Live Nation, one of the world’s largest live entertainment companies, is embroiled in two major crises.
The US Department of Justice (DOJ) has filed a lawsuit against the company, while a hacker group claims to have stolen data from 560 million Ticketmaster customers worldwide.
So, what might a lawsuit and the hack do to the global live music industry?
Click and listen the full episode here:
On today’s The Briefing, Tessa Randello from the LiSTNR Newsroom joins us to unpack it all.
The DOJ’s lawsuit accuses Live Nation, which owns Ticketmaster, of using its market dominance to control the live music industry.
The allegations state that Live Nation decides which artists can perform and at what cost, stifling competition.
The DOJ is seeking to dismantle the company to restore market fairness.
“So the Justice Department has now had 15 years of complaints from promoters and venues and artists too, as well as from lots of consumers who are discovering that the bundle that Ticketmaster Live Nation presents has led to excessive fees,” Ms Randello said.
“It is also absurd to claim that Live Nation and Ticketmaster wield monopoly power. The defining feature of a monopolist is monopoly profits derived from monopoly pricing. Live Nation in no way fits the profile,” she added.
Meanwhile, the hacker group Shiny Hunters claims to have breached Ticketmaster’s database, stealing personal information from 560 million users.
The stolen data includes names, addresses, credit card numbers, and payment details. Shiny Hunters is demanding $750,000 for the data, which it reportedly began selling on the dark web.
Live Nation confirmed the breach, saying the company is working to mitigate risks and is cooperating with law enforcement.
Subscribe to The Briefing, Australia’s fastest-growing news podcast on LiSTNR today. The Briefing serves up the latest news and deep dives on topics affecting you, all in under 20 minutes.