The United Kingdom plans to ban ticket reselling for profit [Los Angeles Times (CA)]
Live Nation Entertainment, Inc. (LYV)
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Source: Los Angeles Times
After an open letter from artists like Dua Lipa, Coldplay, Sam Fender, Radiohead and the Cure urging Prime Minister Keir Starmer to ban the practice, the Department for Culture, Media and Sport will announce a plan to cap ticket resales at face value (with minimal fees). They estimate the move could lower ticket prices by around £37 ($49), saving fans around £112 million ($147 million) per year. Fans will still be able to sell tickets to shows they can't attend, just not at any meaningful markup. Ticket prices have been a hot topic in the U.K. after the long-awaited Oasis reunion tour highlighted Ticketmaster's “dynamic pricing” model. While a separate issue from reselling, that demand-reactive pricing system showed ticket costs skyrocketing in real time while fans waited in digital lines to buy them. For those that missed out, they had few other options other than to pay inflated prices on third-party resale sites like Viagogo and Stubhub. The U.K.'s Competition and Markets Au
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