- Live Nation Entertainment Inc LYV has come out with global reforms of the concert business for trade fair tickets.
- The company said the best way to ensure a fair ticketing experience for live music fans is to give artists more control themselves.
- Protect artists’ ability to use face value swaps and limited broadcasts to keep prices low for fans and prevent scalpers from exploiting fans.
- The move comes after that several Taylor Swift Fans complained about it ticketmaster, owned by Live Nation, before a California court alleging anticompetitive and fraudulent conduct after the company prevented them from purchasing tickets to the musician’s concerts.
- The company said the deceptive tactics used by scalpers to trick fans into spending more or buying tickets that the seller doesn’t even have are causing confusion among fans.
- Live Nation said policymakers should expand the scope of the BOTS law and step up enforcement to deter those who break the law, thereby defrauding artists and fans.
- Resale sites that turn a blind eye to illegally purchased tickets, allow ticket speculation and ignore artists’ rules must be restricted by politicians, the company said.
- The nationwide mandate of all-in pricing will provide opportunities for fans to easily compare prices when shopping.
- president Joe Biden criticized Ticketmaster and other companies during his State of the Union address and called for a reduction in excessive service charges levied on concert tickets.
- Live Nation’s FY22 revenue was $16.7 billion more than doubles Y/Y.
- price action: LYV shares closed up 1.39% on Thursday at $76.49.
- Photo via Wikimedia Commons
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