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Ticketmaster has said it will be more transparent about ticket fees, according to reports.\u00a0 \n<\/p>\n
Michael Rapino, chief executive of Live Nation, reportedly<\/a> told investors that \u201cWe all want to know what is the true cost to see the show when we start shopping\u201d.<\/p>\n US President Joe Biden has been vocal in support of limiting \u2018junk fees\u2019<\/a> for certain services such as ticketing, through his \u2018Junk Fee Prevention Act\u2019.<\/p>\n The President met with the Competition Council in February to discuss the Act, which would also include restrictions on early cancellation charges imposed by TV, cable and internet providers.<\/p>\n According to Billboard, Ticketmaster keeps between $2 (\u00a31\/\u20ac2) to $5 per ticket for processing costs and a small portion of fees to recoup any lands, advances or bonuses it may have paid to the venue to win the ticketing contract.<\/p>\n An unnamed executive told Billboard<\/a> that Rapino said: \u201cWe\u2019ve got to now go out and do a much better job so policymakers and consumers understand how the business operates.<\/p>\n \u201cWe\u2019ve historically not had a big incentive to shout out loud that venues are charging high service fees or artist costs are expensive. But I think now [that] education is paramount.\u201d<\/p>\n Live Nation and Ticketmaster faced a Senate Judiciary Committee in January following a situation surrounding the Taylor Swift \u2018Eras Tour\u2019 on-sale. Fans have also been unhappy because of ticket prices<\/a> for the US leg of a tour from Bruce Springsteen. The executive also told Billboard that fees can add over 30% to the final price of a concert ticket, leading to the anger felt over the Springsteen prices.<\/p>\n \t\t\t\t\t\t\t<\/p><\/div>\n