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Concord announced the completion of its $468 million acquisition of the Round Hill Music Royalty Fund on Thursday (Nov. 2), officially completing the year’s biggest catalog deal. The deal includes over 150,000 songs, among them works by The Beatles and tunes recorded by Elvis Presley, Meatloaf, James Brown and Billie Holiday, but also marked a pivotal moment for publicly traded royalty funds and Concord’s scale of business.
Concord CEO Scott Valentine, who succeeded Scott Pascucci in February, spoke to Billboard about the deal, what it says about the state of the music royalties market and how Concord plans to deal with the headwinds that currently face the music industry.
On Oct. 31, you closed the acquisition of Round Hill Music Royalty Fund. Why was it attractive to Concord and what does it say about the state of the song catalog market?
When you look at the landscape of acquisitions of scale and quality, [Round Hill’s] assets had been on our radar for a while. Our view was that the stock price of the company wasn’t giving the appropriate fair value to what the assets were worth. Josh was one of the early proponents of the notion of music assets as financial assets. We have similar backgrounds, having started in investment banking. The quality of assets that Round Hill had accumulated was remarkable, in terms of the breadth, the genres and the ability for these assets to be used in film and television. There are Beatles songs in here for God’s sake. I’m referring to these things as assets. They’re works of art, really, that have stood the test of time from a revenue perspective.
You’ve indicated that this deal counters the broader narrative that the music royalty market has deflated over the last year or so. Why?
Our deal proves that from an institutional perspective the underlying value of copyrights is still there. We’ve just gone through the first-ever cycle of price increases at the DSPs. It seems, knock on wood, that the impact on churn has been within the tolerance levels [of customers]. You have continued growth in countries around the world that have never in the history of the music business been significant sources of legitimate revenue. We are now expecting fairly regular price increases [by the DSPs] in mature markets. So, if you believe in the long-term trends that suggest the value of music should increase over the mid-term. Then, as institutional investors, it comes down to what is your time horizon?
But with Concord acquiring one publicly listed music royalty fund, and Hipgnosis investors voting to possibly wind up the Hipgnosis Songs Fund, doesn’t this spell the end of the publicly traded music royalty fund experiment?
The story isn’t written yet on Hipgnosis. Their shareholders and board still have time to [explore options]. The thing that strikes me about the commentary around Hipgnosis has been the fundamental belief by shareholders in the underlying value of the assets it owns. Shareholders rejected the sale of those assets because they seemed to fundamentally believe the value of those assets was greater than [what they could get in that) proposed in the sale.
The question is whether a publicly traded fund is or isn’t the right vehicle to access returns. We’ve tapped the asset-backed securities space and have done very well. There is certainly private investment happening and it continues to happen. I still see significant institutional interest in this space. We are still getting inbound requests from artists, managers, etcetera, asking us to look at assets for sale. The underlying market for assets is robust. Because interest rates have gone up, the high end of the price scale has come down. But there is still plenty of activity where the prices make sense.
How do you view Concord’s creative mission and direction?
We built the company over time around our catalog. We have an extraordinary catalog of works that span over a century. Because we’ve been financed by pension funds and institutional investors, the cash flow of the catalog and investing in catalogs has been part of how we grow the company. But I’m keenly focused on the notion that we are not a fund. We are a fully functional organic music company. You can’t be a music company without creating new art and discovering new artists and exposing those new artists to the world. They will create the next remarkable piece of art that 50 years from now people talk about buying. Concord has the scale now and the relationships to be a leader in catalog acquisition and exploitation but also front-line investment. And on the music publishing side, we have really grown that business over the last three to four years. We have the writers of some of the largest songs in the world. One of ours co-wrote most of the last two Harry Styles records. On the recorded side, we’ve always been in more niche genres — jazz, bluegrass, adult contemporary. We have not been in the front-line pop business or R&B or hip-hop. Those genres have always been the domain of the majors. It’s because it takes a significant amount of marketing expenditure and recording…. That said, we’re now the size that we can compete occasionally to get a few artists in those genres. I think it’s important to grow that business.
