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UK to ban the resale of tickets for profit to protect fans
The UK plans to ban ticket resale above face value and cap platform fees to save fans an estimated £112 million annually, aiming to reduce fraud and touting.
- 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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U.K. government moves to ban inflated resale of tickets for entertainment and sports events
The U.K. government announced that it is banning the resale of concert, sports, and live event tickets above face value. Fans there could be saved from shelling out around $206 million annually for tickets.
·Canada
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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…
·Madrid, Spain
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Total News Sources110
Leaning Left27Leaning Right5Center23Last UpdatedBias Distribution49% Left
Bias Distribution
- 49% of the sources lean Left
49% Left
L 49%
C 42%
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