Ticketmaster Under DOJ Scrutiny

[TheBigA]

Ticketmaster is under scrutiny by the DOJ for possible monopoly and anti-trust concerns following problems related to ticket for Taylor Swift's 2023 tour.

MSN

www.msn.com

I can personally attest to the fact that Ticketmaster customer service is terrible. Their site offers no phone numbers or email addresses for customers to report issues with the site or ticketing. They charge huge service fees and provide no service. In most cases, there are no other options and no competition. Live Nation owns all aspects of the concert business, from the venue, the promotion, and the ticketing. This is not permitted in other businesses.

 

[anotherguyTN]

Ticketmaster has been a monopoly for major and even some smaller concerts for years. I've always been irritated in how they don't advertise the complete price of tickets. At least in TN they only advertise the ticket price but then hit customers with vatious taxes and fees when you purchase them. They should be required to tell the total price. It may be done that way in some states but not here.

 

[TheBigA]

Any investigation into Ticketmaster is long overdue. Garth Brooks has scheduled a similar "verified fan release" for his Las Vegas residency tomorrow November 21. Registration began on Thursday.

Ticketmaster has posted this disclaimer:

Ticketmaster Verified Fan Registration Disclaimer Information:
All registered fans who are also verified will be equally eligible to participate in the Verified Fan Presale. However, if demand for tickets from verified fans exceeds supply, verified fans may be selected at random to participate in the presale. Due to the limited quantity of tickets available for the Garth Brooks Presale powered by Ticketmaster Verified Fan, they will be available on a first-come, first-served basis and are not guaranteed. No purchase necessary to register.

 

[TheBigA]

At least in TN they only advertise the ticket price but then hit customers with vatious taxes and fees when you purchase them. They should be required to tell the total price. It may be done that way in some states but not here.

With regards to Tennessee, the state AG has opened an investigation into this story:

Tennessee AG probing Ticketmaster over botched Taylor Swift ticket rollout

The Tennessee attorney general is probing Ticketmaster over the botched Taylor Swift ticket rollout.

abcnews.go.com

 

[Mikey Radio]

It's about time. NPR devoted an edition of one of their morning programs, possibly 1A, to this subject several weeks ago. They had folks on from Ticketmaster/Live Nation as well as some independent venues that don't use Ticketmaster, along with artists and performers and lots of calls from consumers. The $$ the CEO of Ticketmaster takes home is ludicrous. The fees they charge over and above ticket prices are ridiculous and many of the callers to that program remembered days when they'd see a good concert and get great seats for $25 or $30 and now those same seats are in the hundreds. Bots are an issue. Modern-day versions of scalpers who buy tickets quickly and in large amounts and then sell at inflated prices as demand sets in are a problem. Artists hate the system and Ticketmaster's monopoly. Venues hate it. Consumers hate it. Ticketmaster meanwhile makes every excuse in the book and dances around the concerns and doesn't see an issue. The system overall is very broken.

 

[Phil Harmonic]

seems like now would be a good time for Taylor Swift to have a big TV concert event... she is hot...

 

[DavidEduardo]

The $$ the CEO of Ticketmaster takes home is ludicrous.

In that case, the pay for athletes is also ridiculous.

But the fact is that there are more difficult executive positions than super-qualified executives. So, the really good ones can get very high salaries.

There is an excess of baristas, which is why they maker around or close to the minimum wage. There is a shortage of good executives, just like there is a shortage of batters who can hit over .300 and the ones who can make millions a year.

 

[Don CT]

In that case, the pay for athletes is also ridiculous.

But the fact is that there are more difficult executive positions than super-qualified executives. So, the really good ones can get very high salaries.

There is an excess of baristas, which is why they maker around or close to the minimum wage. There is a shortage of good executives, just like there is a shortage of batters who can hit over .300 and the ones who can make millions a year.

The bad executives can tank a company and walk away with a lot of money.

 

[vchimpanzee]

With regards to Tennessee, the state AG has opened an investigation into this story:

Tennessee AG probing Ticketmaster over botched Taylor Swift ticket rollout

The Tennessee attorney general is probing Ticketmaster over the botched Taylor Swift ticket rollout.

abcnews.go.com

N.C. too.

