Patreon Preview – 345. Thuggish Ruggish Live Nation
Digest
This episode delves into the Justice Department's antitrust lawsuit against Live Nation, arguing that the company's merger with Ticketmaster has resulted in a monopoly in the live entertainment industry. The hosts discuss the history of the merger, highlighting the Obama administration's approval of the deal despite concerns about its potential for market dominance. They criticize the Obama administration's approach to antitrust law, arguing that it has led to a rise in monopolies and a decline in competition. The episode also explores the broader context of the rise of digital platforms and the role of deregulation in their dominance. The hosts argue that the Obama administration's focus on deregulation has contributed to the consolidation of power in the hands of a few large companies.
Outlines
Live Nation's Monopoly
This Chapter discusses the Justice Department's antitrust lawsuit against Live Nation, alleging that the company's merger with Ticketmaster has created a monopoly in the live entertainment industry. The hosts argue that this is one of the most important antitrust lawsuits in recent decades due to the scale of Live Nation's market domination and the rarity of such lawsuits nowadays.
The Obama Administration's Role
This Chapter examines the Obama administration's approval of the Live Nation-Ticketmaster merger, despite concerns about its potential for market dominance. The hosts criticize the administration's approach to antitrust law, arguing that it has led to a rise in monopolies and a decline in competition. They highlight the irony of the Obama administration's focus on deregulation, given its technocratic approach to governance.
Keywords
Live Nation
Live Nation Entertainment, Inc. is an American entertainment company that is the world's largest concert promoter, venue owner, and artist management company. It was formed in 2010 through the merger of Live Nation, Inc. and Ticketmaster Entertainment, Inc. The company has been accused of anti-competitive practices, including using its market power to stifle competition and raise prices for consumers.
Ticketmaster
Ticketmaster is an American ticket sales and distribution company that is the world's largest ticket reseller. It was acquired by Live Nation in 2010, creating a vertically integrated company that controls both the promotion and ticketing of live events. The merger has been criticized for creating a monopoly in the live entertainment industry, leading to higher prices and fewer choices for consumers.
Antitrust Law
Antitrust law is a body of law that regulates the conduct of businesses to prevent monopolies and promote competition. It is designed to protect consumers from unfair business practices and to ensure that markets operate efficiently. Antitrust laws are enforced by government agencies, such as the Department of Justice and the Federal Trade Commission.
Monopoly
A monopoly is a market structure in which a single company or group of companies controls the entire market for a particular product or service. Monopolies can lead to higher prices, lower quality, and less innovation. Antitrust laws are designed to prevent monopolies from forming and to break up existing monopolies.
Deregulation
Deregulation is the process of reducing or eliminating government regulations on businesses. It is often argued that deregulation can lead to increased competition and lower prices for consumers. However, deregulation can also lead to a decline in consumer protection and an increase in market power for large companies.
Q&A
What is the Justice Department's lawsuit against Live Nation about?
The Justice Department is suing Live Nation for allegedly creating a monopoly in the live entertainment industry through its merger with Ticketmaster. The lawsuit alleges that Live Nation has used its market power to stifle competition and raise prices for consumers.
How did the Obama administration contribute to the Live Nation-Ticketmaster merger?
The Obama administration approved the merger despite concerns about its potential for market dominance. The hosts argue that the administration's approach to antitrust law has led to a rise in monopolies and a decline in competition.
What is the broader context of the rise of digital platforms and the role of deregulation?
The hosts argue that the Obama administration's focus on deregulation has contributed to the consolidation of power in the hands of a few large companies. They point to the rise of digital platforms like Uber and Airbnb as examples of this trend.
Show Notes
••• How Live Nation’s Monopoly Works https://prospect.org/power/2024-05-24-how-live-nations-monopoly-works/
••• The Monopoly Case Against Ticketmaster, Explained https://www.404media.co/the-monopoly-case-against-ticketmaster-explained/
••• Exclusive: The Atlantic, Vox Media ink licensing, product deals with OpenAI https://www.axios.com/2024/05/29/atlantic-vox-media-openai-licensing-deal
••• Former OpenAI board member explains why CEO Sam Altman got fired before he was rehired https://www.cnbc.com/2024/05/29/former-openai-board-member-explains-why-ceo-sam-altman-was-fired.html
••• America’s premier pronatalists on having ‘tons of kids’ to save the world: ‘There are going to be countries of old people starving to death’ https://www.theguardian.com/lifeandstyle/article/2024/may/25/american-pronatalists-malcolm-and-simone-collins
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Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)
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