According to Market Watch both Live Nation and Ticketmaster claim that buyers are getting a good value on concert tickets even though ticket prices have gone up year after year.
Live Nation CEO Michael Rapino told Market Watch that he recently told investors that concert tickets are “an incredible bargain” in comparison to other entertainment options. I don’t know what entertainment options he could be thinking of, but Rapino made the case that increasing prices provides a “huge opportunity for our bottom line.” Ticketmaster president Joe Berchtold concurred with this assessment.
Georgetown University finance professor Jim Angel revealed why he agrees with the box office giants saying
“It’s sort of like how investment bankers underprice initial public offerings. They want to make sure that the investors have a good experience and that there’s no unsold stock left at the end of the offering.”
Angel also points out that the lower price comes at a cost with the scalper market thriving.
However, according to the same report US congress is investigating six ticketing companies and their practice.
Company Who Made Rock Documentaries Hit With Massive Lawsuit
A company behind numerous rock n’ roll documentaries including one’s about The Rolling Stones, U2 and Elton John “are nothing more than a delivery system for intentionally infringed materials,” according to a new lawsuit. A cluster of companies who own the rights to some of the most popular songs of all time filed a lawsuit against UK producer Coda Publishing, California based distributor Vision films and director Robert Carruthers and several others. The lawsuit claims the documentaries featuring the above mentioned artists used copyright music without permission.
The films include:
he Rolling Stones — Their Satanic Majesties; T
The Rolling Stones — Big Hits;
ABBA — the Gold Singles;
U2 — Phenomenon —
Part 2; Nirvana — The Path From Incesticide to In Utero;
Nirvana — the Ultimate Review;
Elton John — in Performance;
Red Hot Chili Peppers — Behind the Music;
Red Hot Chili Peppers — Phenomenon; and
Lynyrd Skynyrd — Rock Case Studies.
Amazon has removed the titles from their website but they can still be watched through Vimeo. The lawsuit is asking for all copies of the films to be destroyed and for damages up to $150,000 be paid per infringement.
Nirvana’s Surviving Members Set to Reunite For Benefit Show Tomorrow
The surviving members of Nirvana are planning to reunite in Los Angeles tomorrow at a benefit show. The surviving members include drummer Dave Grohl, bassist Krist Novaselic and guitarist Pat Smear. Smear and Grohl currently play together in Foo Fighters. The trio will reunite tomorrow Saturday, January 4th at the Hollywood Palladium in Los Angeles as part of the Art of Elysium event. It’s an annual gala in Los Angeles and the trio will be joined by St. Vincent, Joan Jett, Beck, L7, Cheap Trick and Grohl’s own daughter Violet.
It’s unknown whether the trio will perform Nirvana hits, but given that Joan Jett will be in attendance I’d guess there’s a good chance.
The Art of Elysium was founded in 1997 to “support individuals in the midst of difficult emotional life challenges like illness, hospitalization, displacement, confinement, and/or crisis,” according to the website. “We serve medically fragile children, teens, adults, seniors, those dealing with social, emotional and mental health issues and the homeless.”