US EditionUK to ban the resale of tickets for profit to protect fans
UK government will ban ticket resales above face value and cap service fees, aiming to save fans £112 million annually and reduce average resale prices by £37, officials said.
- On Tuesday, the United Kingdom government announced plans to ban resale of tickets above face value, with ministers expected to unveil details this week; `We are committed to ending the scandal of ticket touts,` Reed told BBC News on Tuesday.
- After sustained pressure from artists and consumer groups, the Labour government is acting on its manifesto promise to stop ticket touts and bot operators who bulk-buy tickets.
- Under the proposals, resale platforms will be legally obliged to monitor and enforce that regulated resale marketplaces and ticket sellers do not charge above the original purchase price, while service fees would be capped by regulators.
- Shares tumbled for resale firms after the reports as StubHub shares fell 14% on Monday, while Live Nation Entertainment and Ticketmaster backed the ban and resale companies warned it could boost black markets and fraud.
- With resale mark-ups exceeding 50%, regulators argue tickets on resale sites are typically marked up by more than 50%, underpinning calls for reform, as the ban would extend to social media resale channels.
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The UK Government has announced Wednesday its plans to outlaw the resale of tickets for live events, such as concerts or football matches, above the original price. This will reduce resale tickets by 37 pounds (almost 42 euros) on average, saving fans around 112 million pounds (about 127 euros) per year collectively, as indicated by the British Ministry of Culture in a statement.The measures will apply to any platform that buys tickets to the UK…
The UK announced Wednesday its plans to outlaw the resale of tickets for live events.
An individual or company in the UK will not be able to demand more than the purchase price for a resold ticket. A hard blow for ticket resale platforms that ensure that these ceilings will push consumers to unregulated sites and increase the black market.
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