Weeks after an explosive undercover report revealed that Ticketmaster works carefully with scalpers to promote their second-hand tickets; the FTC has introduced a workshop to research how on-line ticketing is dealt with.
Ticketmaster guardian firm Live Nation witnessed its inventory worth drop as a lot as 5.5% after the report of the workshop. But a bit harm management helped to get well a few of these losses.
So what’s the FTC doing, precisely?
A just-announced 2019 workshop will embrace FTC commissioner Rebecca Kelly Slaughter and can include a wide range of stakeholders, trade representatives, shopper advocates, commerce associations, and authorities officers discussing the practices of on-line occasion ticketing.
“Issues that regularly come up in reference to on-line occasion ticket gross sales embrace practices that stop shoppers from acquiring tickets, mislead shoppers about worth or availability, or mislead shoppers concerning the entity from which they’re buying,” the highly effective regulator ominously famous.
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It ought to be famous that this isn’t a proper investigation — but. But this appears to be like like an preliminary rattling of the cage.
Ticketmaster shortly an official assertion concerning the investigation, saying they welcome the FTC’s involvement. They additionally clarified that this wasn’t a proper investigation, however moderately an ‘examination’.
“Ticketmaster welcomes and appears ahead to taking part within the FTC workshop on on-line ticketing in March 2019,” the corporate nervously said. “We encourage different ticketing firms to participate in educating shoppers and lawmakers on the alternatives and challenges within the ticketing trade and to hitch us in additional motion to enhance the patron ticket shopping for expertise, together with aggressive enforcement of the BOTS Act, the elimination of speculative ticket gross sales and restrictions on misleading advertising and marketing and deceptive ticketing URLs.”
Earlier, an FTC workshop held in May of this yr examined the ticketing enterprise and located that buyers are at a drawback in comparison with skilled resellers relating to shopping for tickets to high-demand occasions. This report ended with requires extra disclosure on ticket availability and charges.
Meanwhile, the National Association of Ticket Brokers (NATB) has used the FTC probe as additional proof towards Ticketmaster’s enterprise practices.
“For anybody who enjoys reside occasions and purchases tickets, or who works within the ticketing enterprise and competes with the large Ticketmaster, it’s welcome information at the moment that the Federal Trade Commission will convene a workshop to look at the anticompetitive practices that NATB has been warning about for a very long time,” NATB’s Gary Adler declared.