Live Nation Entertainment, Ticketmaster’s parent company, is at the center of an antitrust investigation ahead of Taylor Swift’s nafu this week, according to a report.
The investigation focuses on whether the company abused its market power in live events, according to The New York Times.
Lawmakers on Capitol Hill have already called for further investigations into Live Nation’s business practices. And following Ticketmaster’s website shutdown during ticket sales earlier this week, Senator Amy Klobuchar (D-MN) fired off a letter to Live Nation Entertainment CEO Michael Rapino, expressing “serious concerns about competition in the ticketing industry ” uttered. and the adverse impact on consumers.”
A spokesman for the DOJ declined to comment. A spokesperson for Live Nation also declined to comment.
At the White House briefing Friday, press secretary Karine Jean-Pierre did not comment on the investigation, but said President Joe Biden “was crystal clear about this, and I quote: ‘Capitalism without competition is not capitalism, it is exploitation.’ “
Live Nation has been subject to a consent decree since its merger with Ticketmaster in 2010, entered into as part of a settlement agreement with the Department of Justice.
The consent decree was extended for another 5 1/2 years in 2019 after the DOJ concluded that Live Nation violated restrictions placed on the merger, which combined ticketing, promotion, concert and management activities. Among other things, the terms prohibit Live Nation from threatening to withhold concerts at a venue if it chooses another ticket company to handle the sale.
Ticketmaster announced Thursday that it was canceling a planned public ticket sale for Swift’s tour “due to unusually high demands on ticketing systems and insufficient remaining ticket inventory to meet this demand.” Earlier this week, the website crashed during overwhelming pre-sale demand.
Author: Ted Johnson
Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
