The US govt aims to end entertainment giant Live Nation's alleged monopoly — will Singapore be affected?

SINGAPORE, May 25 — In hopes of breaking up its alleged monopoly on the live concert industry in the United States, the country’s Justice Department has filed a lawsuit against Ticketmaster and parent company Live Nation .

In response to the civil suit on Thursday, Dan Wall, executive vice-president of corporate and regulatory affairs at Live Nation, said that the lawsuit does not address problems in the concert and ticketing industry, and wrongfully targets Live Nation and Ticketmaster. Celebrities such as rapper Post Malone have had their concerts produced by Live Nation, while pop stars Taylor Swift and Beyonce have had their sold-out tours promoted by the entertainment giant.

“These strategies are part of a deliberate and defensive series of actions and decisions designed to lock up venues, lock out competitors, and hold the industry hostage from innovation and evolution,” the US said in its lawsuit.In 2010, the US Department of Justice approved a merger of Live Nation and Ticketmaster but with several conditions to ensure that the conglomerate would not act anti-competitively.

In the latest lawsuit, it was stated that Live Nation manages more than 400 musical artists and controls 265 concert venues in North America, including more than 60 of the top 100 amphitheatres in the US.Live Nation reported on May 3 that revenue rose 21 per cent to US$3.8 billion for the first quarter ended March 31 this year. This was well above earlier estimates of US$3.26 billion.

“And even accounting for sponsorship, an advertising business that helps keep ticket prices down, Live Nation’s overall net profit margin is at the low end of profitable S&P 500 companies.”Depending on the outcome of the US Department of Justice lawsuit, concert-goers here could be affected.

Source: News Formal (newsformal.com)

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