The U.S. Justice Department and a group of state attorneys general are expected to announce an antitrust lawsuit against Live Nation as soon as Thursday, ABC reports. Details of the suit are unclear but it follows a two-year investigation into whether the company created a monopoly over the concert ticket market. Here's more.
Update: The DOJ has filed this suit. “We allege that Live Nation relies on unlawful, anticompetitive conduct to exercise its monopolistic control over the live events industry in the United States at the cost of fans, artists, smaller promoters, and venue operators,” U.S. Attorney General Merrick Garland said in a statement. “The result is that fans pay more in fees, artists have fewer opportunities to play concerts, smaller promoters get squeezed out, and venues have fewer real choices for ticketing services. It is time to break up Live Nation-Ticketmaster.”
"A bill submitted by the administration of Prime Minister Fumio Kishida would compel the dominant platforms to allow third parties to launch their own app markets and to offer more payment options, while banning the technology giants from giving preferential treatment to their own products."
#Capitalism#Monopolies#Antitrust#Competition: "Capitalism's theory proceeds from the idea that we are driven by our self-interest, and that competition turns self-interest into communal sentiment. Take away the competition, and all that's left is the self-interest.
I think this is broadly true, even though it's not the main reason I oppose monopolies (I oppose monopolies because they corrupt our democracy and pauperize workers). But even if capitalism's ability to turn greed into public benefit isn't the principle that's uppermost in my mind, it's what capitalists claim to believe – and treasure.
I think that most of the right's defense of monopolies stems from cynical, bad-faith rationalizations – but there are people who've absorbed these rationalizations and find them superficially plausible. It's worth developing these critiques, for their sake."
Seen in that light, it’s no surprise that Big Tech is refusing to comply with the rules. If the EU successfully forces tech to play fair, it will serve as a starting gun for a global race to the top, in which tech’s ill-gotten gains - of data, power and money - will be returned to the users and workers from whom that treasure came.
The architects of the DMA and DSA foresaw this, of course. They’ve announced investigations into Apple, Google and Meta, threatening fines of 10 percent of the companies’ global income, which will double to 20 percent if the companies don’t toe the line.
It’s not just Big Tech that’s playing for all the marbles - it’s also the systems of democratic control and accountability. If Apple can sabotage the DMA’s insistence on taking away its veto over its customers’ software choices, that will spill over into the US Department of Justice’s case over the same issue, as well as the cases in Japan and South Korea, and the pending enforcement action in the UK."