• Following a significant incident regarding ticket sales for Taylor Swift’s upcoming concert tour.
• U.S. senators on Tuesday criticized Live Nation Entertainment for its lack of transparency.
• And failure to prevent bot purchases of tickets.

Taylor Swift‘s upcoming concert tour in a hearing scheduled following a significant incident regarding ticket sales for upcoming concert tour, U.S. senators on Tuesday criticized Live Nation Entertainment for its lack of transparency and failure to prevent bot purchases of tickets.

U.S. senators have renewed their criticism of Ticketmaster, a Live Nation Entertainment Inc (LYV.N) subsidiary, for the way it handled ticket sales for Taylor Swift’s “Eras” tour, which was her first in five years, last fall. Ticketmaster has been unpopular with fans for years. According to experts, Ticketmaster controls more than 70% of the market for primary ticket services at significant concert venues in the United States.

The president and chief financial officer of Live Nation, Joe Berchtold, said during a hearing of the U.S. Senate Judiciary Committee on Tuesday, “We apologise to the fans, we apologise to Ms. Swift, we need to do better and we will do better.”

In retrospect, there are a number of things that could have been done better, according to Berchtold, such as spreading out the ticket sales over a longer period of time and doing a better job of defining the expectations of the audience.

The Ticketmaster scandal, said to Republican Senator Mike Lee, underscored the necessity for thinking about whether “additional legislation or even just greater enforcement of current rules could be needed to safeguard the American people.”

ABNORMAL COMPETITION

Senators criticised Berchtold for Live Nation’s charge schedule and failure to stop bots that purchase tickets in bulk and resale them at exorbitant prices. In response to Berchtold’s assertion that Live Nation costs change based on “ratings,” Democratic Senator Amy Klobuchar said: “There is not transparency when no one knows who determines the fees.”

Marsha Blackburn, a Republican senator, referred to Live Nation’s bot problem as “unbelievable,” noting that much smaller businesses can control malicious users in their systems. You should be able to seek out some helpful counsel from others and come to a decision, she said.

In reference to Live Nation’s hegemony in the ticket sales industry, Republican Senator John Kennedy declared, “I am not against big per se, but I am against dumb.” “Whoever in your firm was in charge of handling ticket sales for Ms. Swift was a disaster, and they ought to be fired.

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