DALLAS – Vibrant secondary markets for tickets are under threat, as evidenced by the recent lawsuit filed against the Golden State Warriors and TicketMaster for threatening ticket holders against reselling tickets through anything other than TicketMaster. As venues and ticketing companies attempt to monopolize secondary markets, now is the time for governments to address this issue and act to protect consumers' rights, says Tom Giovanetti, president of the Institute for Policy Innovation (IPI),and author of "Protecting Secondary Markets for Tickets."
“Consumers should be able to enjoy the freedom to sell their unused tickets at whatever price a willing buyer will pay, and both parties end up happy,” said Giovanetti. “It's important for us to maintain secondary markets for things like event tickets, and to make sure when you buy a ticket, you have the right to resell it.”
Giovanetti says consumers and the economy benefit from the secondary ticket market. “Selling items you no longer need or can’t use — such as used cars or used books — is a perfectly natural thing for consumers to do. It’s widely understood that secondary markets contribute to economic efficiency and thus accrue to the benefit of us all.”
“As venues, promoters and ticketing companies increasingly try to extend the terms and conditions for a ticket beyond those reasonable and necessary for the first sale of those tickets in order to eliminate or monopolize the secondary market, it’s important for government to step in and clearly define the rights of ticket purchasers to participate in secondary markets.”
Tom Giovanetti is president of the Institute for Policy Innovation (IPI), an independent, nonprofit public policy organization based in Dallas. Copies of "Protecting Secondary Markets for Tickets” are available at www.IPI.org. Giovanetti is available for interview by contacting Erin Humiston at (972) 874-5139, or erin@IPI.org.