Trump signs an executive decree targeting the price of tickets

CNN –

President Donald Trump signed a decree on Monday aimed at putting an end to tickets for live entertainment.

The ordinance orders the Federal Trade Commission (FTC) to work with the Attorney General Pam Bondi to ensure that competition laws are applied in the concert and entertainment industry. It aims to maintain the transparency of prices at all stages of the ticket purchase process for consumers.

The musician Kid Rock, who also appeared at the National Republican Convention last July, was present at the signing of the oval office.

I spoke to him over the years and that bothers him, said Trump about Kid Rock when signing the decrees. It bothers many other artists. They go out with a $ 100 ticket and sells $ 2,000 the next night.

Trump admitted that he did not know much about prices, but I checked it, and that's a big problem. He also encouraged Kid Rock, whose real name is Robert James Ritchie, to say a few words about the question.

I want fans to have equitable ticket prices, to be able to enjoy more shows, said Kid Rock. I would like to lower the price of my ticket, but if I fixed my low ticket prices, these robots eat them immediately and they sell for hundreds of dollars more and I only make these bad actors rich.

Trumps Order calls for a more rigorous application of the best law on online ticket sales (BOTS), a law of 2016 which allows the FTC to take measures against individuals and companies that use bots to buy bulk concert tickets and resell them.

The price of price prices attracted increased attention during the Taylor Swifts Eras tour in 2022, when the resale prices reached tens of thousands of dollars. The high sky prices caused a fierce reaction to Ticketmaster, the largest ticket office and concert promoter, legislators who accused the company of acting as a monopoly.

Last year, the Ministry of Justice, as well as 30 attorney general and district prosecutors, filed an antitrust complaint against the parent company of Ticketmasters, Live Nation, alleging that the company had abused its domination of industry to harm fans on a national level.

In a statement to CNN, Live Nation said that it supported efforts to reform ticket resale practices.

The scalpers and robots prevent fans from obtaining tickets at the prices set for artists, and we thank President Trump for taking them head on. We support all significant resale reforms, including greater application of the Boots Act, Ceiling on resale prices, etc., he said.

Trumps Order is based on the efforts of the Biden administration to suppress junk food in the concert ticket space. In December, the president of the time, Joe Bidens FTC, announced a final rule prohibiting the hidden convenience or the service fees for concert tickets at the cashier.

The live concert and entertainment industry of the Americas has a total economic impact on a national scale of $ 132.6 billion and supports 913,000 jobs, according to 2019 Oxford Economics data.

This story has been updated with an additional context.

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