Ticketing giant has faced intense scrutiny since a meltdown left millions of Taylor Swift...
Capital Hill to hear witness testimony from Ticketmaster executives inspired by Taylor Swift's"The Eras" concert ticket fiasco.WASHINGTON — Texas Republicans on Tuesday appeared open to congressional action against Ticketmaster — the ticketing giant that has faced intense scrutiny since a
"What we’ve heard today does cry out for some response by Congress, but candidly I’m not sure the antitrust laws are the best tools in our toolbox," said Cornyn, a Republican. Berchtold denied that the company is a monopoly and said the rise of secondary ticket sales marketplaces like SeatGeek, where fans can buy and sell tickets, have created more competition than ever. Berchtold claimed Ticketmaster's share of the market has shrunk since the 2010 merger with Live Nation.
And while the company says it is abiding by a 2010 consent decree with the Department of Justice that cleared the way for the merger, the Justice Department extended the agreement in 2020 with DOJ attorneys writing that venues"now fear retaliation and expect conditioning from Live Nation as a matter of course if they do not contract with Ticketmaster.
The bands get none of the fees, and end up with significantly less than they charge per ticket. After paying venue fees, marketing costs, insurance, licensing and more, Lawrence said his band typically takes home about $12. Additional touring expenses eat away at about 50 percent of that profit, leaving the band with about $6 for every $42 ticket sold by Ticketmaster.
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