NC Attorney General Stein looking into Ticketmaster issues over Taylor Swift tour

North Carolina Attorney Genera Josh Stein is launching an investigation into the Ticketmaster issues as numerous complaints have been filed online.Stein has se

wlos.com

 

[DavidEduardo]

The bad executives can tank a company and walk away with a lot of money.

Bad hires happen in every field. Often, it is a mismatch of the individual with the organization's culture. We just saw that with the recently dismissed CEO at Disney. And we see it all the time in pro sports with a big-money signing only to find the athlete just can't perform to expectations.

 

[TheBigA]

Often, it is a mismatch of the individual with the organization's culture. We just saw that with the recently dismissed CEO at Disney.

Not sure that's true. Chapek had a 26 year career with the company, and was familiar with the culture. He just wrongly bet on streaming and Disney+. No surprise, as streaming was also the death of CNN+.

MSN

www.msn.com

Regarding Ticketmaster, it's CEO is Michael Rapino, who also happens to run Live Nation. Taylor Swift's tour promoter happens to be LN's rival AEG. So this is a battle between concert heavyweights.

Taylor Swift's tour promoter says it had no choice but to work with Ticketmaster

AEG Presents, the company in charge of handling Taylor Swift's upcoming tour, said it didn't have any choice but to work with Ticketmaster.

www.cnbc.com

 

[DavidEduardo]

Not sure that's true. Chapek had a 26 year career with the company, and was familiar with the culture. He just wrongly bet on streaming and Disney+. No surprise, as streaming was also the death of CNN+.

There was a lack of "empathy" with the rest of management and, finally, the board.

 

[TheBigA]

There was a lack of "empathy" with the rest of management and, finally, the board.

Disney+ lost $9 billion, and the stock dropped from $190 last year to $86. That'll get attention,

 

[DavidEduardo]

Disney+ lost $9 billion, and the stock dropped from $190 last year to $86. That'll get attention,

That was mostly due to the pandemic closing the parks and theaters. Nobody in American business has been blamed for that unless they made expensive moves that did not time out to the slow return towards normalcy.

No entertainment shares that depended on live audiences at shows, concerts, parks and events did any better on share price.

 

[Don CT]

What are the current numbers for Disney+. Is it really a failure?

 

[TheBigA]

That was mostly due to the pandemic closing the parks and theaters.

The pandemic hit Disney hardest in April 2020, when the stock price dropped to $101. The stock price reached $197 in the summer of 2021, after the peak of the pandemic. The main thing driving stock price was optimism about the streaming services. Back then, the goal was to attract subscribers, and Disney+ did well. But now, the focus is on profitability, and Disney+ lost $9 billion.

No entertainment shares that depended on live audiences at shows, concerts, parks and events did any better on share price.

The live entertainment business is at an all time high this year. Live Nation is breaking records.

MSN

Disney on the other hand raised ticket prices for its theme parks. Not a popular decision.

 

[Mikey Radio]

Not sure that's true. Chapek had a 26 year career with the company, and was familiar with the culture. He just wrongly bet on streaming and Disney+. No surprise, as streaming was also the death of CNN+.

Chapek also made a number of other missteps during his time at the helm at Disney. The stock tanking in recent weeks is what ultimately led to his ouster, but he'd been in the news multiple times over the past months, and not usually in the most positive light. Sometimes an executive can be a solid #2 or #3, but may not perform very well in the drivers' seat. How many of us have worked with really excellent people who are great at what they do, smart and dedicated, but somehow they unravel when placed in an upper management role.

 

[DavidEduardo]

Sometimes an executive can be a solid #2 or #3, but may not perform very well in the drivers' seat. How many of us have worked with really excellent people who are great at what they do, smart and dedicated, but somehow they unravel when placed in an upper management role.

Very good point.

How often in radio have we seen a great street seller promoted to GSM where they are a disaster. Or moving a GSM to GM where they bomb terribly.

This is the classic Peter Principle promotion of a person beyond their area of competence.

 

[TheBigA]

Senate hearings today about Ticketmaster, after the Taylor Swift ticket meltdown.

MSN

www.msn.com

There seems to be potential for some bi-partisan legislation over online ticketing. Nobody appears to be siding with Ticketmaster.

 

[Don CT]

Senate hearings today about Ticketmaster, after the Taylor Swift ticket meltdown.

MSN

www.msn.com

There seems to be potential for some bi-partisan legislation over online ticketing. Nobody appears to be siding with Ticketmaster.

They were all playing to the cameras as usual.