California introduces a new ticketing bill with a price cap [Los Angeles Times (CA)]
Live Nation Entertainment, Inc. (LYV)
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Source: Los Angeles Times
The bill would impose price caps on tickets sold in the resale market, limiting prices to no more than 10% above the ticket's face value. By making it illegal to sell overly expensive tickets, the bill, officially labeled AB 1720, is aimed at making resale tickets more affordable for fans. If the legislation becomes law, it would only apply to shows in California and exclude tickets to sporting events. AB 1720 was introduced just a few weeks after a similar bill, AB 1349, reached the California Senate to be reviewed. AB 1349 aims to ban speculative ticket sales (tickets that resellers don't yet possess) in the state. If enacted, the proposed legislation would require sellers to have event tickets in their possession before listing them for sale and would raise the maximum civil penalty for each violation from $2,500 to $10,000. If both AB 1720 and 1349 were to pass, it's expected that the two bills would work together to better regulate the state's resale ticketing market. Ove
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