doubled during checkout queues.
Such practices have caused frustration among fans, who find themselves priced out due to fluctuating costs.
The Government plans to increase accountability for ticket resale platforms, making them liable for the accuracy of information provided.
Fines for breaching existing ticketing rules might also be raised from their current maximum of £5,000.
Culture Secretary Lisa Nandy emphasized that everyone deserves fair access to live events, a sentiment echoed by UK Music chief executive Tom Kiehl and musician Fatboy Slim.
They support measures that would protect consumers and reinforce fair ticketing practices.
Rocio Concha, from consumer group Which?, welcomed the government's efforts to finally regulate an industry that has allowed excessive price hikes, speculative ticket sales, and fraudulent activities.
LIVE’s chief executive, Jon Collins, praised the Government for focusing on fan-first ticket resale practices and deterring third-party profiteering.
Meanwhile, Ticketmaster has supported the proposed industry-wide cap on resale prices.
The ticketing giant has, since 2018, restricted resale prices to face value to protect consumers and promote transparent transactions.
They also advocate for action against ticket bots and speculative tickets.
This new direction marks a crucial shift in the live events sector, aiming for increased fairness and transparency, benefiting both music lovers and the broader cultural industry.
This initiative comes after complaints about inflated ticket prices for popular concerts by artists like Taylor Swift and the recently reunited Oasis.
The resale of concert tickets at exorbitant prices by professional touts has been a significant concern, leaving many fans disappointed.
Concert-goers have often found themselves paying up to six times the original ticket price, according to Trading Standards.
The Competition and Markets Authority (CMA) reports that mark-ups on the secondary market typically exceed 50%.
A study by Virgin Media O2 highlights that ticket touting costs music fans an additional £145 million annually.
The public consultation will explore options to cap resale prices, ranging from the original sale price to a maximum of a 30% markup.
Another measure under consideration is limiting the number of tickets a reseller can list, aligned with primary market purchasing limits.
Dynamic pricing also comes under scrutiny, as seen in recent Oasis ticket sales where prices more than doubled during checkout queues.
Such practices have caused frustration among fans, who find themselves priced out due to fluctuating costs.
The Government plans to increase accountability for ticket resale platforms, making them liable for the accuracy of information provided.
Fines for breaching existing ticketing rules might also be raised from their current maximum of £5,000.
Culture Secretary Lisa Nandy emphasized that everyone deserves fair access to live events, a sentiment echoed by UK Music chief executive Tom Kiehl and musician Fatboy Slim.
They support measures that would protect consumers and reinforce fair ticketing practices.
Rocio Concha, from consumer group Which?, welcomed the government's efforts to finally regulate an industry that has allowed excessive price hikes, speculative ticket sales, and fraudulent activities.
LIVE’s chief executive, Jon Collins, praised the Government for focusing on fan-first ticket resale practices and deterring third-party profiteering.
Meanwhile, Ticketmaster has supported the proposed industry-wide cap on resale prices.
The ticketing giant has, since 2018, restricted resale prices to face value to protect consumers and promote transparent transactions.
They also advocate for action against ticket bots and speculative tickets.
This new direction marks a crucial shift in the live events sector, aiming for increased fairness and transparency, benefiting both music lovers and the broader cultural industry.