President Trump signed an executive order targeting price gouging in concert ticket sales, a longstanding issue affecting fans and musicians alike. The order mandates the Federal Trade Commission to improve transparency in ticket pricing and enforce the BOTS Act against deceptive practices. This comes amid a significant antitrust lawsuit against Ticketmaster, noted for its monopoly over live events in the U.S., which has been linked to inflated ticket prices. The order symbolizes a response to decades of tension between artists, fans, and ticket vendors.
'Anyone who's bought a concert ticket in the last decade, maybe 20 years-no matter what your politics are-knows that it's a conundrum,' Kid Rock told reporters.
Trump said while he didn't know much about price gouging, 'I checked it out, and it is a big problem.'
The executive order is designed to stop 'price-gouging by middlemen,' and orders the Federal Trade Commission to ensure 'price transparency at all stages of the ticket-purchase process.'
The Justice Department filed an antitrust lawsuit against Ticketmaster and parent company Live Nation Entertainment last May, arguing their monopoly over live events has eliminated competition.
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