The president Donald Trump signed a decree aimed at curbing speculation in ticket prices for concerts and live shows.
The measure aims to ensure fair prices for consumers and combat abusive reselling practices through the strict enforcement of existing laws.
The decree directs the Federal Trade Commission (FTC) to collaborate with Attorney General Pam Bondi to enforce competition laws in the entertainment sector. Additionally, it emphasizes the need for transparency at all stages of the ticket purchasing process.
During the signing in the Oval Office, Trump was joined by musician Kid Rock, who has expressed his concerns on the subject for years.
"I have talked to him about it over the years and it bothers him," Trump commented. "It bothers many other artists. They come out with a ticket for $100 and it sells for $2,000 the next night."
Kid Rock stated that his wish is for fans to have fair ticket prices so they can enjoy more shows.
"I would like to lower the price of my tickets, but if I set them low, these bots snatch them up immediately and resell them for hundreds of dollars more, and I'm just making these bad actors rich," he pointed out.
The presidential decree strengthens the enforcement of the Better Online Ticket Sales (BOTS) Act of 2016, which allows the FTC to take action against individuals and companies that use bots to hoard tickets in bulk and resell them at inflated prices.
This issue gained particular significance during the "Eras Tour" of Taylor Swift in 2022, when resale prices soared to astronomical figures. This sparked criticism from lawmakers who accused the ticket sales website Ticketmaster of operating as a monopoly within the entertainment industry.
Last year, the Department of Justice, along with 30 attorneys general from various states and districts, filed an antitrust lawsuit against Live Nation, the parent company of Ticketmaster.
Now Live Nation declares that it supports Trump's new measure to ensure transparency and accessibility in ticket purchases.
Trump's decree also aims to continue the efforts initiated during the Biden administration, which last December established a final rule prohibiting hidden fees for "convenience" or "service" in ticket sales.
The live entertainment and concert industry in the United States has an estimated economic impact of $132.6 billion and generates more than 913,000 jobs, according to 2019 data from Oxford Economics.
Frequently Asked Questions about Trump's Decree to Regulate Concert Prices
What does Trump's decree on concert prices aim to achieve?
The Trump decree aims to curb speculation in the prices of tickets for concerts and live performances through a more stringent enforcement of existing laws. The measure seeks to ensure fair prices for consumers and combat abusive resale practices.
How does Trump's decree affect ticket resale?
The decree strengthens the enforcement of the Better Online Ticket Sales (BOTS) Act of 2016, allowing the Federal Trade Commission to take action against individuals and companies that use bots to hoard tickets and resell them at inflated prices. This aims to reduce speculation and ensure that fans can acquire tickets at prices set by the artists.
What role does Kid Rock play in Trump's decree?
Kid Rock has been an advocate for fair price regulation in concerts and has expressed his support for Trump's decree. During the signing of the decree, Kid Rock was present and commented on his desire for fans to enjoy shows at reasonable prices, without falling prey to scalpers.
Why has Trump's measure been well received by Live Nation?
Live Nation has expressed its support for reforms to ensure transparency and accessibility in ticket purchasing. The company, which has faced criticism for monopolistic practices, thanks President Trump for taking on bots and scammers that prevent fans from obtaining tickets at prices set by the artists.
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