Farin Posted February 10, 2009 Report Share Posted February 10, 2009 (edited) News comes as Ticketmaster is sued for $500 million over ticketing bungle [smaller]NME.com | Feb 10, 2009 | Link[/smaller] Two of the world's biggest music businesses, Ticketmaster and Live Nation, are reportedly set to announce they have signed a merger. If confirmed, the deal would create one of the most powerful groups in the music industry, taking in venue ownership, ticketing and artist management. The two companies would act under the name Live Nation Entertainment. Politicians and artists have voiced opposition against the move, with Bruce Springsteen saying a merger would create "a near monopoly situation in music ticketing". If the merger is approved, the joint company would be valued at $2.5 million*, reports eFlux.com. The news comes one day after it was announced that Ticketmaster is being sued for $500 million by two law firms over allegedly redirecting customers from its website to another site selling tickets at inflated prices. As NME.COM previously reported, fans trying to buy tickets to see Bruce Springsteen through Ticketmaster were recently redirected from the site to TicketsNow.com, which charged hundreds of dollars more for tickets - despite face value tickets still being available. Two Canadian law firms, Sutts, Strosberg in Toronto and Branch McMaster in Vancouver, have now filed lawsuits against Ticketmaster, citing complaints from clients who had tried in vain to purchase face value tickets from the Ticketmaster website. --------------------- * that seems to be a typo, eflux.com has the number $2.5 billion Edited February 10, 2009 by Guest Link to comment Share on other sites More sharing options...
Carl Posted February 10, 2009 Report Share Posted February 10, 2009 Yeah, billion is more like it. Live Nation is the company doing the "360" deals with the likes of Madonna and U2. Early on, it looks like Live Nation is going to keep charging ridiculous fees as they try to make up for lost revenue as folks cut back on concerts (and beer at the concert). They were charging something like $14 to sell you a Dave Matthews ticket. Link to comment Share on other sites More sharing options...
greendaddy43 Posted February 13, 2009 Report Share Posted February 13, 2009 Yeah, billion is more like it. Live Nation is the company doing the "360" deals with the likes of Madonna and U2. Early on, it looks like Live Nation is going to keep charging ridiculous fees as they try to make up for lost revenue as folks cut back on concerts (and beer at the concert). They were charging something like $14 to sell you a Dave Matthews ticket. I just don't understand why these promoters and venues don't get it. The more you keep trying to charge the more people are going to stop attending. It's a stupid cycle. My parents have told me storys on how they would go to shows at least once a week. Back then bands and promoters weren't trying to gouge you with pricines. Has anyone been to a Rolling Stones (or a group like them) concert lately? It's more like an outside mall with all of the tshirts and books and other things they try to shove down your throught. Whatever happen to it just being about the music? If it were me I would try charging less for tickets and things like beer. I mean give people a chance to prove that it's not that we don't want to spend our free time at concerts, it's that we just can't afford them. Link to comment Share on other sites More sharing options...
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