Taylor Swift vs. Ronald Reagan: The Ticketmaster story

6 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.

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INSIGHT

Monopoly Consequences

Ticketmaster's market dominance allows them to provide subpar service and inflate fees.
Lack of competition prevents alternatives and reinforces their control.

INSIGHT

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.

ANECDOTE

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.

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Ticket Masters

The Rise of the Concert Industry and How the Public Got Scalped

Dean Budnick

Josh Baron

Ticket Masters chronicles the evolution of the concert industry, detailing the strategies of key players like Ticketmaster, Live Nation, and StubHub. It examines the complex relationships between artists, promoters, and ticketing agents, shedding light on why ticket prices have skyrocketed and how concerts sell out quickly. The book includes insights from interviews with industry figures and offers a behind-the-scenes look at the business side of live music.

The antitrust paradox

A Policy at War With Itself

Robert H. Bork

First published in 1978, 'The Antitrust Paradox: A Policy at War With Itself' is a influential book that has significantly impacted the interpretation and application of antitrust law. Bork argues that antitrust suits often adversely affect consumers by encouraging costly protection for inefficient and uncompetitive small businesses. The book is divided into three parts, covering theoretical foundations, applications to various antitrust issues such as mergers and vertical market restrictions, and a summation of how the law should be enforced. Bork advocates for a consumer welfare model, emphasizing the importance of economic analysis in antitrust policy and enforcement.

How to Change

The Science of Getting from Where You Are to Where You Want to Be

Katy Milkman

In this ground-breaking book, Katy Milkman reveals a proven path to help readers move from where they are to where they want to be. Drawing on her original research and the work of her world-renowned scientific collaborators, Milkman shares strategic methods for identifying and overcoming common barriers to change, such as impulsivity, procrastination, and forgetfulness. The book offers innovative approaches like 'temptation bundling,' using timely reminders, and creating 'set-it-and-forget-it systems' to make change more achievable. It emphasizes the importance of tailoring solutions to specific roadblocks and using science to stack the deck in favor of successful change.