We have seen layoffs hit different music companies over the last 18 months. Do you feel your team is in good shape? Are you looking to make any pivots in strategy or structure?
From a senior exec position, [former chief label officer] Tom Whalley stepped back, so we had to find a replacement. That’s why we got Tom Becci. Because he is taking on this new role, there is a little bit of tweaking that will go on — the integration of frontline and catalog. How people report up through the recorded music division and how people spend their time may take some tweaking. But it’s a structural shift —reporting changes. I feel like we’ve always thought about the business and growth in a careful way so that we hopefully did not over hire or put people in situations where, if there was a retrenchment in the business, we had challenges. I don’t see the need for wholesale changes or layoffs in the near term.
What is the thinking behind putting frontline and catalog under the same roof?
From our perspective, the issue with catalog versus frontline is you’re really talking about a relationship with an artist. If we have an artist on one of our frontline labels who also has catalog, having two different divisions working that artists’ life work creates some weird, unintended division when the artist is hoping to have one team of people. So, it’s an alignment to get into the way the artist is thinking about their own work. There is an industry tendency to spend a lot of work on an artist’s latest album for good reason. But in the world we live in today, an artist’s older works can be reactivated very quickly in tandem with the release of a new album. We hired Tom largely because he’s had a little bit of everything. He has worked in catalog, frontline at Universal, in management. He’s got perspective from all these different angles.
What is happening with Concord’s theatrical division?
We own Rodgers and Hammerstein. We rep 30,000 theatrical rights. It’s a sneaky, large part of our business. It’s a very interesting corner of our business that we’ve built through acquisitions in the last five years. We did those acquisitions [starting in] 2018, and the challenge has been that a lot of our business is licensing to schools and universities that were impacted during Covid. We were also a producer in Hadestown, and an investor in Some Like It Hot. We are continuing to invest in new shows on Broadway and repping works that are going out on tour. There is a fair amount of investment going on there.
What are revenues going to come in at this year?
I think we’re going to come in around the mid-$600 million range. We’ve been growing pretty consistently.
How much debt does the company carry?
The ABS was $1.8 billion and then we just did the separate tranche with Apollo for $500 million. We have a revolver as well with a consortium of banks. I don’t remember that balance, but we did not use up all of our dry powder [on the Round Hill deal]. One of the reasons we wanted to do the initial bond offering with Apollo was that we thought there was an opportunity to go back to the market when we wanted to finance acquisitions. We think there is going to be a rinse and repeat component to our access to that market.
Aerosmith singer Steven Tyler is facing a second lawsuit accusing him of sexually assaulting a minor decades ago, this time by a woman who says he forcibly kissed and groped her in New York City in 1975.
In a complaint filed Thursday (Nov. 2) in New York court, former teen model Jeanne Bellino says she has suffered “severe and permanent emotional distress” over the incidents, which allegedly occurred over a single day in the summer of 1975 when she was 17 and Tyler was 27.
“By 1975, Tyler had acquired wealth, stature, and power as a result of his career and status as a rock star,” Bellino’s lawyers write. “Tyler used his power, influence, and authority, as a well-known musician to sexually assault Plaintiff.”
In her lawsuit, Bellino claims that she and a friend had arranged to meet Aerosmith in Manhattan. While they were allegedly walking down Sixth Avenue with his entourage, she says Tyler pushed her into a phone booth.
“While holding her captive, Tyler stuck his tongue down her throat, and put his hands upon her body, her breasts, her buttocks, and her genitals, moving and removing clothing and pinning her against the wall of the phone booth,” her lawyers write. “As Tyler was mauling and groping Plaintiff, he was humping her pretending to have sex with Plaintiff.”
During the incident, Bellino says she could feel that “Tyler’s penis was erect and it was evident to her as he rubbed it against her that he was not wearing underwear and wearing thin pants.”
