All articles tagged with #ticketing industry
StubHub's stock fell 6.4% on its first day of trading on Wall Street, despite raising approximately $800 million in its IPO, reflecting a lackluster market reception amid ongoing industry criticisms and slow revenue growth.
StubHub Holdings Inc. priced its IPO at $23.50 per share to raise $800 million, valuing the company at $8.64 billion, amid a strong US IPO market and ongoing regulatory scrutiny of the ticket industry. The company aims to expand into new ticket issuance and has a significant ownership stake retained by co-founder Eric Baker. The IPO is led by JPMorgan Chase and Goldman Sachs, with trading expected to start on the NYSE under the symbol STUB.
The Justice Department is reportedly preparing to file a federal antitrust lawsuit against Live Nation, the parent company of Ticketmaster, over its dominance in the ticketing industry, which critics say has led to higher prices for live entertainment. This comes after widespread public scrutiny and questions from lawmakers about anticompetitive practices. Live Nation has defended itself, stating that ticket prices are determined by artists and venues, and that high prices are also influenced by supply and demand for live entertainment.
A bipartisan group of U.S. senators has introduced the Fans First Act, a bill aimed at addressing issues in the ticketing industry and increasing transparency for live event patrons. The legislation seeks to tackle problems such as price transparency, consumer protection, and the reselling of tickets at inflated prices. It would require ticket sellers and resellers to disclose the total cost of a ticket, including fees, and provide a breakdown of the price. The bill also aims to crack down on scalpers by prohibiting the use of bots to purchase tickets, preventing the sale of speculative tickets, and imposing civil penalties on resellers engaged in illegal practices. Live Nation has expressed support for the bill, stating that it welcomes positive reform in live event ticketing.