Summary
The U.S. government is taking action to lower ticket prices for concerts and sports events. This includes enforcing laws to stop ticket brokers from buying lots of tickets and reselling them at high prices. These efforts are causing changes in how tickets are sold and affecting companies that operate in the secondary ticket market.
Key Facts
- The government's actions focus on reducing ticket prices in entertainment, not everyday items like food or medicine.
- The Trump administration issued an executive order to combat unfair practices in the live entertainment ticket market.
- The order enforces the 2016 Better Online Ticket Sales (BOTS) Act to prevent automated systems from buying tickets in bulk.
- In September, the Federal Trade Commission filed a lawsuit against Live Nation Ticketmaster to limit bulk buying by brokers.
- Ticketmaster has canceled over a million accounts that used bots or couldn't confirm buyer identity.
- These government measures are impacting the business operations and stock of secondary ticket sellers like StubHub.
- The goal is to make prices more fair and accessible for consumers attending concerts and sports events.
