Sunday, February 5, 2023

Senators question Ticketmaster after Taylor Swift fiasco

America.- Senators question Ticketmaster on Tuesday, questioning whether the company’s dominance of the ticketing industry led to its spectacular collapse last year when it sold tickets for a concert Taylor Swift.

US Senator Amy Klobuchar, The Minnesota Democrat recalls getting into a friend’s car to go to Led Zeppelin, The Cars and Aerosmith concerts in high school.

These days, he said, ticket prices and fees have skyrocketed so much that shows are too expensive for many fans. Klobuchar He said the ticket fee now averages 27% of the ticket price and can go up to 75%.

Klobuchar said that mastery of Ticketmaster marketplace This means there is little pressure on you to innovate and improve.

“In order to have a strong capitalist system, you must have competition,” Klobuchar said at a Senate Judiciary Committee hearing.

Ticketmaster is the world’s largest ticket seller, processing 500 million tickets each year in over 30 countries. About 70% of tickets for major US concerts are sold through Ticketmaster, according to data from a federal lawsuit filed by Consumers last year.

In mid-November, the Ticketmaster site crashed during a pre-sale event for Swift’s upcoming stadium tour. The company said its site was overwhelmed with fan attacks and bots. After standing in line for hours, tickets of many people got cut.

Ticketmaster required fans to register for the pre-sale, and over 3.5 million people did, a record for the company. Ticketmaster eventually canceled a planned general public ticket sale because it did not have enough inventory.

In 2010, Ticketmaster merged with Live Nation, a Beverly Hills, California-based entertainment company that produces live shows, festivals, and concerts.

Live Nation President and CFO Joe Berchtold apologized to fans and Swift on Tuesday, saying the company knows it needs to do better.

But Berchtold stressed that Ticketmaster doesn’t set prices or service fees for tickets or decide how many tickets will go on sale. Service charges are determined by the locations, he said; Live Nation only owns about 5% of the US locations, he said.

He also said that Ticketmaster has lost, not gained, market share since the Live Nation merger.

Berchtold said the ticketing industry would like lawmakers to focus on the growing problem of ticket scalping and ban fraudulent practices, such as scalpers offering tickets that have not yet officially gone on sale. He also said that the industry needs to be more transparent about prices and charges.

Nation World News Desk
Nation World News Desk
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