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It's a captured market. People will pay what they have no choice in paying because regulators have abdicated their responsibilities. This system wasn't built to last. It won't.
Break up live nation using tried and true antimonopolist legislation. Better yet make a publicly owned alternative.
๐ . Sorry what I meant was that if you don't want to pay then you don't have to. Nobody is forcing you to go see Taylor Swift.... are they? And Ticketmaster know that if you don't pay someone else will.
What type of market is that? I'm not an economist.
Monopoly.
It's not just Taylor Swift concerts, it's virtually all concerts, and literally all concerts at the medium-large venue size.
A monopoly of a non-essential product/service is still a monopoly, and bad for consumers.