Because she was “relying upon her friend for transportation,” the woman’s lawyers say, a “dazed, confused, and shocked” Bellino continued with the group to the Warwick Hotel, where the band was allegedly staying.
“At the hotel, they entered through a bar entrance and there, Steven Tyler again pinned Plaintiff against the wall, put his tongue down her throat and started humping Plaintiff, simulating sex,” the lawsuit says.
Tyler then allegedly left and returned to his room, telling Bellino he would call her up later. Sitting in the lobby “sobbing and afraid,” she alleges that a call eventually came, but she says she instead fled the hotel with the help of a doorman and a sympathetic cab driver, who took her home to Queens. She claims she “immediately shared the horror she suffered with her sister, still crying uncontrollably.”
“As a result of the sexual assault, Plaintiff was hospitalized and medicated,” her lawyers write. “Plaintiff has continued to require medication to cope with the sexual assault and has suffered long term physical injury associated with the trauma.”
A rep for Tyler did not immediately return a request for comment on Thursday.
The new case comes just under a year after Tyler was sued by Julia Holcomb, who claims that the rocker repeatedly assaulted her for three years starting in 1973, when she was just 16 years old. Holcomb claims to be the girl Tyler referred to in his memoir, Does the Noise in My Head Bother You?, when he wrote he “almost took a teen bride” and convinced her parents to grant him guardianship over her.
“She was 16, she knew how to nasty, and there wasn’t a hair on it,” Tyler wrote in the book passage that’s quoted in the lawsuit.
Tyler has denied the accusations and moved to dismiss the case in April. However, his arguments raised eyebrows at the time, as one of his defenses was that he was immunized against the allegations because he had been granted legal custody over Holcomb.
Like Holcomb’s case, Bellino’s new lawsuit cites a so-called look-back law that allows alleged victims to bring cases that would otherwise be barred by the statute of limitations. Bellino cites the Gender Motivated Violence Act, which was amended last year to add a two-year lookback window that began on March 1.
Stories about sexual assault allegations can be traumatizing for survivors of sexual assault. If you or anyone you know needs support, you can reach out to the Rape, Abuse & Incest National Network (RAINN). The organization provides free, confidential support to sexual assault victims. Call RAINN’s National Sexual Assault Hotline (800.656.HOPE) or visit the anti-sexual violence organization’s website for more information.
TaP Music Publishing has sold Dua Lipa back her publishing rights, the company announced Thursday (Nov. 2). She was previously a client of the company’s artist management roster as well. TaP said in a statement: “We wish Dua all the best for the future.” Anna Neville, co-president of TaP Music, added: “This is an exciting […]
Live Nation had another record-setting quarter as music fans swarmed to concerts and continued to spend on live entertainment amidst persistent inflation, high gas prices and a resumption in student loan repayments in the United States. The concert promotion and ticketing giant posted third-quarter revenue of $8.2 billion, up 32% from the prior-year period, the company announced Thursday (Nov. 2). Adjusted operating income (AOI) rose 35% to a record $836 million.
A year ago, revenue reached a then-record $6.2 billion as artists returned to the stage after pandemic layoffs. In 2019, the last full year before the pandemic shut down the global touring business, Live Nation posted third-quarter revenue of $3.8 billion — 54% below what the company reported Thursday. Some growth since 2019 stems from acquisitions such as OCESA, the Mexican concert promoter Live Nation bought in 2021 for $416 million. But m uch of the record-setting result comes from the high number of touring artists and greater fan spending.
“While we have benefitted from tailwinds for many years, it has accelerated due to the globalization of our business along with a fundamental shift in consumer spending habits toward experiences,” president/CEO Michael Rapino said in a statement. “With the majority of opportunity still untapped from Milan to Bogotá to Tokyo and beyond, we expect the industry will continue growing in 2024 and for years to come.”
Through the first nine months of 2023, Live Nation’s revenue increased 36% to $16.9 billion and AOI rose 33% to $1.7 billion. Both nine-month figures were greater than Live Nation’s revenue and AOI for full year 2022.
