financetom
Business
financetom
/
Business
/
UK targets ticket resellers with new rules to protect fans
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
UK targets ticket resellers with new rules to protect fans
Jan 9, 2025 4:36 PM

LONDON, Jan 10 (Reuters) - Britain on Friday said it

wanted to clamp down on resellers who profit by snapping up

tickets for big events and selling them on at huge mark-ups to

desperate fans, announcing proposals to cap resale prices and

hold reselling websites more accountable.

The government said it wanted to make ticket resales fairer

and more transparent, responding to consumers who often find hot

tickets are sold out in minutes and reappear almost instantly at

higher prices on third party websites.

"From sports tournaments to Taylor Swift - all too often big

events have been dogged by consumers being taken advantage of by

ticket touts," business minister Jonathan Reynolds said,

launching a public consultation on the plans.

"These unfair practices look to fleece people of their

hard-earned income, which isn't fair on fans, venues and

artists."

The government said it was exploring options such as a cap

on the price of ticket resales of up to 30% above face value. It

would also look at limiting the number of tickets resellers are

allowed to list; increasing accountability of resale websites

and apps; and tougher penalties for those who break the rules.

The consultation runs until April.

When tickets for music band Oasis's reunion went on sale in

August, fans were left frustrated as the three websites selling

tickets - Ticketmaster, See Tickets and Gigsandtours - reported

technical issues.

The Competition and Markets Authority said in early

September it was looking into the concerns regarding the sale of

Oasis tickets by Ticketmaster, including so-called "dynamic

pricing," the practice of pushing up prices that are in high

demand.

Separate to the consultation on reselling, the government

said on Friday it was asking for evidence into pricing

practices, including dynamic pricing, and would consider if

further action was needed.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved