Live Nation Entertainment Sued by the United States – Warungku Terkini
The United States Justice Department has, as suspected, sued Live Nation Entertainment, alleging that the company, which owns Ticketmaster, holds a monopoly in the concert market. The lawsuit argues that the concert giant is breaching antitrust laws through its exclusivity contracts, threats to rivals, and leveraging of market domination over artists, resulting in inflated prices and stifled competition. “It is time to break up Live Nation-Ticketmaster,” Merrick Garland, the attorney general, said in a statement.
The Justice Department filed the lawsuit in a New York court this morning (May 23), with the backing of 29 states and the District of Columbia. It cites Live Nation’s multi-tentacled operation, which encompasses concert promotion, tickets, artist management, and an international venue network. Live Nation controls more than half of U.S. concert promotion at major venues, as well as some 80 percent of those venues’ primary ticketing.
In a statement, Live Nation Entertainment said it would defend against the allegations and “push for reforms that truly protect consumers and artists.” It argued that the lawsuit “ignores the basic economics of live entertainment, such as the fact that the bulk of service fees go to venues, and that competition has steadily eroded Ticketmaster’s market share and profit margin.”
Live Nation and Ticketmaster merged in 2010 to become Live Nation Entertainment. Ticketmaster, according to a recent report from The Wall Street Journal, holds more than 80 percent the primary ticket sales market in the biggest U.S. venues. Still, the company has long denied holding a monopoly.
The Justice Department’s investigation into Live Nation Entertainment precedes the Eras Tour ticketing debacle. The fiasco, however, renewed scrutiny of the company’s ticketing practices.
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