On Friday, Sen. Elizabeth Warren (D-Mass.) highlighted concerns about Ticketmaster’s control over the concert industry, saying artists like Taylor Swift, Olivia Dean, Zach Bryan and The Cure have all criticized the ticketing giant for exploiting fans.
Warren Calls For Breakup Amid Monopoly Concerns
“These artists have all called out Ticketmaster for ripping off fans,” Warren wrote on X.
“And Trump sided against them and every music fan by issuing Ticketmaster the equivalent of a corporate pardon,” she continued, adding, “We’ve got to break up Ticketmaster and Live Nation.”
The Justice Department’s settlement with Live Nation Entertainment (NYSE:LYV) allows the company to avoid a structural breakup.
Instead, the agreement imposes certain limits: Ticketmaster must open its platform to competitors like SeatGeek and StubHub, sell up to 13 amphitheaters, reserve half of tickets for nonexclusive venues, cap service fees at 15% and establish a $280 million fund to settle state damages claims.
Artists Slam Ticketmaster Over High Fees And Exploitative Ticketing
In the last few years, multiple artists have publicly criticized Ticketmaster’s handling of ticket sales.
In 2022, Swift said in an Instagram story, “It’s really difficult for me to trust an outside entity with these relationships… excruciating for me to just watch mistakes happen with no recourse.”
In 2023, The Cure agreed, with frontman Robert Smith, who said he was “as sickened as you all are” over the high fees.
Last year, Dean called the ticketing business “exploitative” after resale prices for her tour soared, sometimes exceeding 14 times the face value.
Price Action: On Friday, Live Nation closed at $145.71, down 2.89% with after-hours trading at $143.10, down 1.79%, according to Benzinga Pro.
According to Benzinga Edge Stock Rankings, Live Nation maintains a strong price performance in the short, medium and long term, but its valuation ranking remains low, sitting in the 16th percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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