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Live Nation confirms Ticketmaster data hack

Elsewhere, AEG Presents CEO Jay Marciano has branded LN a "monopoly" in the wake of the DOJ's antitrust lawsuit

By James Hanley on 03 Jun 2024

Live Nation's 2020 concert calendar still looks sparse

Live Nation has launched an investigation after confirming that its Ticketmaster subsidiary has suffered a data leak.

It was reported last week that hackers had stolen the personal details of 560 million Ticketmaster customers, with a spokesperson for Australia’s department of home affairs spokesperson saying it was “working with Ticketmaster to understand the incident”.

The ShinyHunters hacking group is said to be demanding a US$500,000 (€462,000) ransom payment for the 1.3 TB of stolen data, which allegedly includes partial credit card details, customer names, addresses and emails.

In a regulatory filing with the US Securities and Exchange Commission (SEC), Live Nation says the hack was detected on 20 May.

“On May 20, 2024, Live Nation… identified unauthorised activity within a third-party cloud database environment containing company data (primarily from its Ticketmaster L.L.C. subsidiary) and launched an investigation with industry-leading forensic investigators to understand what happened,” says the statement.

“On May 27, 2024, a criminal threat actor offered what it alleged to be company user data for sale via the dark web. We are working to mitigate risk to our users and the company, and have notified and are cooperating with law enforcement. As appropriate, we are also notifying regulatory authorities and users with respect to unauthorised access to personal information.

“As of the date of this filing, the incident has not had, and we do not believe it is reasonably likely to have, a material impact on our overall business operations or on our financial condition or results of operations. We continue to evaluate the risks and our remediation efforts are ongoing.”

“AEG has long maintained that Ticketmaster has a monopoly in the US ticketing marketplace”

Meanwhile, AEG Presents CEO Jay Marciano has weighed in on the US Department of Justice’s (DOJ) antitrust lawsuit against Live Nation, branding LN a “monopoly”.

In a memo to staff obtained by Variety, Marciano said: “AEG has long maintained that Ticketmaster has a monopoly in the US ticketing marketplace and uses that monopoly power to subsidise Live Nation’s content businesses, preventing other businesses from competing in those areas and leaving consumers to suffer the consequences.

“As you know, the cornerstone of Live Nation’s monopoly is Ticketmaster’s exclusive ticketing contracts with the vast majority of major concert venues in the United States. These agreements block competition and innovation and result in higher ticketing fees, denying artists the ability to choose who will ticket their shows and how much their fans should pay.”

In response, Live Nation’s Dan Wall says in a statement: “This is why antitrust protects competition, not competitors trying to use the courts to advance their own interests. AEG supports this case — indeed, begged DOJ to file it — because it doesn’t want to pay artists market rates or convince venues to adopt its second-rate ticketing system exclusively.

“Its complaints about service charges are hypocritical since it could lower AXS service charges today if it really cared about that. Self-serving arguments like these are common in antitrust cases, but rightly ignored.”

Live Nation share price has risen slightly today to $US93.74, giving the company a market capitalisation of $21.7 billion.

 


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