High demand for Taylor Swift concert tickets led Ticketmaster to delay the West Coast pre-sale. You get the entire catalog of recorded music, in a way that Netflix doesnt have everything or HBO doesnt have everything. (Fox News Digital / Fox News), Many fans sat in the Ticketmaster queue and were told they would need to start the process over. They keep trying to get somewhere else. Its still not the entire penny. Its like, Ugh. People often want to be mad at Spotify, and there are very reasonable objections to be had, but Spotify is right to say that they pay out billions of dollars per year to rights-holders. "Thank you for wanting to be there," she said. It seems to be a mentality of, How can we get this stuff out there so that people can hear it and we can monetize it later down the stream?. There are not as many folks in the middle class of streaming as the streamers would like to say there are. Get browser notifications for breaking news, live events, and exclusive reporting. (Gareth Cattermole/TAS18/Getty Images for TAS / Getty Images). Since that time, hundreds of thousands registered for the right to purchase tickets days earlier than otherwise available through Ticketmaster. There have been countless stories of the ways in which being on the road is immensely unhealthy, and greater awareness of the ways in which its just really bad for ones mental health to be infinitely on the road and completely displaced. Now theres much more. Some 1.5 million fans were given a promo code for the verified fan presale, with the other 2 million placed on a waiting list. I was joking when we were doing our prep for the show that I have been trying to escape Fleetwood Mac since I was a teenager, and they just wont go away. What you do is you say, Hey, were going to give you a little bit of an advance. So, yeah, its no wonder. Shes a great musician, shes also just very good at making money. Many fans took to the internet to criticize Ticketmaster's handling of the pre-sales, including Rep. Alexandria Ocasio-Cortez, D-N.Y. Ticketmaster merged with Live Nation in 2010, a move which has been criticized as creating a monopoly. Even before ticket sales kicked off, the demand for Swift's upcoming tour was high so much so that the Midnights singer added an additional 17 performances, bringing the total to 52 shows. The company noted that although they only gave out 1.5 million presale codes, the site was overwhelmed on the day of the sale due to fans who showed up without a code and a "staggering number of bot attacks.". Streaming is currently very much still a part of that. ", She continued, "That's why we will hold a hearing on how consolidation in the live entertainment and ticketing industry harms customers and artists alike. Thank you so much. Li Cohen is a social media producer and trending reporter for CBS News, focusing on social justice issues. This is nothing new. "You have no idea how much that means.". Now before we completely turned to streaming, the revenue model for touring and all the other stuff that artists did was inverted at that time. So, critically, Spotify is just deeply linked to the major labels. You can just make a copy of a digital object and sell it again. She withheld her new releases from Spotify, but now her new releases are on Spotify. Colleagues of ours at Vox had a great story about the TikTok to Spotify pipeline. Well, I think that tour is actually finally over, but she was effectively permanently on tour, and it was generating tons of media for her on social. You had a whole different set of distributors, given that there were physical goods, but most of them have shut down. At some point, she met the industry in the middle. It fuels trends that are observed by billions of people within days. Notified fans will receive their individual invite to submit their purchase request prior to Friday, December 23. There has been a realization that many of these streaming platforms, which had been valued as tech companies, are actually just digital media companies, and theyre trying to figure out how to pull in revenue after a decade of growth that has been funded by low interest rates and the natural business cycle of streaming. It goes without saying that I'm extremely protective of my fans. And maybe more importantly, to try and figure out if the music industry can sustain and support artists who are not Taylor Swift because streaming all by itself definitely cannot. They just had to figure out how to monetize it. everything else your concert tickets, your merch, your NFTs, whatever it is. From a listener point of view, no wonder we were unhappy. (Matt Winkelmeyer/TAS18/Getty Images for TAS / Getty Images). I mean, well find out. Ringtones was one of them.. The first leg of the tour will be in stadiums across the US, with international dates to be announced as soon as we can!" A report from our colleagues at Vox showed that less than 10 percent of those artists that broke out on TikTok in the 2020 window have gone on to create a successful touring career with people showing up and buying tickets. "We will sometime soonish. I would pick Lil Nas X as well. You need to be posting many times a day, and you need to be figuring out how to create whole moments every single week in order to maintain attention when theres so much other material that people could be focused on. Like everybody else, she has all those things, but she leans the hardest into music. Theyre able to get their. I mean, come on, Blockbuster? Greg Maffei, CEO of Liberty Media, opened up about the ticket fiasco during an appearance on CNBC's "Squawk on the Steet." Theyre just not getting any streams, and by the end, when its all divided out, very little revenue comes to Guns N Roses. TikTok isnt like, Hey, heres the link to a page to be able to easily go and check out all this other stuff. Its not going