Era of Limits: Monopolies
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- You see, Ticketmaster has an unmatched monopoly when it comes sale of concert, stadium, and game tickets. When your favorite artists or teams are near your area, more likely than not, you'll end up using Ticketmaster's website to purchase tickets
- Recently there was a big debacle with the company Ticketmaster regarding the sale of Taylor Swift tickets
- For example, many of Taylor Swift fans logged in on the morning of November 15 to access tickets for her upcoming tour. After one hour, fans were shocked to see tickets as high as $90,000.
- The thing with monopolies is that because of the power they hold in their sector of the economy, they are free to mark up their prices to immeasurable numbers.
- The only competition Ticketmaster has is another company called SeatGeek. But even then, it's dust compared to Ticketmaster. When tickets went on sale for Taylor's tour, 14 MILLION people were logged onto Ticketmaster. That amount would mean Taylor would have to perform 900 STADIUM shows EVERYDAY for the next 2.5 years
- Sure, Ticketmaster didn't PERSONALLY markup the tickets a bajillion percent. But its business practices left fans vulnerable to scalpers (people who buy tickets just to resell them at insane prices) and because of Ticketmaster's monopoly, fans had no choice but to settle for the tickets that were cheapest, some were even behind the stage and went for $500 before Ticketmaster fees.
- Think about it like this. When you want to buy a car like the ones behind me here, you are not forced to pick from a specific company. Sure some companies like Toyota and Ford are a majority of the market, but there's plenty of competition in the automobile market so you aren't left with only one company.
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