Decoder with Nilay Patel Taylor Swift vs. Ronald Reagan: The Ticketmaster story
21 snips
Mar 21, 2023 
Dean Budnick, co-author of "Ticketmaster: The Rise of the Concert Industry and How the Public Got Scalped," discusses the monopolistic grip Ticketmaster has on live events. They dive into the chaos Taylor Swift fans faced during the Eras Tour ticket sales, sparked by a lack of competition. Budnick explains how 1980s policy changes fueled Ticketmaster's dominance and the shift in antitrust law that benefitted them. The recent Congressional hearings highlight the urgent calls for reform to protect consumers against such monopolies.
AI Snips
Chapters
Books
Transcript
Episode notes
Monopoly Consequences
- Ticketmaster's market dominance allows them to provide subpar service and inflate fees.
- Lack of competition prevents alternatives and reinforces their control.
Bork's Impact
- Robert Bork's "consumer welfare standard" reshaped antitrust law, focusing solely on consumer prices.
- This shift inadvertently allowed monopolies to thrive as long as prices remained low.
Ticketmaster's Venue Strategy
- Ticketmaster offered venues a share of increased service fees to secure exclusive contracts.
- This strategy allowed them to outcompete rivals and consolidate market power.
