Ticketmaster parent Live Nation Entertainment, Inc (NYSE:LYV), SeatGeek and xBk are among several companies that have committed to revealing ‘all-in pricing’ to ticket buyers, ending so-called ‘junk fees’ following pressure from President Joe Biden.
Biden had called for action to crack down on hidden fees that ticketing companies pass onto consumers to lower overall costs.
The issue reached a boiling point in November 2022, when customers were faced with exorbitantly high prices for Taylor Swift’s Eras tour tickets, CNBC reported.
“Junk fees — hidden, surprise fees that companies sneak onto customer bills — are a pervasive problem in industries across the economy,” the White House said in a statement.
“That’s why the President has been calling on federal agencies, Congress, and private companies to take action to address these fees and provide consumers with honest, transparent pricing.
The White House noted that a large body of research has shown that fees charged at the back-end of the buying process, along with other types of junk fees, make it harder to comparison shop, impede competition, and lead to consumers paying more.
Representatives from Live Nation, SeatGeek, xBk, Airbnb, the Pablo Center at the Confluence, TickPick, DICE, and the Newport Festivals Foundation were meeting with Biden on Thursday to commit to all-in pricing, if they had’t already done so, the White House added.
Last December, Airbnb Inc (NASDAQ:ABNB) introduced a new total price display tool that allows US consumers to see all fees before taxes. Since then, it said more than 8 million visitors have taken advantage of the tool to view fee-inclusive pricing.
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