Congressman Bill Pascrell released a report today on precisely how Live Nation/Ticketmaster 'essentially defrauds' artists, consumers, and promoters. It's all about the rebates, baby.
No wonder Americans think poorly of their robust economy. Secret rebates. Hidden fees. Shrinkflation. Price gouging. Fighting unions. Income tax breaks for fat cats. No wonder Americans believe everyone else is on the take except those being questioned by posters.
One massive monopoly that is self destructing right now that you might want to look into is the toy company Hasbro. Things get really stupid and really entertaining. It's not as important in the grand scheme of things as defense contractors or industrial multinationals but monopolies can piss off even kids and nerds.
Reading this literally made me sick to my stomach. It's so essentially rotten, to intentionally harm smaller businesses and rob people. They're despicable. They should be forced to close, thrown in jail and never allowed to run another business again.
I knew a guy who worked for them after graduating college (~2012). He occasionally talked about their leadership, and it sounded straight out of The Wolf of Wall Street. Hookers, cocaine, and DUIs + car accidents every other weekend.
Rebates or kickbacks were common in the homebuilding industry pre-internet (less price transparency then and they may still be common today). A homebuilder or contractor would choose among a variety of subcontractors or suppliers in a trade, and then the chosen company would give rebates/kickbacks on each job or house to the homebuilder or purchaser.
Geez this stuff never ends. Isn't this exactly what Standard Oil did with secret rebate arrangements with the railroads back in the day? I remember reading about this in that Rockefeller biography Titan.
Now I understand why ticket prices are so high. In 1981 saw The Rolling Stones which cost me around $30 with old school festival seating. I am seeing them again in May, only this time tickets cost me around $500 per seat, they are decent seats but not among the best that ran about $1800 each. I have been complaining about the cost of tickets for a number of years and now must consider if I want to continue feeding that beast.
This is quite shocking, to say the least. Does Live Nation operate in Europe? I will certainly look for their signature in the future to avoid going to events staged by them. Surprised this isn’t outright criminality!
No wonder Americans think poorly of their robust economy. Secret rebates. Hidden fees. Shrinkflation. Price gouging. Fighting unions. Income tax breaks for fat cats. No wonder Americans believe everyone else is on the take except those being questioned by posters.
One massive monopoly that is self destructing right now that you might want to look into is the toy company Hasbro. Things get really stupid and really entertaining. It's not as important in the grand scheme of things as defense contractors or industrial multinationals but monopolies can piss off even kids and nerds.
Reading this literally made me sick to my stomach. It's so essentially rotten, to intentionally harm smaller businesses and rob people. They're despicable. They should be forced to close, thrown in jail and never allowed to run another business again.
Sounds like Live Nation would be a good candidate for a RICO investigation if we had a functioning Federal Justice Department.
I knew a guy who worked for them after graduating college (~2012). He occasionally talked about their leadership, and it sounded straight out of The Wolf of Wall Street. Hookers, cocaine, and DUIs + car accidents every other weekend.
This is amazing work, thank you Matt!
Rebates or kickbacks were common in the homebuilding industry pre-internet (less price transparency then and they may still be common today). A homebuilder or contractor would choose among a variety of subcontractors or suppliers in a trade, and then the chosen company would give rebates/kickbacks on each job or house to the homebuilder or purchaser.
https://www.whitemanborden.com/blog/2021/02/overcharging-and-kickbacks/
Years ago I heard a story about why the Mob didn’t get a foot hold in Hollywood. The mob accountants couldn’t find the Rolls!!
Geez this stuff never ends. Isn't this exactly what Standard Oil did with secret rebate arrangements with the railroads back in the day? I remember reading about this in that Rockefeller biography Titan.
Reading this made my blood boil. I’d like to think they’d be broken up, but lawmakers are just as corrupt.
Now I understand why ticket prices are so high. In 1981 saw The Rolling Stones which cost me around $30 with old school festival seating. I am seeing them again in May, only this time tickets cost me around $500 per seat, they are decent seats but not among the best that ran about $1800 each. I have been complaining about the cost of tickets for a number of years and now must consider if I want to continue feeding that beast.
This is quite shocking, to say the least. Does Live Nation operate in Europe? I will certainly look for their signature in the future to avoid going to events staged by them. Surprised this isn’t outright criminality!
Ticketmaster's business is a lousy one ... RIIIIIIGHT! :P
It charges a 20-25% 'fee' for the privilege of buying tickets from it, up here in Canada. :P
https://www.ticketmaster.ca/nicki-minaj-presents-pink-friday-2-montreal-quebec-04-17-2024/event/31005F8794F31C27