Live Nation (NYSE:LYV) is slipping, down 2.7%, as the Federal Trade Commission announces it will hold a public workshop examining the online event-ticket marketplace.
The FTC has set the workshop for March 27.
"The online event ticket industry has been a frequent topic of consumer and competitor complaints, and FTC staff is seeking public input in advance of the workshop, including possible discussion topics and potential participants," the commission says.
Issues that frequently come up include "practices that prevent consumers from obtaining tickets, mislead consumers about price or availability, or mislead consumers about the entity from which they are purchasing."
Updated 3:49 p.m.: In a statement, LiveNation's Ticketmaster says it "welcomes and looks forward to participating in" the workshop. "To be clear, this is an industrywide workshop -- not a probe." It says it encourages other ticketing companies to take part. LYV is down 4.2% just before the close.
Updated 6:00 p.m.: The National Association of Ticket Brokers weighs in: The "primary market for tickets, from sports to music, is overwhelmingly monopolized by the Live Nation/Ticketmaster giant. The lack of vibrant competition in the market combined with Live Nation/Ticketmaster’s hands on so many levers to restrict ticket sales and resale is why tickets are more difficult to access and more expensive to purchase ... we look forward to participating."
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