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AOC blames inflation "monopoly power," from Ticketmaster to the grocery store

New York Democratic Rep. Alexandria Ocasio-Cortez slammed Ticketmaster in a new interview with rolling stoneblaming inflation on the rise of monopoly powers.

The ticketing hub has come under intense scrutiny in recent weeks after sales for Taylor Swift’s upcoming Eras 2023 tour turned into a ticketing nightmare. Verified fans who registered for the presale were held in hour-long online queues amid website crashes and “historically unprecedented demand with millions of people showing up to buy tickets”, Ticketmaster tweeted Last week.

Fans were angry and calls for an investigation into Ticketmaster’s affairs were echoed by members of Congress, including Ocasio-Cortez, who wrote on November 15 on Twitter: “Daily reminder that Ticketmaster is a monopoly, it’s is [sic] the merger with LiveNation should never have been approved, and they must be reigned [sic] in. Break them.

A formal investigation has been launched by the Department of Justice (DOJ) into whether Live Nation Entertainment, a company that merged with Ticketmaster in 2010, abused its power over the live music industry, and Ocasio-Cortez claimed that she supported disentanglement. of the merger.

In a recent interview with rolling stonethe New York Democrat said: “I was watching what was happening with the pre-release of Taylor Swift tickets. It came on a more personal level; I actually have quite a few employees who were trying to getting tickets that day. Between seeing their experience and seeing everyone online talking about it, I think it really showed how widespread the problem is and reflects the degree of market consolidation in this industry.”

With her work on the Select Committee for Economic Inequality, Ocasio-Cortez said “one of the things we’re seeing more and more is that these price increases due to inflation and the abuse of market power is due to market consolidation. It’s gotten so bad that we’re really seeing it affect our daily lives, from the price we pay in grocery stores to being unable to see our favorite artists without paying a arm and one leg.”

While Ticketmaster’s purchase system made tickets extremely difficult to find for many fans last week, others able to purchase tickets to see Swift reported unprecedented prices. Some fans even joked that it would be cheaper to rent Swift’s Cornelia Street townhouse in Greenwich Village, Manhattan, for $45,000 a month than buying two tickets, especially when sites like StubHub have saw tickets listed for over $76,000.

“Between prices and fees, everyone who has purchased tickets in the past 10 years has seen how much worse things have gotten,” Ocasio-Cortez continued. “I support the outcome of this merger. I don’t think it should have been approved in the first place. I hope the DOJ investigation will reveal how serious the abuse of market share and power is, and how it’s played a role in the prices everyday consumers see.”

Pleasemynews contacted an AOC and Ticketmaster representative for comment.

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