Trump EO to stop excessive ticket scalping signed

Donald Trump has signed yet another executive order, and while I agree with the order, this really needs to be handled by Congress.

The order would stop excessive prices by ticket scalpers.

Ticket Prices Soaring

There was a time when I was an avid concertgoer, but those days have long since passed.

The last concert I went to was a Red Hot Chili Peppers concert in Texas that was overpriced even as a direct buyer at $280 per ticket, with someone sitting next to me who paid more than $1,000 for the very same ticket.

Since 2021, entertainment tickets have jumped by about 20%, as the industry tries to make up for all the income it lost during COVID, and the general public is paying the price.

However, when it comes to the music industry and sports, the secondary market is far more expensive, often charging prices five to ten times the face value.

Excessive Fees

In addition to out-of-control prices, outlets like Ticketmaster, StubHub, and SeatGeek charge excessive fees to both buyers and sellers for every transaction.

Depending on the event, the upcharge in fees can range from 13% to 58%. So, even when you think you're getting a deal, the tickets sometimes cost 50% more than you thought you would have to pay.

As an example, Disturbed is playing at Dickies Arena in Fort Worth, TX, later this month. Two floor seats are listed for about $290 each, so $580 for both tickets. However, by the time fees are added, that price is now at $705.75. That is more than 21% added to the cost of the tickets.

And that is on the low end for ticket fees. I regularly see concert tickets with fees well over 30%, usually higher, if they are a more popular band.

Trump Signs the Order

Kid Rock joined Donald Trump for the signing of the order, which directs the Federal Trade Commission to work with the AG to ensure competition laws are being enforced in the concert and entertainment industry.

A White House official explained, "Ticket scalpers use bots and other unfair means to acquire large quantities of face-value tickets, then re-sell them at an enormous markup on the secondary market, price-gouging consumers and depriving fans of the opportunity to see their favorite artists without incurring extraordinary expenses.

"By some reports, fans have paid as much as 70 times the face value of a ticket price to obtain a ticket."

I agree with this order just as much as I agree that credit card companies need to be reined in regarding ridiculous interest rates. I am all for capitalism, but there is no need to be a pig and just rake people over the coals.