Featured image credit: Jodie Walton on Unsplash
Ticketmaster has said it will be more transparent about ticket fees, according to reports.
Michael Rapino, chief executive of Live Nation, reportedly told investors that “We all want to know what is the true cost to see the show when we start shopping”.
US President Joe Biden has been vocal in support of limiting ‘junk fees’ for certain services such as ticketing, through his ‘Junk Fee Prevention Act’.
The President met with the Competition Council in February to discuss the Act, which would also include restrictions on early cancellation charges imposed by TV, cable and internet providers.
According to Billboard, Ticketmaster keeps between $2 (£1/€2) to $5 per ticket for processing costs and a small portion of fees to recoup any lands, advances or bonuses it may have paid to the venue to win the ticketing contract.
An unnamed executive told Billboard that Rapino said: “We’ve got to now go out and do a much better job so policymakers and consumers understand how the business operates.
“We’ve historically not had a big incentive to shout out loud that venues are charging high service fees or artist costs are expensive. But I think now [that] education is paramount.”
Live Nation and Ticketmaster faced a Senate Judiciary Committee in January following a situation surrounding the Taylor Swift ‘Eras Tour’ on-sale. Fans have also been unhappy because of ticket prices for the US leg of a tour from Bruce Springsteen. The executive also told Billboard that fees can add over 30% to the final price of a concert ticket, leading to the anger felt over the Springsteen prices.
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