Ticket resale price cap to stop music fans being ripped off
- The UK government proposes capping ticket resale prices to counteract the high mark-ups typically seen on resale websites.
- Proposals include a consultation on a cap of 0% to 30% above the original ticket price, aiming to improve fairness for fans.
- These changes are part of a broader effort to protect consumers and ensure more accessibility to live events.
In recent months, the UK government has taken significant steps to address the long-standing issue of ticket resales in the music and sports industries. With complaints from fans regarding exorbitant prices charged by professional touts, the government has proposed regulations aimed at curbing mark-ups on resale tickets. Under the plans, which include consultations from the Department for Business and Trade and the Department for Culture, Media and Sport, a cap between 0% to 30% on the face value of original tickets is being considered. Concert sales for popular artists like Taylor Swift have been particularly affected by this issue, as tickets have been resold at dramatically inflated prices. The Competition and Markets Authority (CMA) found that resale tickets are typically marked up by more than 50%, with some seats reportedly selling for up to six times their original price. These proposed changes come after concert fans have expressed frustration over the lack of transparency in pricing methods, especially with practices like dynamic pricing causing ticket prices to soar during purchasing queues. Additionally, the government has looked into measures aimed at restricting the number of tickets that can be sold by resellers, thus alleviating issues of hoarding and speculative selling. Reports indicate that last year, ticket touts cost music fans approximately £145 million in extra charges. High-profile artists, including Ed Sheeran and DJ Fatboy Slim, have voiced their support for the changes, emphasizing the need for consumer protections that ensure money spent on tickets benefits the live events sector and not greedy resellers. The proposed regulations would lead to stronger obligations for resale platforms to guarantee the accuracy of ticket advertisements while also imposing potential fines for violations. Culture Secretary Lisa Nandy highlighted the government's commitment to ensuring that fans have a fair chance at obtaining tickets without falling victim to price gouging by touts. Overall, these proposals represent an important step towards creating a more equitable system for purchasing and reselling tickets, addressing serious concerns raised by both fans and artists alike.