The jury found Ticketmaster had overcharged customers by $1.72 (£1.27) on each ticket sold over a period of several years. That figure is set to be used as the basis for calculating damages.
So… this was a waste of time, then… No one was complaining because Taylor Swift tickets were a buck and some change more expensive…
I’m guessing that number comes from them essentially having the processing fee twice when the venue itself is owned by livenation as well, rather than it being about the dynamic pricing they’re known for.
Well… based on a (conservative) sales figure of 500M tickets sold per year over the last 5 years, that’s a penaly of ~$4.3B in restitution. That doesn’t include potential punitive damages.
It’s actually much worse (for us, not them). From the NBC article.
Live Nation said the jury’s award of $1.72 per ticket "applies to a limited number of tickets—those sold at 257 venues, which represent about 20% of total tickets—and only to purchases by fans (excluding brokers) in certain states over the past five years.”
“Based on that scope, we believe the aggregate single damages figure would be below $150 million, which would be trebled,” the company said. “In connection with the DOJ settlement, Live Nation has already accrued $280 million toward state damages and civil penalty claims. Injunctive relief will be determined by the Court after the states make a remedy proposal, which we expect in the coming weeks.”
So, even though $4.3 billion is pretty paltry against their annual revenue of $25 billion, it’s potentially MUCH less because the scope is so limited.
Ah… right. Because this only applies to the states that didn’t agree to the settlement. Welp. That is pretty disappointing. I would have hoped it would hit them a little harder. I don’t really care about what I’m going to get out of it (though I am in one of the states that didn’t settle), so much as the degree to which it hurts Live Nation.
So… this was a waste of time, then… No one was complaining because Taylor Swift tickets were a buck and some change more expensive…
Oh, you don’t actually expect them to pay all that money back, do you? It’s already been spent! 😬
I’m guessing that number comes from them essentially having the processing fee twice when the venue itself is owned by livenation as well, rather than it being about the dynamic pricing they’re known for.
Well… based on a (conservative) sales figure of 500M tickets sold per year over the last 5 years, that’s a penaly of ~$4.3B in restitution. That doesn’t include potential punitive damages.
It’s actually much worse (for us, not them). From the NBC article.
So, even though $4.3 billion is pretty paltry against their annual revenue of $25 billion, it’s potentially MUCH less because the scope is so limited.
Ah… right. Because this only applies to the states that didn’t agree to the settlement. Welp. That is pretty disappointing. I would have hoped it would hit them a little harder. I don’t really care about what I’m going to get out of it (though I am in one of the states that didn’t settle), so much as the degree to which it hurts Live Nation.