Live Nation CEO Gives Update About Concert Ticket Refunds
He Clarified Misconceptions About Ticketmaster
For the past few days, concertgoers have been sharing how difficult it is to file for refunds for the concerts or events that were canceled due to the coronavirus pandemic. Both StubHub and Ticketmaster have changed their policies, making it almost impossible to get their money back.
Live Nation CEO Joe Berchtold spoke to CNBC about refunds and the effect of the outbreak on the concert and touring industry. Ticketmaster is a subsidiary of Live Nation.
Speaking about Ticketmaster, he explained: “Ticketmaster doesn’t sell these tickets and then sit on a mountain of cash. Ticketmaster sells tickets, then it gives the cash over to the venues where the events are being held, the venues will either hold the cash, give it to the event organizer, maybe eventually to an artist.Before Ticketmaster [can] issue a refund on a rescheduled event, it has to go to the venue, get that money, a lot of those venues are closed because of the current situation, they have to then sometimes go and get the money from somebody else, and so on down the chain. So it’s a pretty big process to go through and right now the volume of it is just so huge.”
But that’s not to say they’re currently not doing anything. He added: “What we’re trying to do is follow a standard process that says as soon as it gets rescheduled and there’s a date, so people can then determine can I go to that time or not, then we’re gonna have an opportunity to get some refunds.”
He’s pretty optimistic for 2021 though, saying by that time, they will be “back absolutely in full force.”
Watch his full interview below.