Does Ticketmaster have a monopoly on live events? (Rebroadcast)
Bruce Springsteen built his reputation on being a man of the people. That’s part of why some of his fans were especially aghast at the ticket prices for his upcoming tour, which in some cases reached upwards of thousands of dollars each.
Dynamic pricing is the reason why. It’s a relatively new pricing system used by live events company Ticketmaster that sets prices based on demand. The more people waiting in line for tickets, the higher the prices go.
Bruce Springsteen, Harry Styles, Taylor Swift, and other popular artists have taken advantage of the system. It puts more money in their pockets rather than those of scalpers. But many fans aren’t happy with the ballooning costs. It’s the latest controversy surrounding the company, which has long attracted antitrust criticism.
Live Nation, Ticketmaster’s parent company, owns concert venues, promotes tours, and sells tickets. Some say that leaves little room for competition, hurting fans, artists, and the industry at large.
Is Live Nation a monopoly? Who would that hurt? And what’s being done to address the lack of competition?
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