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Live Nation Entertainment Proposes Concert Business Reforms After Taylor Swift Fiasco

  • Live Nation Entertainment Inc (NYSE: 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 Ticketmasterowned 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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This article Live Nation Entertainment Proposes Concert Business Reforms After Taylor Swift Fiasco originally appeared on Benzinga.com

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