to do that until it has to. She was upset about the low streaming rates that youre talking about. Here we go! You can make an entire business of curation in that way. The Ticketmaster site was not prepared for the volume of Taylor Swift fans logging on for Tuesday's verified fan presale. But you are the artist. It is being monetized, and there is a lot of money flowing. Theres a limit on venues and they all seem monopolistically controlled. Powered and implemented byFactSet Digital Solutions. Taylor Swift will release additional tickets for The Eras Tour, one month on from the Ticketmaster sales debacle which crashed the site and saw thousands of fans miss out. So Taylor Swift puts out her first CD in 2006. Thats where we should come to now. Right, because Ticketmaster is owned by Live Nation, which owns all the venues, and that is all part of the same company that owns SiriusXM, which promotes the things on the radio. Part of what youre saying, Nilay, is that music is more valuable than it has ever been. The master recording represents the largest majority of the revenue in streaming, as it did in the physical goods era as well. However, the sale quickly descended into chaos as fans began reporting site crashes, extremely long waits and other technical glitches. Many fans sat in the Ticketmaster queue and were told they would need to start the process over. Well, yeah. Taylor Swift has found the $20 in selling clocks, shoes, and all of the other stuff that shes managed to sell, and now very expensive tour tickets. If chosen for the presale, fans were sent. We have settled the most important debate: Is David Hasselhoff rich in Germany? They dont have exactly that license right now, as far as I understand. The greatest hits record is a really interesting example. I think thats the thing that leads to lasting impact. As much as this streaming model may not be a good business, music is a really essential part of our culture. I cover pop, but I also love to shred on the guitar. Taylor Swift tour tickets listed for as much as $22,000 as Ticketmaster crashes Millions of fans try to snap up presale tickets to singer's 2023 Eras tour in the US, with Ticketmaster's. "Even when a high demand onsale goes flawlessly from a tech perspective, many fans are left empty handed. She said she's "trying to figure out how the situation can be improved moving forward. I did everything the way they asked. She has voiced concern about digital music and streaming for over a decade, and she has taken some very important actions to show herself as an underdog being exploited by big tech companies that just want to take all the money. Its like he gets human psychology. There are hundreds of people who have been signed now off of the platform to label deals. Its hard to think of another artist at this point that actually monetizes music itself as the primary and richest revenue stream. There is a sense that, Okay, if I cant go on tour forever, I can still find something to sell digitally for $20 that might be worth money and the secondary sales might return royalties to me. Theres a lot of promise there. Lets just be more explicit about that to make it really clear for people. We have to talk about music licensing. If music was working, you could keep leaning harder into it, but its not the future of that business. We have to add some stipulations before we begin a conversation on Taylor Swift. We kind of know what they are. That is a huge part of why Apple is betting on Atmos. If youre a music label, youre almost like a venture capitalist. I dont know if we prepped you for that. We have seen tech stocks everywhere struggling. On Instagram Friday, she posted news of the lawsuit filing with the caption: Look What You Made Me Do. In a message to The Post, Barfuss explained her participation in the suit. What Im getting at is that they made physical things. Ticketmaster no longer wants to be the "Anti-Hero" to Taylor Swift fans. You go to the store, you spend $20 to buy the CD. They already have leverage. The singer commented on the issue on her Instagram story on Friday, saying that . Now we live in a world where people can blow up on TikTok overnight and negotiate very favorable terms with a label because they have already built an audience. Does streaming keep on working? But culturally? The rocky presale era for the "Eras Tour" is finally over.. After a long wait, tickets are available on most platforms for Taylor . In terms of it being a threat, though, I think its more a new pathway to potentially create stars. Whatever club banger metaverse that you think you might be in, theyre going to have you in it. Were done. Talk to us about the CD era. All Rights Reserved, By submitting your email, you agree to our. I think a lot of folks are looking to K-pop. That helped persuade me eventually, but most of us were just trying to listen to everything that we wanted whenever we wanted. I dont have insight into her taxes, but obviously she has done movies and she has brand endorsements. For example: based on the volume of traffic to our site, Taylor would need to perform over 900 stadium shows (almost 20x the number of shows she is doing)that's a stadium show every single night for the next 2.5 years. Over 2 million tickets were sold on Ticketmaster for Taylor Swift | The Eras Tour on Nov. 15 - the most tickets ever sold for an artist in a single day. Mix. (Matt Winkelmeyer/TAS18/Getty Images for TAS / Getty Images). You can serve them too, by the way. That is true. Thats Decoder everybody. I wanted all of my music that Ive ever had. Market data provided byFactset. If we had a pay-per-stream model, all of a sudden Spotify would have to pay out seven times more than its used to during that winter season. Maybe its because there are so many different people on the team using it or something, but no, its way off. 1999 