President Donald Trump signed an executive order on Monday aimed at curbing “exploitative ticket scalping” and price-gouging practices in live entertainment events.
It also instructs the FTC to “ensure price transparency at all stages of the ticket-purchase process” and to “take enforcement action” if deemed appropriate to prevent “unfair, deceptive, and anti-competitive conduct in the secondary ticketing market.”
Kid Rock, whose real name is Robert James Ritchie, called the move “a great first step” in tackling ticket scalping and thanked Trump for making it happen “at lightning speed.”
He also voiced hope for the passing of legislation that would cap the price of resale tickets.
“You buy a ticket for $100. By the time you check out, it’s $170. You don’t know what you’ve been charged for, but more importantly, these bots you know, they come in, they get all the good tickets to your favorite shows you want to go to, and then they’re re-listed immediately for sometimes 400 or 500 percent markup,” he added.
Trump stated in his order that ticket scalpers use bots and other means to purchase large quantities of tickets and resell them at “an enormous markup” in the secondary market. Some fans paid up to 70 times the face value to get a ticket to see their favorite artists, according to the order.
America’s live concert and entertainment industry generates a total nationwide economic impact of $132.6 billion and supports 913,000 jobs, according to the fact sheet.
Ticketing giant Live Nation said it supports the order and “any meaningful resale reforms,” including enforcing the BOTS Act and implementing caps on resale prices.