Justice Department sues Live Nation, parent of Ticketmaster
The post Justice Department sues Live Nation, parent of Ticketmaster appeared on BitcoinEthereumNews.com. The U.S. Department of Justice is suing to break up Live Nation, the parent company of Ticketmaster, over alleged antitrust violations. The lawsuit, joined by 30 states and filed Thursday, follows a DOJ investigation into whether Live Nation maintains a monopoly in the ticketing industry, a probe launched in 2022 and bolstered by fan complaints after a botched rollout for tickets to Taylor Swift’s Eras Tour. “We allege that Live Nation relies on unlawful, anticompetitive conduct to exercise its monopolistic control over the live events industry in the United States at the cost of fans, artists, smaller promoters, and venue operators,” said Attorney General Merrick Garland in a statement. “The result is that fans pay more in fees, artists have fewer opportunities to play concerts, smaller promoters get squeezed out, and venues have fewer real choices for ticketing services. It is time to break up Live Nation-Ticketmaster.” Shares of Live Nation were down 6% on Thursday. In a statement, Live Nation said the DOJ’s allegations of a monopoly are “absurd.” “The DOJ’s complaint attempts to portray Live Nation and Ticketmaster as the cause of fan frustration with the live entertainment industry. It blames concert promoters and ticketing companies—neither of which control ticket prices—for high ticket prices. It ignores everything that is actually responsible for higher ticket prices, from increasing production costs to artist popularity, to 24/7 online ticket scalping that reveals the public’s willingness to pay far more than primary tickets cost,” said Dan Wall, Live Nation executive vice president for corporate and regulatory affairs. Venue dominance Live Nation and Ticketmaster merged in 2010, creating a dominant entity in the live event industry. The company directly manages more than 400 artists, controls around 60% of concert promotions at major concert venues, operates and manages ticket sales for live entertainment globally, and…
The post Justice Department sues Live Nation, parent of Ticketmaster appeared on BitcoinEthereumNews.com.
The U.S. Department of Justice is suing to break up Live Nation, the parent company of Ticketmaster, over alleged antitrust violations. The lawsuit, joined by 30 states and filed Thursday, follows a DOJ investigation into whether Live Nation maintains a monopoly in the ticketing industry, a probe launched in 2022 and bolstered by fan complaints after a botched rollout for tickets to Taylor Swift’s Eras Tour. “We allege that Live Nation relies on unlawful, anticompetitive conduct to exercise its monopolistic control over the live events industry in the United States at the cost of fans, artists, smaller promoters, and venue operators,” said Attorney General Merrick Garland in a statement. “The result is that fans pay more in fees, artists have fewer opportunities to play concerts, smaller promoters get squeezed out, and venues have fewer real choices for ticketing services. It is time to break up Live Nation-Ticketmaster.” Shares of Live Nation were down 6% on Thursday. In a statement, Live Nation said the DOJ’s allegations of a monopoly are “absurd.” “The DOJ’s complaint attempts to portray Live Nation and Ticketmaster as the cause of fan frustration with the live entertainment industry. It blames concert promoters and ticketing companies—neither of which control ticket prices—for high ticket prices. It ignores everything that is actually responsible for higher ticket prices, from increasing production costs to artist popularity, to 24/7 online ticket scalping that reveals the public’s willingness to pay far more than primary tickets cost,” said Dan Wall, Live Nation executive vice president for corporate and regulatory affairs. Venue dominance Live Nation and Ticketmaster merged in 2010, creating a dominant entity in the live event industry. The company directly manages more than 400 artists, controls around 60% of concert promotions at major concert venues, operates and manages ticket sales for live entertainment globally, and…
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