The snowstorm has rendered driving in DC nearly impossible. But looking at the Senate calendar, maybe that’s a good thing. If Wednesday’s hearing on concert ticket prices gets cancelled, it would save Congress from wasting a chunk of taxpayers’ time.
As a result of negative headlines surrounding artists — such as Taylor Swift — having notably high ticket prices in the secondary market (yes, often exceeding face value), Republican Senator Marsha Blackburn will chair a hearing before the Consumer Protection, Technology, and Data Privacy Subcommittee. The hearing will focus on alleged consumer protection issues in the live ticket market.
The irony of the hearing is one the generally free-market-leaning Senator Blackburn should understand. In the same way conservatives mocked Kamala Harris on the campaign trail for suggesting that the government could decree things “cheap,” the same ridicule should apply to the idea that Taylor Swift tickets can be, too.
Demand for today’s top artists massively outstrips the supply of tickets. Any market selling such concert tickets has to expect resellers to exist for a variety of reasons, including changed plans or the simple desire to turn a profit. Just as you can’t control the end destination of a car, a piece of furniture, Pokémon cards, or a barrel of oil on the global market, having freedom inevitably allows willing buyers and sellers to transact beyond the initial point of sale.
It’s unfortunate some conservatives in the hearing may offer support for tired, Biden-era arguments that major industry players like Live Nation are hurting fans and artists. If Live Nation were truly so harmful to artists, they wouldn’t have anywhere near the roster of talent they manage to produce many of the biggest shows in the country. And artists surely appreciate that, when working with Live Nation, they can set the initial price of their own tickets. But none of this changes the fact that concert tickets — like any other good — are subject to market forces. Supply and demand don’t just disappear.
What a shame to go after major players in American entertainment, who would not be in their position if they weren’t doing something better than everyone else. Live Nation is in its privileged position because it was chosen by fans and artists alike. If there’s any doubt about how difficult it is to host grand-scale events, one need only revisit the Fyre Festival fiasco. Live Nation is able to produce some of the best concerts precisely because it is a big business. Why would Republicans lend a hand to the Biden administration’s efforts to tear it down?
I hate to break it to fellow conservatives, but maybe not every idea Kid Rock has is a good one.
Originally published on Real Clear Markets.
