Context
Fans have been paying inflated prices for concert tickets, leading to concerns about exploitation by touts in the live events industry.
Question
What assessment she has made of the potential merits of introducing a cap on the resale of concert tickets. This summer, thousands of music fans in Scotland were dismayed at having to pay hugely inflated prices to see their favourite bands, including Oasis, so my right hon. Friend’s announcement on capping the resale price of tickets will be welcome news for all those fans. Will she consider what further measures can be taken to ensure a fair deal on ticket prices for concert-goers across the UK?
Answer from The Secretary of State for Culture, Media and Sport (Lisa Nandy)
For too long, fans have been exploited by touts seeking to profiteer from the UK’s booming live events industry. Last week, we announced that time is up for ticket touts and that change is coming, by introducing a cap on the price that tickets can be resold for. We estimate that this will save fans over £100 million a year. Among the measures that we have introduced recently are resale volume limits to prevent people from reselling more tickets than they were entitled to buy in the primary sale. The Competition and Markets Authority will be able to fine non-compliant platforms up to 10% of their annual turnover, which could mean multimillion-pound fines for rogue firms if they target UK consumers.
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