The Live Nation and Ticketmaster monopoly of live entertainment
, 2023-01-25 10:32:22,
The Senate Judiciary Committee held a hearing this week titled “That’s the Ticket: Promoting Competition and Protecting Consumers in Live Entertainment,” which focused on the state of Live Nation Entertainment and the lack of competition in the markets. primary and secondary ticket sales.
“I just want to dispel this notion that this is not a monopoly and then we can go from there to find solutions,” Sen. Amy Klobuchar, D-Minnesota, said at the hearing, which took place Tuesday.
Live Nation Entertainment is comprised of Live Nation, an event promoter and venue operator, and Ticketmaster, a ticketing giant. The two companies merged in 2010 and now control an estimated amount 70% of the market for ticket offices and live event venues.
It’s no secret that Taylor Swift fans were outraged at November 2022 when millions flocked to ticketmaster.com to get tickets to see the heartbreak queen for the first time since 2018 and the website crashed. Long waiting lines and frozen screens sparked an uproar among fans, who blamed Ticketmaster for ruining their chances to see the pop star.
“As a leading actor, we have an obligation to do better,” Joe Berchtold, president and chief financial officer of Live Nation Entertainment, said at Tuesday’s hearing.
This isn’t the first time consumers have called for the breakup of Ticketmaster and Live Nation. It’s also not the first time the Justice Department has reportedly investigated alleged misconduct by the company.
When the merger of Live Nation and Ticketmaster…
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