Live Nation Entertainment Proposes Concert Business Reforms After Taylor Swift Fiasco

Live Nation Entertainment Inc LYV has come out with global concert business reforms for fair ticketing.
The company said the best way to ensure a fair ticketing experience for live music fans is to put more control in the hands of the artists themselves.
Protect artists' ability to use face-value exchanges and limited transfer to keep pricing lower for fans, and prevent scalpers from exploiting fans.
The move comes after several Taylor Swift fans filed a lawsuit against Ticketmaster, owned by Live Nation, in California court, alleging anticompetitive and fraudulent behavior after the company blocked them from buying tickets to the musician's concerts.
The company said that the deceptive tactics used by scalpers to trick fans into spending more or buying tickets the seller doesn't even have leads to confusion among fans.
Live Nation said policymakers should expand the scope of the BOTS Act and increase enforcement to deter those who break the law, cheating artists and fans in the process.
Resale sites that turn a blind eye to illegally acquired tickets, allow ticket speculation, and ignore artists' rules must be curbed by policymakers, the company specified.
Mandating all-in pricing throughout the nation will provide options to fans to easily compare prices as they shop.
President Joe Biden criticized Ticketmaster and other companies during his State of the Union address and demanded the excessive service fees that are added to concert tickets be reduced.
Live Nation's FY22 sales of $16.7 billion more than doubled Y/Y.
Price Action: LYV shares closed higher by 1.39% at $76.49 on Thursday.
Photo Via Wikimedia Commons

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