"California's ticketing industry could be undergoing some major changes. On Thursday, California state assemblymember Matt Haney introduced a new bill called the California Fans First Act. The bill would impose price caps on tickets sold in the resale market, limiting prices to no more than 10% above the ticket's face value. By making it illegal to sell overly expensive tickets, the bill, officially labeled AB 1720, is aimed at making resale tickets more affordable for fans."
"AB 1720 was introduced just a few weeks after a similar bill, AB 1349, reached the California Senate to be reviewed. AB 1349 aims to ban speculative ticket sales (tickets that resellers don't yet possess) in the state. If enacted, the proposed legislation would require sellers to have event tickets in their possession before listing them for sale and would raise the maximum civil penalty for each violation from $2,500 to $10,000."
"Rising demand for tickets has spurred a secondary resale marketplace for all kinds of high-profile live events, including music tours and sports games, making it harder to get tickets on the primary market. Ticketmaster and its parent company Live Nation have been at the center of this issue for years, as the major ticketing vendor sells around 80% of tickets through its website."
California lawmakers introduced bills aimed at curbing high resale ticket prices and speculative listings. AB 1720 would cap resale prices at no more than 10% above face value for shows in California while exempting sporting events. AB 1349 would ban speculative ticket sales by requiring sellers to possess tickets before listing and increase maximum civil penalties from $2,500 to $10,000 per violation. The two measures are expected to work together to regulate the secondary marketplace. Rising demand and a dominant vendor selling roughly 80% of tickets have driven a robust resale market and spawned federal antitrust actions.
Read at Los Angeles Times
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