Millions paid less thanks to ticket resale, US group says

Photo by Angela Loria on Unsplash

A US group that promotes the free trading of tickets says seven million fans last year saved money on attending events thanks to resale.

The Coalition for Ticket Fairness (CTF) says they were able to acquire tickets for less money than box office prices. The group cited data collected from August 2022 to July 2023 by Automatiq, the New York-based ticket resale automation solution.

CTF compared the widespread coverage of high ticket prices and limited inventory with the fact fans were able to make savings “because of the flexibility ticket transferability affords”. It suggested that this highlighted “the need for this practice to continue unencumbered by ticketing sites”.

The body further said that revenue from the event tickets market is projected to reach $31.69bn in 2023, making it an industry capable of allowing fan flexibility.

CTF said in a statement: “Ticket transferability, which refers to a fans’ ability to transfer or sell their ticket to another fan, is often met with roadblocks from ticketing sites. This problem is exacerbated when the ticketing site requires their platform to be utilised for the electronic transaction.

“When a season ticketholder finds out he/she is going to be out of town on game day, they should be able to recoup their losses. Dictating how they can sell it keeps prices artificially high.”

Limited restrictions

CTF was created to promote an sector where fans and season ticket holders can trade their tickets in an open market with limited restrictions. Its members are comprised of small- and medium-sized businesses involved in the sale of tickets for live events.

While supporting a free market, the CTF is a strong supporter of the TICKET Act, which was recently passed by the influential Senate Commerce Committee. The legislation would require event ticket sellers to display the total ticket price upfront, inclusive of all fees. Rules that would restrict speculative ticket trading were removed from the bill, a move that was supported by the CTF.

It said recently: “CTF is proud to have worked closely with the bill sponsors on this legislation. We will continue to urge Congress to take action on ticket transferability, ticket disclosure and the elimination of exclusive contracts that drive up costs for fans.”