Concert Giants Live Nation & Ticketmaster Announce Merger
In a move that places a stranglehold on the concert business, Ticketmaster, the world’s leading ticket seller, and Live Nation, the leading concert promoter, have finalized their colossal merger as of Tuesday (Feb. 10).
With the likelihood that a monopoly may emerge, many are critical of the move, including Sen. Charles Schumer (D-NY) who told The New York Times that it gave the joint company “unrivaled power over concertgoers and the prices they pay to see their favorite artists and bands.”
Last year, Jay-Z inked a $150 million deal with Live Nation to start his new label, Roc Nation. At the time, it seemed unlikely that Live Nation could come out ahead on such an expensive venture, which placed an emphasis on touring receipts and away from declining record sales. However, with yesterday’s merger providing newfound financial power at the box office, Hov—among others affiliated with Live Nation such as Madonna—may prove to be a profitable investment for the newly formed company. – Devin Chanda