Revenue / 06.06.19
Venues Grapple With Ticketmaster Costs
Los Angeles Business Journal (05/31/19) Blake, Matthew
Los Angeles venue operators employ Ticketmaster to sell entry tickets to shows via third-party agreements, with Live Nation Entertainment's subsidiary collecting fees on each purchase, which are added to ticket prices approved by L.A. County. Analysis of the Hollywood Bowl's 2019 summer lineup estimated that Ticketmaster's fees inflated prices by an average of 29 percent. "The county wants to make sure that there are some tickets relatively easy to access pricewise," said L.A. County Department of Parks and Recreation Deputy Director Kevin Regan. He added that governing some aspects of ticketing costs by setting the base price is preferable to no control, but this does little to assuage fans' growing frustration over Ticketmaster's fees. By the time tickets to Hollywood Bowl shows go on sale to the public, ticket prices are often elevated by as much as 30 percent, if not more, with Live Nation the beneficiary. The ticketing giant's annual report estimated that Ticketmaster revenue increased 13.2 percent annually to $1.53 billion last year. The report said the bulk of that revenue comes from "service fees charged at the time a ticket for an event is sold."
Read the full article in the Los Angeles Business Journal.
Tags: Music , Ticketmaster , News