US-headquartered secondary ticketing firms StubHub and Vivid Seats have opted to change their payout processes to withhold funds until after an event has taken place, amid increasing cancellations due to coronavirus.
The move means brokers would not be granted access to the revenue from a ticket sale as quickly.
A Vivid spokesperson told Pollstar: “We are closely tracking event cancellations. For some events, because the situation remains fluid, we have updated our terms such that payment for future ticket sales will be remitted to ticket sellers after the event.”
Tickets purchased prior to the change in payment terms will not be affected by the new terms.
In addition, StubHub president Sukhinder Singh Cassidy has assured fans that its FanProtect Guarantee remains in place to refund all tickets purchased on the site in the event of cancellation.
It has also introduced a coupon worth 120% of the ticket’s value in credit on StubHub as an alternative to a full refund. The coupon is valid for one year and can be transferred within 48 hours, whereas refunds can take between two and three weeks, “because many events are impacted by the coronavirus”.