The UK’s competition authority has launched an official investigation into the incident After tickets for the Oasis reunion shows went on sale last weekend. The Competition and Markets Control Authority said it would do so and whether it violates consumer laws.
Dynamic pricing involves a business adjusting prices based on changing market conditions such as demand. Airlines are among those using the model.
Some Oasis fans have waited hours in Ticketmaster’s virtual queues, desperate to get tickets to the band’s first shows in 16 years. When they were finally able to buy the tickets, some found they were two or three times more expensive than they expected due to dynamic pricing. With Ticketmaster often giving customers mere moments to complete the purchase once the tickets are in their cart, fans have been forced to make the snap decision to pay significantly more than they expected.
The CMA will look at the pressure of the ticking clock on consumers’ purchasing decisions. It will also seek to determine whether Ticketmaster engaged in “unfair trading practices” prohibited by the Consumer Protection Against Unfair Trading Act of 2008. In addition, the watchdog will examine whether “clear and timely information” was given to customers to explain that tickets might be available. prices should be subject to so-called ‘dynamic pricing’, which changes depending on demand and how it works, including the price they pay for any ticket purchased.
The CMA notes that while dynamic pricing is not illegal under UK law, ticketing platforms must be transparent with customers and provide clear and accurate details of how much they have to pay. The watchdog said the practice could breach consumer protection or competition laws in certain circumstances.
Oasis criticized the use of dynamic pricing for the band’s long-awaited reunion concerts. “It should be made clear that Oasis leaves ticket and pricing decisions entirely to its promoters and management,” the band said. said in the statement. He claimed he was “not aware that dynamic pricing would be used”. Other high-profile artists, including Taylor Swift, Ed Sheeran and The Cure, have refused to use dynamic pricing for recent shows.
After the fight for Oasis tickets, there is the UK government as part of a consultation on the secondary ticket market this autumn. In the United States, the Justice Department and many state and district attorneys general have filed antitrust lawsuits. . They claim to have a monopoly on the live entertainment industry. Ticketmaster also fell victim to a cyber attack this year involving hackers It obtained personal data of 560 million customers.
