Why Live Nation and Ticketmaster dominate the live entertainment industry
Publishing timestamp: 2023-01-25 16:02:20
Summary
The Senate Judiciary Committee held a hearing this week to discuss the lack of competition in the primary and secondary ticketing markets, which is largely due to the merger of Live Nation and Ticketmaster in 2010. The Department of Justice has been investigating the company for alleged misconduct, and in 2019 they made their most significant enforcement action of the antitrust decree in 20 years. Consumers have called for the breakup of Ticketmaster and Live Nation, and the New York Times reported in November 2022 that the DOJ is once again investigating the company. Experts say that while the company does have some competition, no other firm currently stands a chance. Live Nation declined an interview or comment, but stated on its website that it does not retaliate for lost ticketing deals.
Sentiment: MIXED
Keywords: personal finance, music, pop band, business news, young investors, personal investing, pop music, musical theater, rock band, business, events, judiciary, monopoly and antitrust, taylor swift, music groups, blues, live nation entertainment inc, markets, prices, laws, financials, economy, world economy, rock music, joe berchtold, soul music, event promotion and ticketing services, antitrust regulation, technology, bruce springsteen, barclays center, michael rapino, musician, investors, lawyer, amy klobuchar, eventing, inflation, wall street, aquatics events, sports events, targeted marketing, funk music, marketing, international investing, us senate, personal saving, warner music group corp, social promotion,
Source: https://www.cnbc.com/2023/01/25/the-live-nation-and-ticketmaster-monopoly-of-live-entertainment.html