Ticketmaster apologizes to Taylor Swift, fans over sales disaster
The world of live events, particularly concert tickets, was rocked by a sales scandal in 2017 that ultimately cost fans tens of millions of dollars.
Last month, ticket giant Live Nation, which owns Ticketmaster, admitted to overcharging concertgoers by $400 million, or more than 2% of its total $1.4 billion in ticket sales in 2017.
Fans, who have no say in the company’s ticketing business, have been taking aim at Live Nation, with many accusing the company of trying to avoid accountability so as not to face any negative repercussions.
Earlier this month, Swift’s label, Epic Records, filed a lawsuit against Live Nation seeking unspecified damages for “intentional acts or reckless acts, or the public and private dissemination of false and misleading information and false assumptions.”
Ticketmaster later released a statement saying it was “unable to come up with any evidence” that Live Nation’s sales were overcharged.
“We are deeply sorry for the errors. We have reached out to Swift, and we will continue our efforts to provide accurate information to fans. We will also look to make certain this matter does not affect the company’s reputation and business.”
As for ticket prices, the average price of a Live Nation ticket for a concert in 2017 was $100. If Ticketmaster’s $400 million overcharge was factored in, tickets would actually cost more than $180 per ticket.
But the total figure doesn’t include some fees Ticketmaster charges to concertgoers on top of the ticket price, leaving the company with a profit of $70 million in 2017, or less than half of the $200 million loss it incurred during the 2017 scandal, according to the New York Times.
Taylor Swift and the company she works for are taking aim at Live Nation
The concert that inspired Swift’s album of the same name, however, cost the company more than $2 million in fees that it