Live Nation Issues Statement Regarding The DOJ Lawsuit

Author: Benzinga Newsdesk | May 23, 2024 10:54am

https://www.livenationentertainment.com/2024/05/breaking-down-the-doj-lawsuit/

THIS LAWSUIT AGAINST LIVE NATION AND TICKETMASTER WON'T REDUCE TICKET PRICES OR SERVICE FEES.

THERE IS MORE COMPETITION THAN EVER IN THE LIVE EVENTS MARKET – WHICH IS WHY TICKETMASTER'S MARKET SHARE HAS DECLINED SINCE 2010.

NET PROFITS SHOW LIVE NATION AND TICKETMASTER DO NOT WIELD MONOPOLY POWER.

THIS LAWSUIT DISTRACTS FROM REAL SOLUTIONS THAT WOULD DECREASE PRICES AND PROTECT FANS – LIKE LETTING ARTISTS CAP RESALE PRICES.

The Department of Justice and a group of State Attorneys General have now filed the much-anticipated antitrust suit against Live Nation and Ticketmaster.  This follows intense political pressure on DOJ to file a lawsuit, and a long-term lobbying campaign from rivals and ticket brokers seeking government protection for themselves.

The complaint—and even more so the press conference announcing it—attempt to portray Live Nation and Ticketmaster as the cause of fan frustration with the live entertainment industry.  It blames concert promoters and ticketing companies—neither of which control ticket prices—for high ticket prices.  It ignores everything that is actually responsible for higher ticket prices, from increasing production costs to artist popularity, to 24/7 online ticket scalping that reveals the public's willingness to pay far more than primary tickets cost.  It blames Live Nation and Ticketmaster for high service charges, but ignores that Ticketmaster retains only a modest portion of those fees. In fact, primary ticketing is one of the least expensive digital distributions in the economy.

Posted In: LYV