In the concerts division, third-quarter revenue rose 32% to $7 billion and AOI grew 21% to $341 million. The number of fans at Live Nation concerts also grew 21% overall — 34% in international markets and 13% in North America.
Venue Nation, Live Nation’s venue management company for venues it does not own, increased ancillary revenue at operated venues. At amphitheaters, ancillary per-fan revenue was up 10% to $40 year to date. At theaters and clubs, ancillary per-fan spending rose in the double-digits globally.
Ticketmaster revenue grew 57% to $833 million while AOI jumped 94% to $316 million. Total fee-bearing gross transaction value was up 36% to $10 billion, with North America growing 32% and international markets climbing 49%. The ticketing company had 17 million net new client tickets in the first three quarters of the year.
Sponsorship and advertising revenue rose 7% to $367 million in the third quarter, while the division’s AOI improved 11% to $250 million.
Through mid-October, Ticketmaster sold 140 million tickets to Live Nation shows, up 17% year-over-year and surpassing the 121 million tickets sold in full-year 2022. Over the same period, the company sold 257 million fee-bearing tickets, a 22% improvement, and expects to surpass 300 million fee-bearing tickets in 2023.
For full-year 2023, the company expects 55 million fans at Live Nation-operated venues, up from 49 million in 2022. Ticketmaster expects full-year margins to remain in the high 30s through the fourth quarter. Sponsorship and advertising margins are expected to remain in the low 60s.
Looking forward to 2024, event-deferred revenue — ticket sales for future events — was up 39% to $2.6 billion through mid-October. About half of 2024’s expected show count has been booked for large venues — amphitheaters, arenas and stadiums — which is up double digits from the same point in 2022.
Revenue up 32% to $8.2 billion.
Adjusted operating income is up 35% to $836 million.
Year-to-date operating cash flow of $762 million, down from $928 million in Q3 2022.
Year-to-date free cash flow (adjusted) of $1.3 billion, up from $996 million in Q3 2022.
Ticketmaster revenue up 57% to $833 million.
Sponsorship and advertising revenue up 7% to $367 million.
Earnings per share rose 28% to $1.78.
The Oak View Group is working with Hamilton Urban Precinct Entertainment Group and officials of the city of Hamilton, Ontario on a plan to begin renovations on the 18,500-capacity FirstOntario Centre, a reimagined arena that will be the centerpiece in revitalizing the city as a music, sports and entertainment destination, 45 miles southwest of Toronto.
The $280 million renovation is spearheaded by Oak View Group who will transform the facility into an 18,000-seat capacity venue with a reimagined facade, premium seating, enhanced acoustics, improved sightlines, upgraded concourses, optimized clubs and suites and artist lounges. The newly modernized venue will accommodate shows unable to land an available date at the Scotiabank Arena in Toronto. Scotiabank Arena is owned my Maple Leaf Sports and Entertainment, where Tim Leiweke, OVG Chairman & CEO, served as chief executive from 2013 to 2015.
Live Nation will serve as the arena’s booking partner and bring concerts and other live events to Hamilton. Work on the facility will begin in spring 2024, and the building is expected to open in fall 2025.
“Our timing is perfect,” says Leiweke, noting that billions of dollars in construction for ten projects in Hamilton is planned for the fast growing region. “It’s a great market as Toronto has run out space for new construction. We’re making a big bet but we feel great about it. We have a great team here in place, a lot of great companies that believe in us and we are feeling very optimistic.”
OVG recently worked with Louis Messina, promoter of the Taylor Swift tour, to sell sponsorships for the singer’s six night run in November 2024 at the Rogers Centre in Toronto.
“We already have a great infrastructure in place with a strong team up here,” said Leiweke. Besides Hamilton, Oak View Group recently completed renovations at the CFG Bank Arena in Baltimore and plans to complete work at Coop-Live arena in Manchester, U.K. later this year.
The Hamilton Arena Project was designed by Brisbin Brook Beynon Architects and is part of a larger downtown revitalization project known as “The Commons”, which includes the arena, renovated convention centre, the Art Gallery of Hamilton as well as new residential, office, and retail space development.
