Senate to Vote on TICKET Act This Summer Amid Ticket Price Surge
The Senate is set to vote on the TICKET Act this summer, which could bring stricter national regulations to the ticket industry. The move comes as the average concert ticket price has surged to $135.92, up from $91.86 in 2019, and scalper bots continue to drive up resale prices.
The FTC's new Junk Fees Rule requires companies to disclose the total price of tickets or short-term stays upfront, including mandatory fees like service charges or facility fees. This change aims to prevent consumers from being hit with unexpected costs at checkout. Ticketmaster has already started complying, displaying all mandatory ticket costs upfront, excluding taxes.
The TICKET Act, which has passed the U.S. House, could bring national reform. It mandates all-in pricing and bans speculative ticket sales. However, enforcement of the BOTS Act, which prohibits the use of scalper bots, has been limited. The technology used by scalpers often outpaces what regulators can handle. Scalper bots, powered by AI, can buy large quantities of tickets faster than humans, driving up resale prices. For instance, resale prices for popular shows can reach extreme highs, such as $3,821 for a Billy Joel and Stevie Nicks concert.
The FTC, along with several states, is currently suing Live Nation and Ticketmaster for manipulating the ticket market. The lawsuit aims to improve price transparency and curb ticket scalping with bots. Ticketmaster profits from both the original sale and the resale of tickets on its platform, collecting fees from both transactions.
The upcoming Senate vote on the TICKET Act and the FTC's lawsuit against Live Nation and Ticketmaster signal a push for greater transparency and fairness in the ticket market. If passed, the TICKET Act could bring national reform, helping to protect consumers from hidden fees and inflated ticket prices.
