Ticketmaster is taking steps to remove resale tickets for Ontario events in line with a recent provincial law that limits the price of such tickets to their original face value. The company’s representative, Shabnum Durrani, announced that customers can relist their tickets once the platform updates its resale marketplace next week. Durrani emphasized Ticketmaster’s dedication to establishing a fair and secure ticket marketplace within the boundaries of the law.
This action follows the passing of Ontario’s budget bill, which included the imposition of a price cap on resale tickets. The bill officially received royal assent last Friday. The decision to implement the price cap was prompted by consumer dissatisfaction with resellers acquiring tickets to high-demand events, such as the previous year’s World Series and Taylor Swift’s Eras tour, and reselling them at inflated prices.
Updates to the 2017 Ticket Sales Act were disclosed by the government last month following Premier Doug Ford’s commitment to reviewing legislation in response to exorbitant resale prices for World Series tickets in Toronto. Despite initial opposition, StubHub and SeatGeek spokespeople mentioned their intention to comply with the law while seeking further guidance from the province.
Concerns have been raised about the potential negative impact of price caps on fans and the overall ticket market. While the law aims to enhance fairness and accessibility, critics like Richard Powers from the Rotman School of Business argue that the elimination of profit incentives for reselling platforms may pose challenges to their sustainability. The effectiveness of the law in deterring ticket resale violations remains uncertain, with potential fines for non-compliance being considered.
In summary, Ticketmaster’s decision to adhere to the new price cap law for resale tickets in Ontario reflects the ongoing efforts to regulate ticket reselling practices and ensure a more equitable ticket marketplace for consumers.