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What Ticketmaster Doesn't Want You To Know: Concerts Were Cheap For Decades - YouTube
September 9, 2024 at 9:42:37 AM PDT * - permalink -- 03:24 Stadium rock was born in 1965 with The Beatles' record-breaking show at Shea Stadium. The band made most of the $3 million revenue from the concert.
- 04:18 Ticket prices for big concerts stayed around $45 (adjusted for inflation) from the 1970s to the 1980s.
- 04:48 Everything in live music changed in the 1990s due to Ticketmaster, Live Nation, and Pearl Jam.
- 05:16 Ticketmaster started charging service fees to fans, incentivizing venues to use them exclusively.
- 05:44 Ticketmaster became a monopoly by acquiring competitors like Ticketron.
- 05:58 Ticketmaster's dominance led to rising service fees and government scrutiny.
- 06:55 Pearl Jam criticizes artists charging high ticket prices
- 07:09 ️ Pearl Jam files a complaint against Ticketmaster with the Department of Justice
- 07:24 Pearl Jam testifies before Congress about Ticketmaster's practices
- 08:05 ️♂️ Ticketmaster accused of using political ties to influence lawsuit
- 08:34 Pearl Jam loses battle against Ticketmaster
- 09:02 Ticketmaster CEO views ticketing as a business
- 09:30 Live Nation was founded as a concert promotion company named SFX Entertainment.
- 09:42 Promoters make money by splitting the ticket face value with the artist.
- 09:57 Live Nation consolidated the concert promotion industry.
- 10:26 Live Nation also owns the rights to Elvis Presley's estate.
- 10:39 Live Nation expanded into artist management, venue operations, and sponsorships.
- 10:53 Live Nation wanted to dominate the entire live music industry.
- 11:22 Live Nation and Ticketmaster merged in 2009.
- 11:34 The merger created a powerful monopoly in the live music industry.
- 12:01 Concert promotion is a low-margin business for Live Nation.
- 12:30 Live Nation makes most of its money from service fees and sponsorships (not concert promotion).
- 12:43 Live Nation's concert promotion business funnels customers to their high-profit ticketing and sponsorship operations.
- 13:12 Limited competition allows Live Nation to take a bigger cut from artists and venues.
- 13:26 Artists often have to use both Ticketmaster and Live Nation because of their dominance.
- 13:51 Live Nation's market power allows them to charge multiple fees on concert tickets.
- 14:18 Ticketmaster's control of the secondary market allows scalpers to inflate prices further.
- 15:40 Live Nation uses concerts as a loss leader to sell more tickets and sponsorships.
- 15:55 Independent venues rely on every show to generate revenue, unlike Live Nation.
- 16:08 Live Nation prioritizes profits from secondary sales and sponsorships over the live music experience.
- 16:23 Live Nation controls almost every aspect of live music events, from ticketing to bar sales.
- 17:18 The pandemic hurt small and mid-sized venues the most, while Live Nation continues to profit.
- 17:45 There is a growing movement to break up Live Nation and Ticketmaster's monopoly.
- 18:14 The Department of Justice is suing Live Nation over its anti-competitive practices.
- 18:42 The lawsuit against Live Nation has implications for curbing monopolies across the US economy.
- 18:56 Concerts are an example of how monopolies stifle creativity and consumer choice.
- 19:10 Live music venues provide a unique space for community and shared experiences.
- 19:40 The lawsuit against Live Nation is part of a larger fight against corporate greed.
- 20:08 Live music venues are essential for fostering human connection.
- 21:24 Live Nation's CEO prioritizes profits over customer concerns about ticket prices.
- 21:51 Ticketmaster's dominance has turned concert-going from entertainment to a luxury.
- 22:05 The lawsuit against Live Nation is part of a larger movement against corporate monopolies.
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- https://www.youtube.com/watch?v=u--se25_px8
- 03:24 Stadium rock was born in 1965 with The Beatles' record-breaking show at Shea Stadium. The band made most of the $3 million revenue from the concert.
