Field Dispatch
Vermont caps ticket prices | Matt Connarton Unleashed
Speaker 1: This relates to something we talked about on the show.
Speaker 1: I think a couple of weeks ago. Individual states are
Speaker 1: making laws about capping the resale value of tickets, and
Speaker 1: what that means is people who scalp tickets. So I
Speaker 1: don't mean just individuals. You know, like we've all seen.
Speaker 1: If you've been to concerts, you've all seen people outside,
Speaker 1: you know, trying to sell you a ticket sold out show.
Speaker 1: I can sell you a ticket for an exorbitant amount
Speaker 1: of money. But very often when we talk about this,
Speaker 1: we're talking about websites, resale websites where they buy tickets
Speaker 1: from Ticketmaster and then resell them, and it's a dirty business.
Speaker 1: A ticketing business is a really dirty business. So we've
Speaker 1: talked about that a lot on the show over the years.
Speaker 1: But now you have individual states that are making laws
Speaker 1: about actually capping the price at which you can legally
Speaker 1: resell a ticket, which is going to hurt these resellers.
Speaker 1: But Vermont has now done this, and I'm actually surprised
Speaker 1: at how low the cap is. This is from Music
Speaker 1: Business Worldwide dot Com. Vermont caps ticket resale prices at
Speaker 1: one hundred ten percent of face value in law backed
Speaker 1: by Noah khan It says Vermont has signed into law
Speaker 1: a cap on the resale price of concert, entertainment and
Speaker 1: sporting event tickets. Governor Phil Scott signed H five to
Speaker 1: one to two into law on Tuesday, May twenty six,
Speaker 1: capping resale prices at one hundred ten percent of a
Speaker 1: ticket's original face value. So that means, and again I'm
Speaker 1: not good at math, but if you are reselling a ticket,
Speaker 1: you can only market up ten percent, because one hundred
Speaker 1: and ten percent of its original face value means you
Speaker 1: can only market it up ten percent, which is not
Speaker 1: much of a profit, but that's literally how much you
Speaker 1: can mark up the ticket. The law also bans speculative
Speaker 1: ticket sales, where a reseller lists tickets they do not
Speaker 1: yet own, and prohibits secondary ticket exchanges from using deceptive
Speaker 1: URLs or falsely implying an affirmation with a venue or artist.
Speaker 1: Vermont is the only US state to have enacted enforceable
Speaker 1: cap on ticket prices. So there you go. So Vermont
Speaker 1: is they're now the first ones to do that, but
Speaker 1: that is the beginning of a trend.
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