Since its founding in 2009, SeatGeek has positioned itself as an industry disrupter. Initially just a resale platform, it has sought to challenge Ticketmaster’s dominance in the so-called primary market — sales directly from a venue’s box office, on behalf of sports teams or performing artists. When BSE Global announced its SeatGeek deal, which took effect in October 2021, the venue company praised its new partner’s “best-in-class mobile platform.”
SeatGeek’s clients include major sports franchises like the Dallas Cowboys and the New Orleans Saints, as well as Jujamcyn Theaters, one of Broadway’s major theater owners.
But SeatGeek, and other ticketing companies, all still lag far behind Ticketmaster, which sold $485 million in tickets in 2019, the last year of business unaffected by the Covid-19 pandemic, an amount that swamps its competitors. Regulators have been monitoring Ticketmaster’s market share since it merged in 2010 with the concert giant Live Nation in a deal that critics suggested would damage competition in the ticketing industry, a consequence that Live Nation has denied.
As a condition for its approval of the merger, the Justice Department entered into a regulatory agreement with Live Nation that, among other things, prohibited it from retaliating against venues that do not sign with Ticketmaster by withholding shows it controlled. The agreement, known as a consent decree, was extended by five years in 2020 after federal regulators found that Live Nation had “repeatedly” violated it. At the time, Live Nation did not admit to any wrongdoing, and said that extending the decree was “the best outcome for our business, clients and shareholders.”
In an interview, Joe Berchtold, the president of Live Nation, acknowledged that the company is always under scrutiny for its actions in the marketplace. In recent weeks, for example, lawmakers have expressed concern over Ticketmaster’s botched ticket sale for Taylor Swift’s latest tour, and the company was widely condemned for its mishandling of a Bad Bunny concert in Mexico City.
But Mr. Berchtold was unequivocal in stating that the company did not break any of its regulatory guidelines with Barclays Center.
