President Trump, with Kid Rock by his side, signed an executive order targeting unfair ticket scalping practices in the live entertainment industry. The order directs the FTC, Treasury, and DOJ to enforce stricter competition laws, ensure price transparency, and combat deceptive conduct. A detailed report on the actions taken will be submitted in 180 days. The move aims to protect consumers from exploitative pricing and restore fairness in concert ticket sales.
#Trump #KidRock #TicketScalping #ConcertTickets #TicketFraud #ConsumerRights #FTC #EntertainmentNews #TicketReform #FairPricing #LiveEvents #MusicFans #TicketTransparency #TicketLaws #PriceGouging #USPolitics #JusticeDepartment #TreasuryDepartment #BOTSACT #MarketRegulation
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#Trump #KidRock #TicketScalping #ConcertTickets #TicketFraud #ConsumerRights #FTC #EntertainmentNews #TicketReform #FairPricing #LiveEvents #MusicFans #TicketTransparency #TicketLaws #PriceGouging #USPolitics #JusticeDepartment #TreasuryDepartment #BOTSACT #MarketRegulation
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NewsTranscript
00:00Of course, sir. So this is an executive order, as you said, that deals with the ticket reselling business.
00:05Uh, for...
00:08You better do well with this.
00:11These don't have access to concerts the way that they should.
00:15Uh, and when they do, it's at exorbitantly high price.
00:18Of course, sir. So this is an executive order, as you said, that deals with the ticket reselling business.
00:23Uh, for fans of live entertainment, and for entertainers as well,
00:27uh, the ticket reselling industry has become a huge issue.
00:30These people use, uh, bots and computer algorithms to buy up huge blocks of tickets,
00:36and then jack up the price, so that fans of live entertainers like Mr. Ritchie,
00:40I almost called him Mr. Rock, um, don't have access to concerts the way that they should.
00:46Uh, and when they do, it's at exorbitantly high prices.
00:49So what this executive order does, it charges the FTC and the Department of Justice
00:54with rigorously enforcing, uh, laws on the books,
00:57uh, in collaboration with state attorneys general that have power over consumer protection,
01:02uh, and other people who have the power to really crack down on this issue,
01:06uh, so that entertainers and fans, uh, won't be subject to these abusive and oftentimes illegal practices.
01:13Okay. Thank you very much.
01:15Bob, do you want to say something?
01:17Yeah, anybody who's... It doesn't matter your politics.
01:20First of all, thank you, Mr. President, because this has happened at lightning speed.
01:24I know you put, uh, I want to make sure Alina Hava...
01:27Alina Hava gets her credit, too, because I know she worked very hard on this,
01:29but thank you for making this happen so quick.
01:31Anyone who's bought a concert ticket in the last decade, maybe 20 years,
01:34no matter what your politics are, knows that it's a conundrum.
01:37You buy a ticket for $100, by the time you check out, it's $170.
01:40You don't know what you're being charged for, but more importantly, these bots,
01:44you know, they come in to get all the good tickets to your favorite shows you want to go to,
01:48and then they're relisted immediately for sometimes a 4-500% markup.
01:53And the artists don't see any of that money.
01:55And, you know, ultimately, I think this is a great first step.
01:58Uh, I would love, down the road, if there'd be some legislation
02:01that we could actually put a cap on the resale of tickets.
02:04And I'm a capitalist and a deregulation guy, but they've tried this in some places in Europe,
02:09and it seems to be the only thing that's...
02:11Us, as artists, be able to get the tickets into the hands of the fans at the prices we set.
02:16I'll be the first one to say, and I know the President doesn't like when I say this,
02:19but I'm a little overpaid right now.
02:21It's kind of ridiculous. I would rather be, you know, a hero to working-class people
02:26and have them be able to come attend my shows and give them a fairer ticket price.
02:29I can't control that right now.
02:30So, hopefully, this is a step to really be able to make that happen.
02:36You better do well with this.
02:39He's gonna do it, make sure everything is nice and clean, right?
02:44Make America funny.
02:45Because you're not in a clean industry.
02:47Hold that up.
02:50Okay? Thank you, everybody.
02:52These people use bots and computer algorithms to buy up huge blocks of tickets
02:58and then jack up the price so that fans of live entertainers like Mr. Richie,
03:02I almost called him Mr. Rock, don't have access to concerts the way that they should.
03:11You better do well with this.
03:14He's gonna do it, make sure everything is nice and clean, right?
03:18Make America funny.
03:19Because you're not in a clean industry.
03:21Hold that up.