|
|
|
|
|
|
by ProofByAccident
1915 days ago
|
|
|
>Price fixing? You can buy music directly from artists for any price you want. I think you're missing my point. The opportunity to market direct to consumer does not negate the massive wage-setting power of a cartel which can buy up rivals, production talent, leverage radio, venue, and streaming contracts, etc. Ex: wired.com/story/opinion-big-music-needs-to-be-broken-up-to-save-the-industry/ |
|
|
'''
Live Nation’s consolidation of the industry was rapid and aggressive, spending around $1 billion in just 18 months in the late 1990s buying independent concert promoters and venue owners. By 1999, when radio titan Clear Channel paid $4.4 billion for the company (then called SFX), it was the largest music venue owner and concert promoter. Antitrust enforcers took no action to stop the deal.
By 2005, Clear Channel had spun off its live music division into a new, standalone company: Live Nation, the country’s largest artists manager and concert promoter and second-largest venue owner. Today, Live Nation is once again part of a massive broadcasting and live music conglomerate that wields immense power.
Live Nation has since combined with the ticketing monopoly Ticketmaster, satellite radio monopolist SiriusXM, and online radio leader Pandora as part of media mega-conglomerate Liberty Media. Last year, Liberty Media was approved to take control of iHeartMedia, the largest radio station owner in the country; prior to 2014 iHeart was known as Clear Channel. The proverbial band was back together, antitrust concerns and all. Competition and consumer advocates stridently opposed every corporate tie-up along the way; my organization was part of a coalition that argued against the Liberty/iHeart deal last year. Antitrust enforcers permitted every one.
'''
Further down:
'''
The company’s power to steer business away from rivals is not theoretical. In late 2019 the Justice Department found that, for years, Live Nation had abused its monopoly by steering its artists and tours away from venues that refused to use Ticketmaster. The government could have sued for monopoly violations but instead simply amended the agreement it struck with the companies when they merged a decade ago.
'''