Summary
The CEO of SeatGeek argues that a new settlement regarding Live Nation and Ticketmaster won't solve the underlying issues in the ticket market. He notes that previous efforts to address the situation have not worked, and the current proposal fails to enhance market competition or lower ticket prices for fans.
Key Facts
- A new settlement continues a past agreement made in 2010 when Live Nation and Ticketmaster merged.
- The Department of Justice extended this agreement in 2020, and the current proposal extends it again to 2026.
- Live Nation controls many large amphitheaters, but the deal only affects 13 venues.
- Ticketmaster holds a significant share of the ticketing market, particularly for NBA and NHL events.
- The settlement requires Ticketmaster to share its platform with competitors but allows it to charge them for access.
- A new fee cap exists but does not affect other ticket-related fees or prevent price hikes by promoters.
- Venues trying new ticket marketplaces face financial disincentives, limiting competition.
- Over 30 state attorneys general are considering further legal actions for a more effective solution.