Leiweke tells Billboard the new facility “will completely transform the downtown area with its accessibility, technology forward improvements and priority on sustainability.”
A jury was finally seated Wednesday in the sweeping RICO case in Atlanta against Young Thug and other alleged members of a street gang called YSL, clearing the way for a trial to begin in late November after months of delays.
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At the end of a hearing in Fulton County Superior Court, Judge Ural Glanville swore in a jury to hear the case, in which prosecutors allege that Young Thug (Jeffery Williams) and his YSL were not really a record label called “Young Stoner Life” but a violent Atlanta gang called “Young Slime Life.”
The process of picking a jury began way back in January, but the effort was repeatedly delayed as the court struggled to find jurors who could commit to the massive case. With a trial expected to last many months, many prospective jurors successfully argued that they could not afford to halt their lives, citing the need to earn money, childcare commitments and health problems.
The original indictment, filed in May 2022 by Fulton County District Attorney Fani Willis, named Thug and 27 other alleged gang members as defendants, but the upcoming trial will feature just seven. Many defendants have pleaded out of the case, including fellow star rapper Gunna (Sergio Kitchens), who accepted a plea deal last December. Others have been split from the proceedings into separate cases.
At Wednesday’s hearing, Judge Glanville said the opening statements in the trial would kick off on Nov. 27. The jury is composed of seven Black women, two white women, two Black men and one white man, according to reports by Atlanta media outlets including the local NBC affiliate.
The YSL case is built around Georgia’s Racketeer Influenced and Corrupt Organizations Act, a law based on the more famous federal RICO statute that’s been used to target the mafia, drug cartels and other forms of organized crime. Such laws make it easier for prosecutors to sweep up many members of an alleged criminal conspiracy based on many smaller acts that aren’t directly related. Notably, it’s the same statute that Willis is using to prosecute former President Donald Trump and several associates over allegations that tried to overturn the results of the 2020 presidential election.
Thug and the other defendants are accused of violating the Georgia RICO law through numerous individual “predicate acts,” including murders, carjackings, armed robberies, drug dealing and other crimes over the course of a decade, as well as other separate charges. Thug also faces several other charges over guns, drugs and other materials allegedly found in his home when he was arrested.
If fully convicted, he could face a life sentence. He’s already been in jail for 17 months since the indictment was handed down, after the judge repeatedly refused to grant him pre-trial release on bond.
Beyond indicting two of rap’s biggest stars, the YSL case also made waves because it cited their lyrics as supposed evidence of their crimes — a controversial practice that critics say unfairly sways juries and injects racial bias into the courtroom. California recently restricted the tactic in that state, but Willis has strongly defended using it against Young Thug.
The extent to which prosecutors can present lyrics as evidence at the upcoming trial is not yet settled. A hearing next week is scheduled to hear arguments from both sides before a ruling is issued ahead of the Nov. 27 start date.
Apple is shuttering the Apple Music Voice plan, which let users access songs only through Siri for $4.99 per month. Apple initially announced the Voice plan in October 2021. Users who found using the app too taxing or too expensive could request music by mood — tunes for a dinner party or for studying — […]
MNTGE, a vintage clothing brand that integrates blockchain technology into its garments, partnered with Grimes‘ Elf. Tech initiative for a limited-edition merch collaboration. The deal will encompass vintage, one-of-one NFC chip-enabled vintage t-shirts and denim jackets, screen-printed with AI graphics designed by Grimes on the back and an Elf. Tech graphic screen-printed on the sleeve. The NFC chips will provide both a digital rendering of the garment and a certificate of authenticity, as well as the ability to preview new music from Grimes by scanning the chips on a smartphone. The Grimes + MNTGE jacket retails for $200 and the t-shirt retails for $50 here.
