Vermont caps ticket prices | Matt Connarton Unleashed

0:00 Speaker 1: This relates to something we talked about on the show.

0:02 Speaker 1: I think a couple of weeks ago. Individual states are

0:06 Speaker 1: making laws about capping the resale value of tickets, and

0:11 Speaker 1: what that means is people who scalp tickets. So I

0:15 Speaker 1: don't mean just individuals. You know, like we've all seen.

0:17 Speaker 1: If you've been to concerts, you've all seen people outside,

0:20 Speaker 1: you know, trying to sell you a ticket sold out show.

0:23 Speaker 1: I can sell you a ticket for an exorbitant amount

0:25 Speaker 1: of money. But very often when we talk about this,

0:26 Speaker 1: we're talking about websites, resale websites where they buy tickets

0:30 Speaker 1: from Ticketmaster and then resell them, and it's a dirty business.

0:35 Speaker 1: A ticketing business is a really dirty business. So we've

0:37 Speaker 1: talked about that a lot on the show over the years.

0:39 Speaker 1: But now you have individual states that are making laws

0:42 Speaker 1: about actually capping the price at which you can legally

0:46 Speaker 1: resell a ticket, which is going to hurt these resellers.

0:49 Speaker 1: But Vermont has now done this, and I'm actually surprised

0:51 Speaker 1: at how low the cap is. This is from Music

0:55 Speaker 1: Business Worldwide dot Com. Vermont caps ticket resale prices at

0:59 Speaker 1: one hundred ten percent of face value in law backed

1:03 Speaker 1: by Noah khan It says Vermont has signed into law

1:07 Speaker 1: a cap on the resale price of concert, entertainment and

1:10 Speaker 1: sporting event tickets. Governor Phil Scott signed H five to

1:14 Speaker 1: one to two into law on Tuesday, May twenty six,

1:17 Speaker 1: capping resale prices at one hundred ten percent of a

1:20 Speaker 1: ticket's original face value. So that means, and again I'm

1:24 Speaker 1: not good at math, but if you are reselling a ticket,

1:28 Speaker 1: you can only market up ten percent, because one hundred

1:30 Speaker 1: and ten percent of its original face value means you

1:33 Speaker 1: can only market it up ten percent, which is not

1:35 Speaker 1: much of a profit, but that's literally how much you

1:38 Speaker 1: can mark up the ticket. The law also bans speculative

1:44 Speaker 1: ticket sales, where a reseller lists tickets they do not

1:48 Speaker 1: yet own, and prohibits secondary ticket exchanges from using deceptive

1:53 Speaker 1: URLs or falsely implying an affirmation with a venue or artist.

1:56 Speaker 1: Vermont is the only US state to have enacted enforceable

2:00 Speaker 1: cap on ticket prices. So there you go. So Vermont

2:05 Speaker 1: is they're now the first ones to do that, but

2:08 Speaker 1: that is the beginning of a trend.