Concert and Festival Ticket Prices are About to Go Down
Getting tickets to festival’s is hopefully about to get a lot cheaper for fans.
Obama has signed a legislative act banning online ticket scalping. The Better Online Ticket Sales Act, or the BOTS Act is an effort to stop the unfair mass purchase and resale of tickets.
According to The Whitehouse Press Secretary the act “prohibits the circumvention of control measures used by Internet ticket sellers to ensure equitable consumer access to tickets for certain events.”
This means that software programs and bots that allowed people to scoop up tickets in bulk and resell them for a massive profit; are on the way out.
For fans like you and I, no more flocking to StubHub and other outlets to buy our favorite festival passes for triple the original price.
President Obama says that online scalping is a violation of the Federal Trade Act. The act dates all the way back to 1914, and aims to “prevent unfair methods of competition and unfair or deceptive acts or practices in or affecting commerce”.
Fans will now get a better shot at buying tickets to their favorite artist’s and festivals at face value. This is seemingly nothing but good news, which makes us wonder why this hasn’t happened sooner.
The answer lies in the fact that the ticket resale business actually accrues close to $5 billion dollars in revenue, according to a study done by Northeast Research, an institutional equity firm.
As we know, laws won’t stop everyone, but they will be able to stop mass-offenses. According to an article on ticket scalping by The NYT “an investigation by the New York State Attorney General found abuses like a single scalper buying more than 1,000 tickets in under a minute for a U2 concert at Madison Square Garden.”
Just in time for the Holidays.
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