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Live Nation drops 2.7% as FTC plans look into online ticketing (updated)

  • 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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