TICKETMASTER Dynamic Pricing SCANDAL Under Investigation

Published: Sep 11, 2024 Duration: 00:04:57 Category: Music

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Ticket Master are coming under serious heat from three governments for their Dynamic pricing Scandal primordial radio ticket master's practice of adjusting concert ticket prices based on demand known as Dynamic pricing is facing some serious scrutiny from the European commission the US Department of Justice the UK government and the UK's competition and Market Authority known as the CMA they're launching urgent review Into the recent controversy that surrounded the purchasing of tickets for The Oasis reunion Ticket Master who are based in the US have come under Fire after increasing the price of some Oasis tickets from £135 to £350 causing anger among many fans both UK and European authorities are investigating whether the company's use of dynamic pricing may have violated consumer protection laws in response ticket master has defended its pricing strategy comparing it to how Airlines and hotels adjust their prices based on demand the company also noted that pricing decisions are made by artists and their management teams and this is true and it's something that we're going to cover on a future video but ultimately the book stops with the band and their management they do have power to be able to stop this a spokesperson for the CMA stated Consumer Protection Law requires businesses to be fair and transparent in their dealing with consumers and businesses must give clear and accurate information about the price people have to pay failure to do so may breach the law at the European level the commission has also confirmed that it's reviewing the practice of dynamic pricing for concert tickets growing concerns have been raised by parliamentarians in Brussels over its impact on consumers Dutch MEP Lara Walters voiced her concerns to the guardian saying she advocates for new laws to protect consumers from such price inflation stating the Only Winners in this situation are big ticketing platforms at the expense of fans who find themselves priced out of gigs companies know far more about their consumers than vice versa this is not a system that seeks to maximize Joy by filling the stadium with an artist biggest fans but to maximize profit from music like any other product Walters added as a music fan I find this soulless and I want to put a stop to it so I'm pleased to see the UK government is looking into this and I expect the new European commission to follow suit so we can finally bring in new rules against unfair ticketing over in the US the US Department of Justice has sued the owner of Ticket Master Live Nation and is now seeking a breakup of the concert promotion company and ticketing agent the merger happened back in 2009 when Live Nation and ticket Master reached a deal to merge for an all stock deal worth $2.5 billion speaking further about wanting to break up Live Nation and Ticket Master Merrick Garland the US attorney general stated it is time to break up Live Nation and Ticket Master Live Nation relies on unlawful anti-competitive conduct to exercise its monopolistic control over the Live Events industry in the United States at the cost of fans artists smaller promoters and venue Opera ators whilst Dynamic pricing has been in the US for some time it is still relatively new to the UK and Europe and a spokesperson for the European commission said the practice is being examined as part of an ongoing Fitness check of EU consumer laws which is expected to be published in the coming months although the practice of dynamic pricing is not inherently unlawful the spokesperson noticed that its use could breach EU directives if ticket prices are increased after being placed in an online basket or if consumers are not provided with the necessary information before purchasing and while all of this has been going on the UK government has also hit out at the practice of dynamic pricing with prime minister K starma and culture secretary Lisa nandy expressing a desire to end ripoff resales and have now launched a review Into the practice but it is depressing to hear of price pipes I'm committed to putting fans at the heart of Music uh and end extortionate price resales and we're starting a consultation to work out how best we can do this so that's three different investigations from three different governments we've just a bit of look the end of dynamic pricing may be near that's something that we all can celebrate primordial radio

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