So as I'm sure many have seen, the province of Ontario in Canada has introduced a bill that requires a cap on ticket resale prices. It cannot exceed the fair value price of the ticket + fees. This was introduced many years ago, but then was scrapped by the current government, who then decided to just reintroduce this (many reasons why this happened).
Right now, Ticketmaster has removed all resale tickets on their website in Ontario. This has major implications due to World Cup games in Toronto next month + Raptors playoffs and Jays tickets right now. They will be allowing resale again next week on their platform once I'm sure they can put proper measures in place.
Seatgeek actually send out an email to it's customers stating why capping ticket resales is a bad thing, so there's a lot of interest in this topic right now.
What will be interesting to follow is what impact this has to the ticket market in Ontario for events going forward.
- What impact will this have on face value tickets since Ticketing agents + teams/musicians won't be getting additional revenue from ticket resales.
- What impact will this have on dynamic pricing tickets.
- What impact will this have on VIP and VIP Platinum tickets (sell more expensive tickets to get more fees)
- What impact will this have on ticket availability of tickets to the general public.
- What ripple impact will this have in other regions in Canada and the US adopting this as well.
- What the impact will be on Season tickets. I know people who've already declined renewing season tickets since they won't be able to easily resell games to cover some of their costs.