President Biden Announces Major Change for Ticketmaster and Live Nation Fees
President Joe Biden has announced a major change when it comes to ticket fee transparency.
CNN reports that on June 15, Biden, Live Nation and Ticketmaster pledged that U.S. concert attendees will have the ability to see the full price of tickets upfront.
The new effort is an attempt to cut down on buyer frustration during the checkout process, when ticketing agencies often tack on additional fees.
"The solution is what is called ‘all-in pricing’ and that’s where companies fully disclose their fees up front, when you start shopping, so you’re not surprised at the end when you check out," Biden said in a statement.
National Economic Council Director Lael Brainard praised the move as well as Biden's effort to "lower costs" for consumers.
"President Biden has been working to lower costs for hardworking families by bringing down inflation, capping insulin prices for seniors and eliminating hidden junk fees," she said in a statement.
"More companies are heeding the president’s call so that Americans know what they’re paying for up front and can save money as a result," Brainard added.
The announcement comes amid increasing pressure from fans and artists over out-of-control ticketing fees.
Earlier this year, fans of Taylor Swift sued Ticketmaster after chaos erupted during the pre-sale for Swift's Eras Tour. Ticketmaster referred to the debacle as the result of "extraordinarily high demands on ticket systems and insufficient remaining ticket inventory."
Ticketmaster subsequently canceled the general sale for The Eras Tour.
The issue caught the attention of the U.S. Justice Department, which launched an investigation into the incident.