CFO Apologized for the company’s handling of Taylor Swift “Eras” tour tickets.
The Senate Judiciary Committee began their hearing into ticket sales competition on Tuesday, where they questioned the chief financial officer of Live Nation Entertainment, the parent company of Ticketmaster, Joe Berchtold. Ticketmaster has been widely criticized for monopolistic practices by its users for years. Since Live Nation Entertainment bought Ticketmaster in 2010, the merged company commands more than 70% of the marketing share for primary ticketing services in the United States.
The hearing was called after Ticketmaster repeatedly crashed and ultimately canceled the sale of tickets for Taylor Swift’s upcoming concert tour. Senator Mike Lee said in an opening statement that this major debacle highlighted the importance of considering whether “new legislation or perhaps just better enforcement of existing laws might be needed to protect the American people.” Berchtold maintained that Live Nation Entertainment is not a monopoly, but said that he regrets how that situation was handled. “We apologize to the fans, we apologize to Ms. Swift, we need to do better and we will do better.”
As the Lord Leads, Pray with Us…
- For the Senate Judiciary Committee as they glean vital information from these hearings.
- That the Lord slowly brings the truth to light regarding this ticket sale scandal.
- That Congress puts the necessary legislation in place to keep monopolization in check.
Sources: AP, Reuters
