Live Nation Stock Price Rises After Taylor Swift Ticketmaster Hearing – Billboard


Dwell Nation traders have been both nonplussed or unmoved by the Senate Judiciary Committee’s political theatrics Tuesday (Jan. 24), probing the causes behind a disastrous ticket presale to Taylor Swift‘s Eras tour final November hosted on the corporate’s Ticketmaster platform. Whereas Dwell Nation president and chief monetary officer Joe Berchtold was being grilled by lawmakers about Ticketmaster’s expertise and market energy with a deal with monopolistic conduct, Dwell Nation’s share worth rose as a lot as 2.3% to $77.71 earlier than closing at $76.67, up 1.4% on the day, on about half of the typical each day buying and selling quantity.

With that modest achieve, Dwell Nation beat the Dow Jones Industrial Common (+0.3%), S&P 500 (-0.1%), Nasdaq composite (-0.3%) and Russell 2000 (-0.3%). It additionally outperformed two opponents, MSG Leisure (+0.6%) and Germany’s CTS Eventim (-1.1%), that weren’t subjected to Congressional questioning.

Congressional oversight was already priced into Dwell Nation’s share worth to a level, although. Dwell Nation shares fell 7.8% to $66.21 on Nov. 18, 2022, after Sen. Amy Klobuchar, chair of the Senate Judiciary Subcommittee on Competitors, Antitrust and Shopper Rights, penned a letter to Ticketmaster about her issues relating to its “system failures, growing charges and complaints of conduct that violate the consent decree” underneath which Ticketmaster and Dwell Nation function.

The listening to, titled “That’s the Ticket: Selling Competitors and Defending Customers in Dwell Leisure,” turned Dwell Nation and Ticketmaster into punching baggage for senators who, as Sen. Richard Blumenthal famous, have been introduced collectively “in an absolute, unified case.” The legislators’ pointed questions and apparent frustration on behalf of their constituents made it clear Ticketmaster is among the extra loathed firms within the U.S. One witness, Kathleen Bradish, vp for authorized advocacy on the American Antitrust Institute, referred to as Dwell Nation and Ticketmaster “a really conventional monopoly” with a dominant market place that ends in increased charges to shoppers and fewer innovation.

Precisely what’s going to come from the listening to is way much less sure. Whereas there could also be some urge for food amongst the senators to undo the 2010 merger of Dwell Nation and Ticketmaster, or implement another structural treatments, Sen. Klobuchar stated the committee will anticipate a Division of Justice report earlier than transferring ahead.

Some senators proposed non-legislative measures. Sen. Joe Kennedy recommended the individual accountable for the ticketing presale needs to be fired. Sen. Marsha Blackburn referred to as the bot-related service outages “unbelievable” and informed Berchtold that the corporate “ought to have the ability to get some good recommendation” for higher coping with these sorts of points.

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