Minnesota bill aims to cap resale concert ticket prices

ST. PAUL, Minn. (FOX 9) - Extremely high prices for resale concert tickets could be just a blur in Minnesota if a new bill can learn to fly.

Capping concert ticket resale prices

Local perspective:

A bill in the Minnesota Legislature would force companies like Seat Geek and StubHub to clearly post how much the original ticket cost after fees.

And then they couldn’t charge more than 15% above that amount. 

The law, if it passes, would not apply to tickets for sporting events or Broadway-style performances. 

What they're saying:

"Making sure that the market is fair and that people have control and that they can drive the demand. They can drive prices. Not this artificial bot that comes up and buys all the tickets and then artificially inflates demand for the product. That is not a fair system," Rep. Erin Koegel (DFL-Spring Lake Park) said.

The other side:

The bill moved forward on Wednesday, but with some concerns about the companies controlling primary sales. 

StubHub's representative said Ticketmaster and Live Nation often hold back half the tickets from a concert, which can create artifical shortages and helps them create urgency so they can jack up prices on primary sales. 

Efforts on the federal level to keep prices cheaper

Taylor Swift performs onstage during night two of Taylor Swift | The Eras Tour at Nissan Stadium on May 06, 2023 in Nashville, Tennessee. (Photo by John Shearer/TAS23/Getty Images for TAS Rights Management) (Getty Images)

Dig deeper:

The federal government just settled a lawsuit against Ticketmaster and Live Nation, but it had no compensation for consumers. In response, Sen. Amy Klobuchar (D-Minnesota) says she is trying to pass a bill making sure everyday people benefit from settlements like that.

Minnesota is also still suing the companies, claiming they essentially operate a monopoly.