LYV - Why Did Ticketmaster Cancel Taylor Swift Ticket Sales?
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Ticketmaster, which is owned by Live Nation Entertainment (NYSE:LYV), is caught up in drama after it had to cancel sales of Taylor Swift tickets.
The controversy started on Tuesday when tickets for Taylor Swift’s “The Era Tour” went up for presale. This is the artist’s first tour since 2018. The massive demand for tickets resulted in the site crashing, and several other problems for consumers.
According to Ticketmaster, it saw 3.5 billion system requests for tickets. That’s well over the actual amount available and would require nightly concerts from Swift for 2.5 years. Because of this, the company is out of tickets for the public sale, which was supposed to go live today.
That’s clearly not sitting well with Taylor Swift fans and is causing outrage at the ticket seller. Fans waited four hours to obtain tickets and crashes caused many of them to be booted to the back of a waitlist after waiting hours for tickets.
Politicians Are Shining a Light on Ticketmaster
Following the Taylor Swift ticket sale cancellation debacle, politicians are arguing for the separation of Ticketmaster from Live Nation Entertainment. That includes Rep. Alexandria Ocasio-Cortez, as well as Rep. Bill Pascrell.
The argument for this is the alleged monopoly Live Nation Entertainment and Ticketmaster hold on the concert ticket market. Ocasio-Cortez has criticized this and Pascrell argued against the combination when it took place back in 2009.
While LYV stock has been volatile throughout this week, shares are up 2.1% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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