Ticketmaster Will Finally Offer Refunds For Concerts Canceled Because Of The Pandemic
People were pretty ticked off that until now, Ticketmaster had be holding off on giving refunds. But now the company said it is finalizing plans to refund for as many as 18,000 events that were postponed or canceled by the COVID-19 pandemic.
Starting May 1, fans can request a refund for a 30-day period, according to Ticketmaster parent company Live Nation. The affected shows include L.A. area stadium dates by Taylor Swift, who has canceled all of her remaining 2020 live events.
The dates affected by the Ticketmaster decision run through July, meaning a bit hit to the already staggering Live Nation bottom line. Company officials previously announced haircuts to senior executive salaries, including CEO Michael Rapino, who is not taking any money while the situation lingers. The company also has established a new line of credit to weather the storm.
Beyond July, Ticketmaster has an estimated 55,000 future dates on its calendar, but the company said it would deal with those at a later date, when presumably some clarity has been established on the country reopening.
Refund options include exchanging tickets for up to 150% of the face value through Ticketmaster’s credit system for future shows, or donating tickets to healthcare workers.
Rival AEG has already promised similar terms. Ticketmaster has already canceled or postponed 30,000 events for 2020, a total representing an estimated $2 billion in ticket revenue.
