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YoSeats predicts Live Nation (LYV) expected to release strong Q2 ticket sales report on July 26, 2018. CA lawsuit suggests rocky times ahead.

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YoSeats predicts Live Nation (LYV) expected to release strong Q2 ticket sales report on July 26, 2018. CA lawsuit suggests rocky times ahead.

LYV might announce new program making it nearly impossible to purchase face value tickets.

PR Newswire

SAN DIEGO, July 25, 2018 /PRNewswire/ -- According to Eric Fuller, plaintiff in a California lawsuit against Live Nation/Ticketmaster for unethical business practices as discussed below: Live Nation has rapidly increased revenues by raising ticket prices, putting artists into bigger venues and making an aggressive move into the resale ticket markets. They now seek new ways to enhance revenue.  Over the last few years they've tested some new ideas:

  1. Using software to create endless waiting rooms and to block search and purchase on almost every device so consumers fail to get tickets, having to resort to "Platinum"  tickets or the secondary market where LYV owns three companies - Ticketmaster resale, Seatwave, and Getmein!

  2. Sometimes keeping the order processing fees charged consumers when refunding canceled shows.

  3. Paying for inventory supplied to their resale market in local currency without adjusting for the difference between local currency and the $US price owed. Live Nation, whose CEO Michael Rapino is Canadian would pay a $100 (US) bill with 100 Canadian dollars at a time when CAD was only worth 65 cents.  LYV refuses to pay the remaining 35% owed all sellers. Imagine how profitable LYV would have been if they had a Mexican CEO as the Peso is only worth 5 cents

    Fun Fact:  According to Forbes in 2017 only 8 musicians made more money than Rapino who earned $70 million -- just below Bruce Springsteen's $75 million.  LYV shareholders saw a loss, again.

  4. Letting David Marcus who helped ScoreBig fail to pay $2 million to ticket suppliers design a "slow ticketing" program making it expensive for people who buy tickets when they first go on sale, and cheaper for those who wait until just before the show.  Now, artists perform before thousands of unsold seats or give away blocks of tickets just to maintain the appearance of almost filling a venue.  True fans are unhappy to find out they paid twice as much as the person sitting next to them or that their neighbor got free tickets just to fill up the show.

  5. Often many face value tickets are being replaced by "Platinum" tickets.  There is nothing significant about a Platinum ticket except its high price.  They are scattered throughout the venue – floors, sides, uppers – you name it.  LYV/Ticketmaster is apparently scalping, holding back inventory to make consumers think shows are sold out, rushing them to buy Platinum tickets at much higher prices.

  6. "Verified Fan" does not really work to prevent scalping, it's just a data grab by LYV.

  7. "Presence" digital ticketing system now allows LYV to charge you a fee to transfer tickets.  No more just giving tickets away or selling them.  Now you have to pay LYV.  Airlines charge $150 to change a flight.  Who knows where LYV might take this?  Just last week they turned off the ability to transfer Taylor Swift tickets 24 hours before show time because she couldn't sell out.  What's next – a "baggage fee" to bring a purse into a show?

It's possible LYV is adopting the Marx Brothers "Animal Crackers" orchestra pricing plan:

Spaulding: What do you fellows get an hour?
Ravelli: Oh, for playing we get $10 an hour
Spaulding: I see…What do you get for not playing?
Ravelli: $12 an hour…for rehearsing that's $15 an hour
Spauldling: What do you get for not rehearsing?
Ravelli:  You couldn't afford it….if we don't rehearse, we don't play.  And, if we don't             play….that runs into money

If you think Live Nation/Ticketmaster is greedy, dishonest, or taking advantage of fans say something.  Tell your favorite artists to issue their tickets elsewhere.  Tell LYV's CEO what you think on Twitter: @Rapino99 

 

Cision View original content:http://www.prnewswire.com/news-releases/yoseats-predicts-live-nation-lyv-expected-to-release-strong-q2-ticket-sales-report-on-july-26-2018---ca-lawsuit-suggests-rocky-times-ahead-300686697.html

SOURCE Eric Fuller

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