Amazon wants a piece of the $5 billion ticketing market. But to succeed it must spend more money on venues than Live Nation does, give them access to customer data, and still offer consumers lower ticket prices.
The antitrust laws in this country have not been well-enforced. As a result we have too many industries — like high-speed Internet and ticketing — that use their market dominance to offer consumers higher prices and lousy service.
This comes to mind in considering the great news that Amazon — which has generated antitrust questions from some who are worried about what it will do to the grocery industry — plans to sell tickets to music and sporting events.
The recent plunge in Amazon’s stock price — in August 11 pre-market it traded 9.6% below its July 26 high of $1,053 — combined with this news make its shares more attractive. (I have no financial interest in the securities mentioned in this post).
Before getting into that let’s take a look at how concentration in the high-speed Internet industry adds minor misery to my life. I am talking here about Comcast — which in my part of Massachusetts has only one rival, Verizon.
This morning my Internet connection suddenly failed. I spent 30 minutes on the phone with a person in the Philippines who I was able to talk to after six attempts to get through the Comcast robot.