Feds subpoena Ticketmaster over egregious concert ticket prices — A spokesperson for Live Nation, which owns Ticketmaster, said the firm doesn’t “feel comfortable” sharing information with Congress
by marketrent
Feds subpoena Ticketmaster over egregious concert ticket prices — A spokesperson for Live Nation, which owns Ticketmaster, said the firm doesn’t “feel comfortable” sharing information with Congress
by marketrent
2 comments
• A Senate subcommittee announced on Monday that it has issued a subpoena to ticket-selling giant Ticketmaster and its parent company Live Nation Entertainment after the company refused to fully cooperate with a months-long investigation into its pricing mechanisms.
• The investigation was previously unannounced, but follows a series of incidents over the last year—including disastrous ticket sales for Taylor Swift’s Eras Tour—when tickets sold on the website reached prices so egregious that average customers could not afford them.
• The company’s “dynamic pricing” algorithm increases ticket prices based on the demand for those tickets. When bots automatically buy up tickets as soon as they are released, the algorithm interprets the quick sales as high demand, and drives up prices to astronomical levels.
Fuck Ticketmaster live nation and all these other extortionist