WP: “Entertainment industry could undergo dramatic restructuring”
US to regulate big tech, food, fashion, and now entertainment
“M&A between companies leads to consumer price hikes
Live Nation should eliminate ‘junk fees'”,
Live Nation. Captured from Facebook,
, ‘[Seoul Economy]’,
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, ‘The US Department of Justice (DOJ) is reportedly planning to file an antitrust lawsuit against Live Nation, the world’s largest concert promoter, sometime this week. With less than half a year left until the US presidential election, the Biden administration has been intensifying regulatory pressure on big tech companies, now extending to the entertainment and fashion industries to prevent potential consumer price increases.’,
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, ‘According to The Washington Post on the 22nd (local time), citing informed sources, “The US Department of Justice is expected to announce an antitrust lawsuit against Live Nation’s parent company, Ticketmaster, as early as the 23rd.” The WP assessed that “The federal government’s lawsuit against Live Nation could dramatically restructure the entertainment industry and potentially limit Live Nation’s extensive influence over the entire performance industry.”‘,
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, ‘Live Nation is one of the main targets of the Biden administration, which has been vigorously enforcing antitrust regulations against large corporations. In recent years, the Biden administration has raised broad antitrust allegations against big tech companies such as Apple, Amazon, and Google. Regulatory authorities are particularly monitoring the mergers and acquisitions (M&A) among companies in similar industries. The Federal Trade Commission (FTC) has recently filed legal suits against large supermarket chains Kroger and Albertsons, as well as fashion brands Tapestry (Coach) and Capri Holdings (Versace), respectively. The argument is that these mergers could lead to higher prices for consumers and have a negative impact on worker wages.’,
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Taylor Swift. AFP News,
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, ‘Live Nation was created through the merger of Live Nation and Ticketmaster in 2010. The Biden administration criticized Live Nation for imposing ‘junk fees’ on consumers buying concert tickets, leading to price increases across the economic spectrum, including ticket sales. President Biden also stated in his February address, “Stop service fees for concert and sports event tickets, and make companies disclose all fees in advance.”‘,
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, ‘Previously, Live Nation faced public condemnation for unilaterally canceling the concert ticket sales of global star Taylor Swift. In response to this incident, where market dominance issues of Ticketmaster were brought to light in the US, the White House also intervened, stating, “Capitalism without competition is exploitation.” In the state of Minnesota, the so-called ‘Taylor Swift Law’ was enacted, requiring ticket sellers to disclose all fees added to the base price from the beginning and prohibiting resellers from selling more than one ticket. It is estimated that Live Nation sold around 620 million tickets worldwide last year, exerting significant influence in the industry.’,
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