With Live Nation and its Ticketmaster arm under fire, will concert tickets drop in price? Texas and almost 30 states are going after the biggest monopoly in the music business.With the near-death of record album sales, musicians make most of their money from live concert appearances. But many fans are frustrated by the high cost of tickets and junk fees that companies like Live Nation and its Ticketmaster charge.
In a statement released after the court filing, Live Nation said that “calling Ticketmaster a monopoly may be a P.R. win for the DOJ in the short term, but it will lose in court because it ignores the basic economics of live entertainment, such as the bulk of service fees go to venues, and the competition has steadily eroded Ticketmaster’s market share and profit margin.”It appears to be a coincidence. The hack happened on May 20, and the lawsuit was announced three days later.
Headquarters of Live Nation as shown in 2020 in Beverly Hills, Calif. Anyone who has bought concert tickets knows about the add-on fees: service or convenience fees, platinum fees, VIP fees, handling fees, payment processing fees, facility fees plus taxes. The lawsuit refers to these as a “Ticketmaster Tax.” The company also peddles event insurance and options like parking..
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Fonte: FoxBusiness - 🏆 458. / 53 Consulte Mais informação »