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US senators introduce bill empowering FTC to crack down on anticompetitive practices in live event ticketing markets

( April 27, 2023, 12:31 GMT | Official Statement) -- MLex Summary: US Senators Amy Klobuchar and Richard Blumenthal introduced a new bill called the "Unlock Ticketing Markets Act" aimed at restoring competition to live event ticketing markets. The bill would empower the Federal Trade Commission to prevent the use of excessively long, multi-year exclusive contracts that lock out competitors, decrease incentives to innovate new services, and increase costs for fans, a statement said. Today’s primary ticketing market is dominated by one company, the statement said. By some estimates, the company has locked up 70 to 80 percent market share and has used its dominance to pressure venues to agree to ticketing contracts that last up to 10 years, insulating it from competition, it said.Bill attached. Statement follows below:...

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