Live Nation and Ticketmaster Agree To Let Consumers See All Fees Upfront, Biden Announces
Live Nation (LYV) and Ticketmaster have agreed to disclose the full price of tickets upfront, President Joe Biden announced last week. Which means that buyers won't have to go through the frustrating experience of watching additional fee add up during checkout while buying tickets online.
The president reportedly urged Congress to pass a legislation targeting other hidden costs that the customers are required to pay. This marked the Biden administration's latest efforts to address issues that people face in their day-to-day life, reported CNN Business.
Biden Administration's Decision To Implement 'All-In' Pricing
Ticketmaster faced intense backlash last year after demands for Taylor Swift Eras tickets causes a complete site meltdown. Now, they have decided to refine their checkout procedure for smoother transactions. "The solution is what is called 'all-in' pricing and that's where companies fully disclose their fees upfront when you start shopping, so you're not surprised at the end when you check out," Biden said at the White House event.
"President Biden has been working to lower costs for hardworking families by bringing down inflation, capping insulin prices for seniors, and eliminating hidden junk fees," said National Economic Council Director Lael Brainard in a statement. "More companies are heeding the President's call so that Americans know that they're paying for upfront and save money as a result."
Which Companies Have Agreed To Provide All In Pricing Upfront?
Biden summoned to the White House representatives from companies that were either already providing all-in pricing upfront or had agreed to provide that option in the near future. These companies include Live Action, SeatGeek, xBk, Airbnb, the Pablo Center at the Confluence, DICE, TickPick, and the Newport Festivals Foundations.
"Live Nation is proud to provide fans with a better ticket-buying experience," said Tom See, Live Nation's president of venues in a statement. "We'll continue advocating for innovations and reforms that protect that amazing connection."
Apart from this, Biden's Transportation Department also took major steps last fall to reduce "unnecessary hidden fees" from airline and travel sites that the president warned were "weighing down family budgets".
President Biden also made another call for action to other leaders in the private sector to take similar actions. "I'm asking their competitors to follow suit and adopt all-in upfront pricing as well. This is -- this is a win for consumers, in my view, and proof that our crackdown on junk fees has real momentum," he said.
The president explained that junk fees may not affect the rich, but they have an impact homes "like the one I grew up in". "They add up to hundreds of dollars a month. They make it harder for you to pay the bills or afford that family trip. I know how unfair it feels when a company overcharges you and gets away with it," he added.
What Was The Roundtable Meeting All About?
President Biden hosted a roundtable with a diverse group of American companies to discuss the actions needed for all-in pricing and ways to solve consumer problems. The White House also highlighted some steps that the companies have taken to make the pricing more transparent like Airbnb's planned December rollout of a new total price display tool that allows consumers to see all the taxes ad additional prices before the final checkout page.
The Biden administration also proposed a set of new rules targeting credit card late fees, airline, and lodging as well that aim to get rid of extra charges that aren't published clearly by the companies, as per USA Today.
"Our hope is that as you build momentum around voluntary action, more and more (companies) will do it," said Michael Negron, a special assistant to the president on economic policy."