In other Grimes-related news, CreateSafe — the company whose Triniti API powers Grimes’ Elf.Tech platform — partnered with music technology platform Slip.stream to make more than 200 GrimesAI songs available to creators and fans in their video content and live-streams on any platform. Grimes unveiled the Elf.Tech platform in beta this past May, allowing fans to create and upload songs by cloning the singer’s voice.
DistroKid struck an expanded agreement with TikTok that will make music from artists distributed by DistroKid available across CapCut and TikTok’s Commercial Music Library as well as its recently unveiled social music streaming service TikTok Music, which is now available in Brazil and Indonesia and in beta in Mexico, Australia and Singapore. This is the first time music from DistroKid artists will be available on TikTok Music.
Additionally, DistroKid partnered with digital audio workstation FL Studio to distribute works uploaded to FL Cloud — described as a new service within the FL Studio 21.2 update that will offer producers a growing library of royalty-free loops and one-shots, unlimited AI-powered mastering and unlimited music distribution to all major digital streaming platforms.
Esports company GameSquare Holdings entered into a “definitive agreement” with FaZe Holdings to acquire online gaming and youth culture brand FaZe Clan “in an arm’s length all-stock transaction,” according to a press release. The release states that FaZe Clan and GameSquare generated annual revenue of roughly $138 million and reached a 26.3% gross margin last year. “Management expects to realize over $18 million in run-rate cost savings from the FaZe Clan acquisition, supported by reduced duplicate corporate costs and other cost savings,” the release continues. The combined company plans to give guidance following the close of the transaction, after which Richard “FaZe Banks” Bengtson will take over as FaZe Clan CEO; Thomas “FaZe Temperrr” Oliveira will take over as president; and Yousef “FaZe Apex” Abdelfattah will take over as COO. The transaction is expected to close in the fourth quarter of 2023, subject in part to the approval of FaZe Clan and GameSquare shareholders.
The Circuit Group, a recently formed entity designed to create business opportunities around artists’ intellectual property, signed a strategic partnership with U.K.-based house music label Defected Records. Under the deal, The Circuit Group will offer Defected, along with its sister- and sub-labels, expertise across its suite of services to help the label build its presence in North America. In turn, Defected will support The Circuit Group as it expands its presence in the United Kingdom, Europe and other territories globally.
Defected Records also signed an agreement with Reactional Music, the maker of an interactive music engine for video games. Under that deal, Defected licensed the masters for a selection of tracks from its catalog for use on Reactional’s music delivery platform and personalization engine for game developers. Songs to be made available under the deal include cuts from Bob Sinclar, Dennis Ferrer, Kings of Tomorrow, MK and The Shapeshifters, CamelPhat, Honey Dijon and John Summit.
Michael Bublé launched Fraser & Thompson, a new whiskey brand in partnership with longtime friend and master distiller and blender Paul Cirka. The whiskey is blended and bottled by Heaven Hill in Bardstown, Ky. and will be brought to market by spirits incubator WES Brands.
Warner Music’s ADA renewed its longstanding partnership with independent label LAB Records, which has released music by artists including Tommy Lefroy, BEKA, Beach Weather, Antony Szmierek, Des Rocs, Aziya, Crawlers, The K’s, Nell Mescal and Yoke Lore.
Sphere Entertainment partnered with Madison Square Garden Sports on a deal that will see next-generation Las Vegas venue Sphere become the official jersey patch partner of the New York Knicks. The Sphere logo will now appear on all Knicks game jerseys during both home and away games in the 2023-24 season; it will also be on Knicks practice jerseys, warm-up shirts and jerseys sold at Madison Square Garden’s in-arena retail locations as well as on shop.MSG.com.
Copyright management firm Pex and its rights initiative, RME, entered a collaboration with copyright protection platform Cosynd. Under the partnership, RME’s community of creators and rightsholders can utilize Cosynd’s copyright registration API to register their works with the U.S. Copyright Office.
ASM Global struck a partnership with Adventist Health that will see the California City of Stockton’s 10,000-seat facility renamed Adventist Health Arena. Upgrades to the arena will include a new 360-degree LED center-hung, ribbon boards, back-of-house enhancements and more.
