Ticketmaster's Troubles Grow as UK Regulators Investigate Oasis Sales
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Key TakeawaysTicketmaster is facing an investigation by U.K. regulators into the platform's recent sales of tickets to the reunion tour of the band Oasis.The investigation will determine whether the platform's "dynamic pricing" system may have deceived customers or made them feel pressured to quickly buy tickets.The regulator said it wants to hear from fans who have complaints about the process as it also seeks information from Ticketmaster and its owner, Live Nation.
Regulators in the U.K. are investigating Live Nation Entertainment's (LYV) Ticketmaster unit over reported customer issues with tickets purchased for the recently announced reunion tour of the 90s band, Oasis, specifically whether the company's "dynamic pricing" feature may have violated consumer protection laws.The Competition and Markets Authority (CMA) said that it wants to hear from fans who feel they may have been misled during the purchasing process about what price they would end up paying or pressured to buy tickets out of fear that the price could go up soon after, both of which could be deemed violations of consumer protection laws.CMA Says Ticketmaster Investigation Just Beginning, Calls for More ProtectionsThe agency said the opening of its investigation doesn't necessarily mean Ticketmaster broke any laws, and said it wants to hear from those affected over the next two weeks as it also gathers information from Ticketmaster and other parties."It’s important that fans are treated fairly when they buy tickets, which is why we’ve launched this investigation. It’s clear that many people felt they had a bad experience and were surprised by the price of their tickets at check-out," said CMA Chief Executive Sarah Cardell. "We want to hear from fans who went through the process and may have encountered issues so that we can investigate whether existing consumer protection law has been breached."The UK regulator also said it has previously called for more extensive protections for ticket buyers, and that it is considering broader action against the practice of dynamic pricing—in which prices can change rapidly based on demand—in industries aside from ticketing.Live Nation and Ticketmaster are already facing legal action in the U.S., as the Department of Justice filed a lawsuit in May accusing the company of monopolistic behavior and violating antitrust laws. The suit claimed Live Nation often threatens or retaliates against venues that choose a ticket seller other than Ticketmaster, and said its fees are excessive for consumers.Live Nation shares were nearly 1.2% lower at $93.10 Friday afternoon. Read the original article on Investopedia.
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