Justice Department says illegal monopoly by Ticketmaster and Live Nation drives up prices for fans

Justice Department has filed a sweeping antitrust lawsuit against Ticketmaster and parent company Live Nation Entertainment on Thursday, accusing them of running an illegal monopoly over live events in America — squelching competition and driving up prices for fans.

“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.” Live Nation said in prepared remarks on Thursday that the Justice Department's lawsuit “won’t solve the issues fans care about relating to ticket prices, service fees, and access to in-demand shows.”Live Nation added that “calling Ticketmaster a monopoly may be a PR win for the DOJ in the short term, but it will lose in court because it ignores the basic economics of live entertainment" — stating that most service fees go to venues.

The lawsuit is the latest example of the Biden administration’s aggressive antitrust enforcement approach targeting companies accused of engaging in illegal monopolies that box out competitors and drive up prices. Around 70 per cent of tickets for major concert venues in the US are sold through Ticketmaster, according to data in a federal lawsuit filed by consumers in 2022.

Source: News Formal (newsformal.com)

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