European Regulators Investigate Ticketmaster's Dynamic Pricing Model Following Complaints of Astronomical Oasis Ticket Prices
ICARO Media Group
In recent developments, Ticketmaster's controversial "dynamic pricing" model, which adjusts ticket prices based on demand, has come under scrutiny from European regulators. Following complaints about exorbitant prices for Oasis reunion dates, both the European Commission and the United Kingdom's Competition and Markets Authority (CMA) have launched investigations to determine if the practice can be banned or restricted.
The United Kingdom's Prime Minister, Keir Starmer, has described the practice as "depressing" and announced that a regulatory body will be conducting an urgent review. Fans in the UK, similar to the Taylor Swift Eras Tour debacle, voiced their discontent with site crashes and long waiting times, often being mistaken for bots and subsequently being kicked out of the queue.
While dynamic pricing is currently legal, Lara Wolters, a member of the European Parliament from the Netherlands, has expressed her intention to pursue new laws to protect European consumers. She believes that big ticketing platforms are the only beneficiaries of this practice, which prices fans out of attending concerts. Wolters aims to introduce new rules against unfair ticketing and has applauded the UK government's investigation. She hopes that the new European Commission will follow suit.
Ticketmaster has defended dynamic pricing, comparing it to how hotel rooms and airfares are sold and asserting that prices are set by artists and management. However, many fans who purchased Oasis tickets were shocked to see prices rise significantly during the checkout process, with no prior indication of the increase.
In late 2022, the European Union introduced the Digital Services Act to combat touting, requiring resellers to provide identification and contact information and publicly disclose their identities. On another front, the United States Justice Department is currently suing Ticketmaster owner Live Nation Entertainment, alleging the company has a monopoly in the concert market.
As the investigations unfold, fans and industry stakeholders await the outcomes, hoping for fair and transparent practices that prioritize the concert experience for fans over maximizing profits.