Britain opens investigation into Oasis tickets

By Steve Goldstein

Britain's competition regulator on Thursday announced an investigation into Ticketmaster sales of Oasis tickets, after fans complained about the difficulty of securing tickets to the rock band's new tour.

The Competition and Markets Authority said it's looking at Live Nation's (LYV) Ticketmaster unit, including the role dynamic pricing has played.

It said it's looking at whether the company engaged in unfair commercial practices barred under a 2008 law, if people were given clear information about dynamic pricing, and whether people were put under pressure to buy tickets with a short period of time.

The regulator said it's not illegal for a business to engage in dynamic pricing, but that companies have to inform consumers of the price they would pay as they go through the process of buying tickets, importantly before check out.

According to the BBC, fans said they were asked to pay as much as GBP350 ($461) per ticket, or about GBP200 more than initially advertised. Oasis itself said decisions on tickets and pricing were left to promoters.

Keir Starmer, Britain's new prime minister, had brought up the issue in Parliament on Wednesday. "I'm committed to putting fans at the heart of music and ending extortionate price resales, and we're starting a consultation to work out how best we can do this," Starmer said.

Live Nation stock has climbed 17% this year.

-Steve Goldstein

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09-05-24 0943ET

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