US Fed and 30 states sue Ticketmaster for antitrust

[LadyStanley]

Justice Department and 30 states seek breakup of Live Nation-Ticketmaster through major antitrust suit

The Justice Department and 30 states filed a major antitrust lawsuit Thursday seeking the breakup of Ticketmaster owner Live Nation Entertainment over what they allege is the company's unlawful dominance over the concert ticket sales industry. "The result is that fans pay more in fees, artists...

www.yahoo.com

Seek to split company up.

Click to read more...

 

[LadyStanley]

DOJ widens antitrust crackdown as it seeks a breakup of Live Nation

Prosecutors argue Live Nation used its Ticketmaster ticketing monopoly to suppress competition, the latest in several actions to rein in the power of big corporations across America.

finance.yahoo.com

From the finance side. TM processes 80% of tickets in US.

 

[Bonk]

DOJ widens antitrust crackdown as it seeks a breakup of Live Nation

Prosecutors argue Live Nation used its Ticketmaster ticketing monopoly to suppress competition, the latest in several actions to rein in the power of big corporations across America.

finance.yahoo.com

From the finance side. TM processes 80% of tickets in US.

They control 80 percent of the ticket industry. That's crazy.

That said, call me skeptical but I won't believe any real change will happen in that industry until I see it.

 

[mouser]

About time, the service fees Ticketmaster applies as an effective monopoly are excessive

 

[Ford Prefect]

I just don't see how they "break it up". I think of businesses like Standard Oil that were broken up into 34 smaller regional oil companies. But how do you do that with ticketing? You break it up into concert, sporting events, etc.? How does that do anything to provide more competition? Do it geographically? There will still be only one major ticketing organization in each jurisdiction. They will still carry the same deals with the same promoters and venues. It sounds terrific but pragmatically, how does that help?

* If not patently obvious I have no background or experience in this area.

 

[LadyStanley]

For one, split back into TM and Live Nation (concert promotion/production).

As far as Ticketmaster itself...no clue.

 

[AdmiralsFan24]

 

[Leafshater67]

The tickets to concerts have gone up more than anything else during inflation and that’s saying a lot. $600-700 a ticket here in Canada to see any big name act of any kind it seems now and 70% of it is fees

 

[BigBadBruins7708]

I just don't see how they "break it up". I think of businesses like Standard Oil that were broken up into 34 smaller regional oil companies. But how do you do that with ticketing? You break it up into concert, sporting events, etc.? How does that do anything to provide more competition? Do it geographically? There will still be only one major ticketing organization in each jurisdiction. They will still carry the same deals with the same promoters and venues. It sounds terrific but pragmatically, how does that help?

* If not patently obvious I have no background or experience in this area.

The issue is Live Nation owns/manages most venues, so when Ticketmaster bought them they acquired those venues. That means in addition to being the only real ticket seller they also control who plays the venues so if any entertainer tries to not use Ticketmaster they'd essentially get blackballed from performing.

That's where you'll see the break up, they'll be forced to give up venue management.

 

[beowulf]

About time...will take years to come to a conclusion most likely.

 

[LadyStanley]

Nevada Attorney General joins anti-trust lawsuit against Live Nation

This lawsuit stems from allegations that Live Nation, which owns Ticketmaster, has illegally monopolized the live entertainment industry by increasing prices for live shows across the country.

www.fox5vegas.com

The state of Nevada joins suit

 

[patnyrnyg]

I have 2 issues with ticketdisaster 1) They should not be permitted to act as an agent for primary sales and secondary sales. There have definitely been times I went on for a public onsale, nothing wa available. However, plenty were available in the resale market in the sections they usually sell as primary.

2) There should not be "market" pricing on primary sales, especially during the initial public onsale. Prices for tickets going on sale should be announced ahead of time, and should be locked in on the primary market. The public onsale create an artificial demand and their logarithms skyrocket the price.