How Live Nation and Ticketmaster have a monopoly on the live entertainment industry

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The Senate Judiciary Committee held a hearing this week titled, "That's the Ticket: Promoting Competition and Protecting Consumers in Live Entertainment," which focused on the state of Live Nation Entertainment and the lack of competition in the primary and secondary ticketing markets.

"I just want to dispel this notion that this is not a monopoly and then we can go from there about solutions," Sen. Amy Klobuchar, D-Minn., said at the hearing, which was held Tuesday.

Live Nation Entertainment is composed of Live Nation, an events promoter and venue operator, and Ticketmaster, a ticket sales giant. The two companies merged in 2010 and now control an estimated 70% of the ticketing and live event venues market.

It's no secret that Taylor Swift fans were outraged in November 2022 when millions flocked to Ticketmaster.com to grab tickets to see the heartbreak queen for the first time since 2018 and the website crashed. The long wait lines and frozen screens sparked an uproar with fans, blaming Ticketmaster for ruining their chances to see the pop star.