With the New York ticket resale law still being debated in the state legislature, TicketsNow – which is owned by Live Nation Entertainment – has decided to pull down all of its New York ticket listings until officials finish hammering out a resolution.
The company began calling some of its broker clients over the past 24 hours to inform them of the move, TicketNews has learned, but how long the listings will be down is unknown. State legislators are currently not expected to return to Albany before Monday, May 24, which means the site will not carry any tickets for Broadway shows, for example, or tickets for home games for the New York Yankees or Mets, for close to a week. Tickets for the teams’ away games are still listed. See the screenshots below.
TicketsNow is the nation’s third-largest ticket resale Web site, according to TicketNews’ exclusive industry rankings, and the company is the first major reseller to make the decision to pull down its New York inventory. As of this afternoon, May 19, StubHub, RazorGator and TicketNetwork were all still listing New York events.
A spokesperson for TicketsNow did not return a message seeking comment. With Broadway, multiple professional sports teams and several concert venues, New York is considered one of the most lucrative live entertainment markets in the U.S.
Earlier in the month, Live Nation Entertainment President and CEO said he has been disappointed in the performance of TicketsNow, and that the company is exploring options on what to do with it, including selling it.
“The legislature needs to approve the bill passed by the Assembly and supported by Gov. [David] Paterson. The delay in doing so is costing New York residents jobs and investment into call centers in the state,” said Don Vaccaro, founder and CEO of TicketNetwork. “There are multiple investment and finance deals that have been shelved over the last few days because of the legislature’s inaction, the investments may never come back to NYC.”
In recent weeks, New York has become one of the most watched states as it relates to its ticket resale law, which, until May 15 when it expired, allowed anyone to resell a ticket at any price and protected season ticket holders who decided to resell their tickets through channels other than the team.
When the law expired, the state reverted back to prohibiting the resale of tickets for more than $2 above face value. Besides the secondary ticket market, the old restrictions also affect TicketsNow’s parent company in the primary ticket market because convenience and other fees charged on top of the face value of the ticket are technically not allowed. Live Nation Entertainment’s primary ticketing operation is handled by its Ticketmaster division.
State legislators have said the old law will not be enforced until the new one is hammered out.
TicketNetwork is the parent company of TicketNews.
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