Elsewhere, ASM Global signed a deal with the City of Andover, Kans., to manage and operate the Capitol Federal Amphitheater for five years beginning on Jan. 1, 2024. It also renewed its management agreement with the Jekyll Island Convention Center in Jekyll Island, Ga. through 2029, with an option for an additional five-year renewal after that.
Sen. Marsha Blackburn (R-Tenn.) is planning to roll out new legislation to beef up the BOTS ACT and combat the growing use of automated software to attack high-demand online ticket sales for major concert tours.
In November 2022, unknown individuals attacked Taylor Swift’s ticket sale for her Eras tour, using automated software to overwhelm the Ticketmaster platform and prevent some fans from accessing tickets.
The BOTS ACT, co-authored by Blackburn at the end of 2016 and signed into law by then-president Barack Obama, outlawed the use of bots to attack ticket sales and jump the line to buy tickets ahead of consumers, but the law has only been enforced once in the seven years it’s been on the books. Blackburn is hoping to change that with the adoption of the Mitigating Automated Internet Networks for (MAIN) Event Ticketing Act, a bill she co-authored with Sen. Ben Ray Luján (D-N.M.) that would create new reporting requirements for online ticket sellers attacked by Bots and enact new security requirements for sites like Ticketmaster.
“A fan should be able to buy tickets to live events without bots stealing them and hiking the price,” said Sen. Blackburn in a press release provided to Billboard.
Under the BOTS Act, the Federal Trade Commission (FTC) has exclusive power to file suit against bot users and work with FBI and DOJ officials to bring criminal charges. Individuals caught intentionally breaking the law can face civil fines of $10,000 per violation.
“We have given the FTC the tools they need to help reduce ticket costs and protect consumers and artists from scammers,” Blackburn adds. “Now we must ensure they are enforcing it. This bipartisan legislation builds upon my work to safeguard artists and their fans in the online ticket marketplace.”
The new legislation would create a new forum for online ticket sellers have to report successful bot attacks to the Federal Trade Commission (FTC) and create a complaint database so consumers can also share their experiences with the FTC, and various state attorneys general. The bill also includes evolving data security requirements for online ticket sellers and requires the sharing of information between the FTC and law enforcement; as well as an annual report from the FTC to Congress on BOTS enforcement.
“Live entertainment is one of America’s greatest pastimes, and all Americans should be able to enjoy it without the fear of being scammed,” said Senator Luján. “I’m proud to join Senator Blackburn in introducing legislation to expand the BOTS Act. This bill will allow the FTC to enforce safeguards and set requirements to protect consumers from online ticketing schemes.”
Officials from Live Nation-owned Ticketmaster told Billboard they supported the legislation, saying in a statement: “We commend Senators Blackburn and Lujan for introducing this update to the BOTS Act. Ticketmaster leads the industry in fighting bots, and we see first-hand that scalper bot armies are only getting larger and more sophisticated. Scalpers make billions each year, and until there are real consequences, they will continue to rob fans of tickets at the onsale which is why we’ve long supported much stronger enforcement.”
The bill has also received the support of the National Independent Venue Association which issued a statement applauding Blackburn and Luján for “introducing the MAIN Event Ticketing Act to further crackdown on ticket-buying bots that rob fans of the opportunity to see their favorite artists. The Act builds on the BOTS Act of 2016, which put in place foundational guidelines to prevent ticket resellers from engaging in predatory ticketing practices. We believe in restoring trust in the ticketing experience for fans, and we stand ready to work with Senators Blackburn and Luján to ensure this legislation advances as part of critical comprehensive ticketing reform.”
UTA has signed The War And Treaty for booking representation, with exclusive worldwide representation in all areas. Founded in 2014 by the husband-and-wife duo Michael Trotter Jr. and Tanya Trotter, The War And Treaty has quickly become one of the most exciting new musical acts. They recently teamed with Zach Bryan for the song “Hey […]