(MENAFN- EIN Presswire) Photo of John Scher
Live Nations' merger with Ticketmaster squeezed out the competition, raised prices, and left fans to foot the bill.
LOS ANGELES, UNITED STATES, February 17, 2023 /einpresswire.com / -- john scher , famous concert promoter, says that the merger between Live Nation and Ticketmaster has led to a monopoly in the industry. The monopoly drives out the competition, resulting in extortionately high prices taken from eager customers' pockets, says Scher. According to cnbc , the largest ticket vendor in the world, Ticketmaster, which Live Nation owns, accounts for over 70% of all tickets sold in the United States. Many of its detractors have referred to it as a monopoly in the sector because it owns music venues and manages tours. Countless fans are now unhappy with an industry that was previously welcoming and entertaining to everybody, says Scher.
'I've been a concert promoter since the '70s. I watched a business that was once very competitive while being fair and honest for the fans, the artists, and regional promoters. Unfortunately, that business no longer exists, mainly because of the juggernaut that Live Nation has become,' explains Scher.
There have been calls for Live Nation to take responsibility, for its hold over the industry, since the Taylor Swift ticket sale debacle when online sales were stopped because of a cyber-attack, says Scher. Reuters reports that Live Nation President and CFO Joe Berchtold was asked to appear before a Senate Judiciary Subcommittee regarding the company's operations. According to the outlet, Berchtold denied Live Nation is part of a monopoly; in contrast, he argued that the 'enormous secondary ticketing market makes the ticket industry more competitive now than it was at the time of the merger.' He also disputed reports that 'Ticketmaster holds an 80% market share, believing it is more like 50–60%.'
'Today's hearing is the first time in nearly 20 years that congress has even noted the monopoly that Live Nation has become. Not that our industry hasn't warned the Government many times before Live Nation has been able to dominate the entire concert industry,' says Scher.
Unfortunately, ticket costs have skyrocketed due to Live Nation's monopoly on the concert industry, says Scher. Prices for tickets are at all-time highs. Service charges are not at all decreased. And 80 of the top 100 arenas in the nation still sell tickets through Ticketmaster, a subsidiary of the Live Nation conglomerate. No other business owns more than a few. No rival has emerged to contend with its dominance, reports The New York Times.
'let's not forget that during the past ten years, ticket prices and service charges have become astronomically higher. On top of this, Ticketmaster has also gotten into the secondary market (scalping). This is a mess, and after more than ten years of this monopoly, something must be done to protect the fans and keep competition viable,' Scher says.
To find out more about John Scher, follow his linkedin page .
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