The e-commerce retailer is looking to expand its services by offering concert tickets with reasonable fees. Ticketmaster currently sells tickets with outrageous fees for some concerts.
Added fees are sometime north of $20 in addition to the ticket price required by the artist, giving Ticketmaster a considerably large piece of the piece. The company owns 80% of the ticketing industry’s market share.
The move will apply to various kinds of shows, including music, sports and theater. Many people are avoiding going to events due to high fees attached to the tickets, causing venue owners and sports leagues to suffer as sales are not as high as they could be.
Additionally, selling tickets through Amazon could help these venues and teams to sell more of their merchandise. Selling tickets online would be a move that the company would make through its Prime service, which costs users $99 a year.
The e-commerce retailer has already started selling tickets for some shows, including West End productions in the UK since 2015, even outselling Ticketmaster in some cases.
There is a disagreement between Amazon and Ticketmaster regarding who would control customer data once tickets are sold as Amazon would seek to use this information to create social media campaigns that targets consumers that may like certain shows.
AMZN stock fell 1.1% Friday. LIVE shares declined 2.2%.