We think all of these bills, we’ve said continually for a long time, is better for our business, because it helps us deliver a better onsale and fan experience,” Berchtold said. Amy Klobuchar (D-Mn.) and Richard Blumenthal (D-Ct.) recently introduced a bill entitled “Unlock Ticketing Markets Act,” which would allow the Federal Trade Commission to take action on companies setting multi-year exclusive contracts with venues. Ted Cruz (R-Texas) and Maria Cantwell (D-Wash.) introduced the Ticket Act, which is meant to crack down on hidden fees. Live Nation itself introduced the FAIR Ticketing Act, which places regulations on the secondary ticketing market, bots and makes it illegal to sell speculative tickets.
This meant that when bot attacks or other problems arose, “a minimal number” of shows were impacted and Ticketmaster was able to devote resources to fixing the problem.Īsked on the earnings call about whether new legislation introduced will impact Live Nation’s business, CFO Joe Berchtold said the company was supportive of the bills and view them as helpful to the business. Live Nation adjusted its ticket-selling process during the later on-sale for Beyoncé by spreading out the sale dates over a longer time period. The company sold 73 million fee-bearing tickets, up 40 percent from the prior year, with executives saying that the company is seeing growth in both volume and pricing.Īll of this is against the backdrop of increased regulatory pushback, including an investigation by the Department of Justice, and feedback from consumers, who spoke out after experiencing errors and long wait times trying to purchase tickets for Taylor Swift’s Eras tour this past fall.
The early sales numbers have included tickets to concerts from Beyoncé, Drake and Bruce Springsteen. So far, Live Nation, which owns Ticketmaster, has sold close to 90 million tickets for concerts this year, which is up 20 percent from this time last year. Ad Slump Pulls Down Revenue at Fremantle Parent RTL, While Streaming Grows
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