04:02 PM EDT, 09/03/2024 (MT Newswires) -- Live Nation (LYV) and its Tickermaster unit will soon be the subject of regulatory reviews in the UK and the European Union following a surge in the price of tickets for an upcoming reunion tour of English band Oasis due to the company's use of dynamic pricing, according to media reports on Tuesday.

The UK's Competition and Markets Authority said Monday it was launching a review into the company's dynamic pricing model, which automatically adjusts the cost of admission to events based on customer demand. Tickets originally priced at 135 British pounds ($176.79) jumped to around 350 pounds with buyers often not finding out the sale price they paid until checking out, the reports said.

"Consumer protection law requires businesses to be fair and transparent in their dealing with consumers," the agency said in a statement distributed to media outlets. "Businesses must give clear and accurate information about the price people have to pay."

A spokesperson for the European Commission told the Guardian some of its regulator bodies were also looking into dynamic pricing to determine whether new laws are needed to better regulate the practice.

Live Nation did not immediately respond to a message Tuesday from MT Newswires seeking comment. The European Commission and the Competition and Markets Authority in the UK also did not return messages to MT Newswires.

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