Built the first electronic ticketing network in 1976, solving venue fragmentation. Flipped the business model under Fred Rosen — made venues the customer, not fans. Revenue-sharing deals locked up 80% market share by 1994.
What Changed
Pearl Jam fought back in 1994 but lost. Napster killed CD sales, forcing artists to rely on tour revenue. Ticketmaster bought rival Ticketron, then merged with Live Nation in 2010 — controlling artists, venues, and tickets. DOJ approved it all.
Where it Landed
Convicted monopoly after Taylor Swift's 2022 crash exposed the system. 30 states sued. Trump allies joined the board. DOJ cut a weak deal. States keep fighting. Stock uncertain, monopoly intact.
The Principles
1.
Control the chokepoint. Ticketmaster won by owning distribution, not the product — venues had no alternative once locked in.
2.
Be the villain for profit. Ticketmaster charged high fees, took the heat, then split revenue with venues and artists who stayed silent.
3.
Political cover buys time. When regulators came, Trump loyalists joined the board — leverage works in courtrooms and Congress, not just markets.
Builder's Takeaway
If you're building a platform business, remember:
•
Lock in the supply side first — customers follow wherever inventory lives
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Outsourced villainy works when partners profit quietly behind your fees
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Monopolies crumble slow — even guilty verdicts take decades to break leverage
