Rumours have been flying around the music biz in the US with suggestions that Live Nation’s position as the controlling force in live music promotion is crumbling. Although Live Nation is trying to present a united front to shareholders and prospective investors, shares in the company tumbled by almost nine per cent on or 89 cents, to $US9.30 on Friday.
The company’s share price has ranged from $5 to $16.90 over the past year, but a series of tour cancellations and downgrades, as well as critical articles from industry commentators/shit stirrers such as Bob Lefsetz suggests that all is not well at the pioneer of the 360 degree contract with big name artists.
As US music fans baulk at the massive charges Live Nation and sister company Ticketmaster charge for gigs and add-ons such as parking, food and merchandise, the company’s plans for world domination are looking very shaky.
