Why Your Tickets Cost So Much
May 31, 2018
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8:41Now PlayingWhy Your Tickets Cost So Much
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as posted by the channelIn this Majority Report clip, David Dayen on ticket monopolies.
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"When I write about monopoly power, one popular complaint is that the issue feels too remote and abstract. Antitrust law is bound up in confusing terminology and complex measurements like the Herfindahl-Hirschman Index. But I reject the notion that people have no personal experience of how monopolies affect their daily lives. Have you ever bought a concert ticket?
If so, then you know the feeling. You waited weeks for tickets to become available, only for them to sell out in minutes—and then appear shortly thereafter on reseller websites, at a huge markup. Or you managed to get the tickets into your shopping cart, only to discover while checking out that there’s a hefty “processing fee.”
These are functions of monopoly. As a Government Accountability Office (GAO) report released on Monday shows, one company dominates the primary market for ticket sales and another dominates the secondary market. The failure to stop them from getting bigger and more dominant will only compound the problem."*
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