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Ticketmaster, which is owned by Live Nation (NYSE:LYV), is caught up in drama after the company had to cancel sales of Taylor Swift tickets.
The controversy started on Tuesday when tickets for Taylor Swift’s “The Eras Tour” went up for presale. This is the artist’s first tour since 2018. The massive demand for tickets resulted in the site crashing as well as several other problems for consumers.
According to Ticketmaster, it saw “3.5 billion total system requests” for tickets. That’s well over the actual amount of tickets available and would require nightly concerts from Taylor Swift for two and a half years, per an NBC News report. 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 causing outrage toward the ticket seller. Fans waited for hours to obtain tickets. Site crashes caused many of them to be booted to the back of a waitlist after waiting for so long.
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. That includes Rep. Alexandria Ocasio-Cortez as well as Rep. Bill Pascrell.
The argument for this move is the alleged monopoly that Live Nation and Ticketmaster hold on the concert ticket market. Ocasio-Cortez has criticized this hold. Pascrell also argued against the combination when it took place back in 2009.
Although 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 hold (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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