Over the past few weeks, Democrats and Republicans have come to an unprecedented place of unity. Ever since the Ticketmaster controversy over Taylor Swift’s “Eras Tour”, Congress has been in discussion over the best course of action to combat, what many refer to as, a monopoly that Ticketmaster has on the concert industry. In response, Biden has suggested a ticketing reform bill, the “Junk Fee Protection Act.”
President Biden has expressed his support for the ticketing reform bill and is urging congress to pass it. As expressed by Biden during a meeting of his competition council, the bill would “lower the huge service fees that companies like Ticketmaster slap on tickets for concerts or sporting events that can easily add hundreds of bucks to a family’s night out.”
The President added, “Congress should pass the Junk Fee Protection Act, so we can crack down on these fees and give hard-working Americans just a little bit more breathing room.” President Biden hasn’t been the only figure to express his discontent with the leading ticket company.
The Senate Judiciary Committee held a hearing titled “That’s the Ticket: Promoting Competition and Protecting Consumers in Live Entertainment” taking place on Tuesday, January 24.
Jerry Mickelson, the chief executive of Jam Productions, said “For the leading ticket company not to be able to handle bots is, for me, an unbelievable statement.”
Jack Groetzinger, the chief executive of SeatGeek, a smaller but aggressive competitor to Ticketmaster, has called for the break up of Ticketmaster and Live Nation Entertainment.
“The only way to restore competition in this industry,” he said, “is to break up Ticketmaster and Live Nation.”
The Ticketmaster monopoly accusations aren’t just smoke and mirrors. Reputable experts have expressed their concern. The time has come for action to be taken.
In order for a monopoly to be in effect, there must be a lack of competition. A specific person or enterprise is the sole “winner” in a case where a monopoly is in effect. To that end, think about the last time you bought a ticket for a concert or other live music event through any platform outside Ticketmaster.
At the hearing, lawmakers cited more than just the Taylor Swift presale controversy. They drew a broader image of an industry where Live Nation is often all of the ticketing agent, promoter, and venue owner/operator.
Richard Durbin (D-IL), Senate Judiciary Committee chair, stated at the start of the hearing, “Ticketing and live entertainment markets lack competition and are dominated by a single entity.” Members of both parties expressed their support for Durbin’s sentiments. Sen. Amy Klobuchar (D-MN), has referred to this concept as the “triangle of a monopoly.”
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