The jury found Ticketmaster had overcharged customers by $1.72 (£1.27) on each ticket sold over a period of several years. That figure is set to be used as the basis for calculating damages.
So… this was a waste of time, then… No one was complaining because Taylor Swift tickets were a buck and some change more expensive…
Oh, you don’t actually expect them to pay all that money back, do you? It’s already been spent! 😬
I’m guessing that number comes from them essentially having the processing fee twice when the venue itself is owned by livenation as well, rather than it being about the dynamic pricing they’re known for.
They ran a monopoly? They’re still doing that, aren’t they?
Yes and they’ll continue doing so
No shit.
The consequences will be full disbandment of the company, right? Right?
The relevant law (the Clayton Act) requires the judge to “terminate” the monopoly, but that happens…rarely.
We all gonna get maybe $12 for sending in a mailer!
Quick google search says they sell like 600 million tickets a year, so it’s still $1B per year. They only had like $3B in profit last year, won’t you think of the shareholders?
Sounds like they over charged customers by $1.72. so if you bought a few dozen tickets, after all the legal feels you might get $12 of you’re lucky.
I said this 20+ years ago. I haven’t used ticketmaster since.
So did Pearl Jam at the height of their popularity
Live Nation argued throughout the trial that it was not a monopoly and that it competed “fiercely” with rivals in the entertainment space, with sports teams, concert promoters and other venue operators.
Bullshit.
I like ticketmaster and live nation personally.
They’re a perfectly encapsulated refutation of the idea that capitalism breeds innovation or reduces costs.
And what lesson is being taught yet again…?
Crime DOES pay, and it pays very well
Can’t wait for my $3 check. Maybe people could pool the settlement money and hire some sort of person to punish the board members publicly… Maybe toe them to a chair at a amateur guitar convention for Oasis enthusiasts.
No chairs. Tie them to a wall and make them wonder what’s going to happen next. You could call it the Wonderwall.
It’s all just Pachabel’s Canon in various keys
Shocking
Really?
And the “punishment” will be a fraction of a percent of what they’ve profited from this ongoing fraud.
