Live Nation's modest gains outperformed competitors and major indexes.
‘s Eras tour last November hosted on the company’s Ticketmaster platform. While Live Nation president and chief financial officerabout Ticketmaster’s technology and market power with a focus on monopolistic behavior, Live Nation’s share price rose as much as 2.3% to $77.71 before closing at $76.67, up 1.4% on the day, on about half of the average daily trading volume.With that modest gain, Live Nation beat the Dow Jones Industrial Average , S&P 500 , Nasdaq composite and Russell 2000 .
Congressional oversight was already priced into Live Nation’s share price to a degree, though. Live Nation shares fell 7.8% to $66.21 on Nov. 18, 2022, after Sen.to Ticketmaster about her concerns regarding its “system failures, increasing fees and complaints of conduct that violate the consent decree” under which Ticketmaster and Live Nation operate.
The hearing, titled “That’s the Ticket: Promoting Competition and Protecting Consumers in Live Entertainment,” turned Live Nation and Ticketmaster into punching bags for senators who, as Sen.noted, were brought together “in an absolute, unified case.” The legislators’ pointed questions and obvious frustration on behalf of their constituents made it clear Ticketmaster is one of the more loathed companies in the U.S.
Exactly what will come from the hearing is far less certain. While there may be some appetite amongst the senators to undo the 2010 merger of Live Nation and Ticketmaster, or implement some other structural remedies, Sen. Klobuchar said the committee will wait for a Department of Justice report before moving forward.suggested the person in charge of the ticketing presale should be fired. Sen.
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