By: Adamo D’Addario
Wed., Nov. 30, 2022
The U.S. Department of Justice’s antitrust division has launched an investigation into whether Ticketmaster’s parent company, Live Nation, has taken advantage of its power in the live music industry. This comes after the botched presale of tickets for the US lag of Taylor Swift’s “Era’s” tour.
According to Reuters, some US fans reported being dropped from waiting queues while others said they waited nearly eight hours before getting a chance to buy tickets. In the aftermath of this, resale tickets have been listed for more than $20,000 USD. This comes before Swift has even announced dates for Canada.
According to worldwide data from Statista as of 2019 ticket prices worldwide cost $96 on average. However, according to data from the ticket platform SeatGeek, the average concert ticket in Toronto costs $121. Live Nation and Ticketmaster control an estimated 60 percent of the market for the promotion of major concerts and events and since the 1990s have struck exclusivity deals with venues all over the world. A report from the BBC found that ticket sales are up 27 percent since the late 1990s even when accounting for inflation.
Should the DOJ determine that Live Nation and Ticketmaster have a monopoly over the live entertainment industry, they could ultimately order the companies to be broken up. The reason for doing this would be to create more competition and drive down the price of tickets. This could be a welcomed change for Torontonians who pay almost 21 percent higher for tickets than the rest of the world.
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