The fiasco of Taylor Swift’s November Eras tour at Ticketmaster may have shed light on a bigger problem. A Senate antitrust and consumer rights subcommittee says it will hold a hearing — at a date to be determined — on concert ticket sales following the debacle.
US Senators Amy Klobuchar (D-MN) and Mike Lee (R-UT) say they will look at the lack of competition in the ticketing industry. Klobuchar says: “The high rates, site disruptions and cancellations experienced by customers show how Ticketmaster’s dominant market position means the company has little to no pressure to continuously innovate and improve. ”
On November 15, Ticketmaster experienced issues and a site slowdown during Swift’s presale for Verified Wings. The company sold two million tickets during the presale, but problems continued in the following days, leading Ticketmaster to cancel the general sale due to high demand. Fans immediately took to social media, slamming the entertainment giant and expressing their concerns.
“U.S. consumers deserve the benefits of competition in every market, from supermarket chains to concert halls,” says Lee.
The Senate hearing was announced after a Minnesota senator wrote an open letter to Ticketmaster president and CEO Michael Rapinoe questioning the company’s business practices. He also explained that he has had doubts about the company since its merger with Live Nation in 2010.
Senators Richard Blumenthal (D-CT) and Edward J. Other lawmakers quickly joined in, with Markey (D-MA) joining Klobuchar in asking the Justice Department to hold the company accountable for “anti-competitive conduct” and the state of the competition. Live entertainment market. Top legal chiefs in several states also said they had launched an investigation into Ticketmaster.
U.S. Representative Alexandria Ocasio-Cortez coupleOn Twitter, during the Swift ticket debacle: “Daily reminder that Ticketmaster is a monopoly, that the merger with Live Nation should never have been approved and they should be ruled.”
Prior to the ticket sales release, Live Nation released its most recent earnings report on November 3. According to the results, Live Nation saw 44 million fans attend 11,000 events in the most recent quarter, accounting for 34 percent of ticket sales for the concerts.
While a date for the Senate panel hearing has not been released at this time, so has the White House Deployment of Said on Twitter that the Biden administration wanted to cut “junk fees” for tickets, airlines and hotels.