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The music industry may be getting even smaller soon. Concert ticket provider Ticketmaster Entertainment and Live Nation, the world’s largest concert promoter, are close to a merger, according to news reports.
The music industry may be getting even smaller soon. Concert ticket moguls Ticketmaster Entertainment and Live Nation, the world’s largest concert promoter, are close to a merger, according to news reports. Ticketmaster is also eying a potential merger with the Anschutz Entertainment Group (AEG). The company is said to be leaning towards a deal with Live Nation, however.
Live Nation, who just launched their own ticket service, made headlines this week when their website crashed during ticket sales for the upcoming Phish reunion tour, leading many disgruntled fans to protest.
Ticketmaster, meanwhile, is currently facing flack over their handling of Bruce Springsteen’s latest tour. U.S. Representative Bill Pascrell of New Jersey has called for an antitrust investigation into the company’s practices, specifically a look into Ticketmaster’s relationship with ticket reseller TicketsNow. According to Pascrell, those who couldn’t get tickets for Springsteen’s New York and New Jersey Shows were prompted to visit TicketsNow, where tickets were selling for hundreds of dollars above face value.
Shares of Ticketmaster have fallen roughly 40% in the past three months, while shares of Live Nation have fallen 50% in the same time period.
UPDATE: Bruce Springsteen has weighed in on the merger in a letter he posted on his website. Says the Boss:
“The one thing that would make the current ticket situation even worse for the fan than it is now would be Ticketmaster and Live Nation coming up with a single system, thereby returning us to a near monopoly situation in music ticketing. If you, like us, oppose that idea, you should make it known to your representatives.”