Australia’s competition watchdog has given the strongest indication yet that it has the giants of the music industry in its sights, as the concentration of ownership is leading fans to pay up to 20 per cent more than they ought to for live events.
“We don’t comment on matters that might be under investigation, but if your question is, do we receive similar issues, do we look, are we watching the DOJ action, yes is the answer to all of those.” It is not unique in having embraced vertical integration, with major rival TEG Dainty – which is a major shareholder in Laneway Festival and owner of Ticketek – having pursued a similar strategy locally and internationally.
“When you start to have highly concentrated markets … it flows through in terms of choice and prices for consumers … and that’s where you’ve got to then look at misuse of market power.
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Source: 7NewsSydney - 🏆 16. / 63 Read more »