Wherever Taylor Swift plays is now big news. Problems in ticket sales in the US late last year even led to a Congressional Inquiry, which focused on the market power of Live Nation Entertainment through its ownership of Ticketmaster – and its role as music promoter and venue owner. Here, Live Nation Entertainment owns Ticketmaster and has a 50 per cent in concern promoter MCD.
Music provides an interesting pointer to wider trends and a worldwide prosperity of the super-rich in the recovery since the financial crash, at a time when those on more modest pay have felt their economic position was static – or worse if they were competing in city centre rental markets. What of the wider economy? Krueger points to data showing a rise in the share of income going to the top one per cent of the US population from 10 per cent in 1980 to 22 per cent in 2017, generally attributed to a range of factors including globalisation, pressure on lower and middle income jobs in sectors like manufacturing, weakening worker bargaining power and even changes in corporate policies in the area of fairness and compensation. The concentration of wealth is even greater.
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Source: IrishMirror - 🏆 4. / 98 Read more »