was the height and record profits were declining, yet CD sales were still very large at that point. I followed their instructions, logged on early, using my laptop (not a mobile device), waiting a LONG time (like everyone else), finally got in and it was a bloodbath., She continued: Grab tickets as fast as I could, go to purchase them only to be told someone else got them first, FINALLY got tickets in my cart, only to have the site crash, got thrown back in the queue, could not get a transaction to go through.. Legal Statement. Yeah. I actually want to instruct the listener. Ticketmaster cancels Taylor Swift public ticket sales due to demand and 'insufficient' supply. The price of fuel is an increasing cost. It's been a long time coming .". ", Swift said Friday that the controversy occurred because of a "multitude of reasons," and suggested that the blame for the situation falls on Ticketmaster. Now every single time that people stream these songs, she gets more of the share of that stream if they listen to Taylors version. I feel like Ticketmaster completely screwed up on this one. Justin Bieber was a YouTuber. Santigold, Shawn Mendes, Animal Collective, theyre all complaining like, This is too much. You kept more of your revenues if you own your music, youre always better off but it was much more challenging as an independent. It's truly amazing that 2.4 million people got tickets, but it really pisses me off that a lot of them felt like they had to go through several bear attacks to get them. First published on November 18, 2022 / 1:42 PM. TikTok is profound, and it has very meaningfully shifted what is happening in music.. 2022 CBS Interactive Inc. All Rights Reserved. Even before ticket sales kicked off, the demand for Swift's upcoming tour was high so much so that the Midnights singer added an . From how the chaos ensued to the response it's provoking from lawmakers, here's everything to know about the debacle surrounding Ticketmaster and Taylor Swift's Eras Tour. TAYLOR Swift is set to release more tickets for her The Eras Tour after thousands of fans missed out on Ticketmaster. There was maybe a simplicity, a clarity, to how the business worked. I think this is a question I always have. When you start getting into the number of people who are actually getting wealthy off of the streaming model, its a very, very small, elite group of people that get to have a successful music career. Trouble, trouble, trouble Having trouble using Ticketmaster? "We had 14 million people hit the site including bots, another story, which are not supposed to be there and despite all the challenges and the breakdowns, we did sell over 2 million tickets that day.". If you want to listen to the most popular songs from the 30s and 40s something that I have to do in my job oftentimes the only place to find them is from vinyl collectors who are on YouTube, to your point, and have uploaded themselves playing the vinyl. Maybe you buy a movie on iTunes for $20 or $30. He, like Taylor, is brilliant at understanding where the culture is at and how to say or do something on the edge of acceptability within certain communities, to then cause uproar, backlash, and embrace. Bad record contract or not, you still spent $20 and the artist and their label can now fight over how much of that $20 they get. The singer's team has announced that some verified fans who weren't able to buy tickets last month will get a second chance. Even though theres more music than ever, there is so much historical music that is not available. The industry is very mad at Apple for this, but the iPods ascendancy is there. Okay, theyre working to sell my product because they have a financial stake in the product too.. Its like, How long is this fandom going to last? There has been a financialization of music catalogs, and many people are selling their catalogs for multiples of over 10. There was like a 10-year dark era, the Middle Ages, where the industry was searching for the next thing. There are just countless ways that people are trying to use these, including ownership of actual music, being able to have an exclusive license to music, or weird pictures of gifs that were made by an AI. Please keep in mind: Capital [] Everybody gets it. Charlie, I think the algorithm might be better than you think. Potential ticket buyers shared their frustrations on social media, comparing their experience to The Hunger Games and calling on Ticketmaster and Swift to address the debacle. They are so excellent at turning music into whole worlds. Its often like the Marvel Cinematic Universe. Its beautifully made music, and I understand that they were all dating each other and you can just hear the pain, but I find it tedious and boring. Are there going to be another 20? Taylor Swift's 10th studio album, "Midnights," was released on Oct. 21. We've been doing this for decades together and over the years, I've brought so many elements of my career in house. She was very hesitant to participate in the new digital era, calling out the ways in which it was set up to exploit artists. Selling Taylor Swift ERA tickets on Stubhub - Questions! We should just do a mashup of that sigh across all episodes. Obviously, with an NFT, you dont have to front the cost of a tour and you dont have to manufacture clocks. You use TikTok to get someone to follow your Spotify, then they eventually go to your merch page, then they buy some merch, then they go buy a ticket, and then they eventually show up at your tour, et cetera. We definitely live in an era where the actual product is so devalued that all the people that make it are in a state of precarity. While appearing on The Graham Norton Show, the "Bejeweled" singer first teased an upcoming tour tied to the release of her latest album. I love having you on the show. I mean, they would all say they are. People use these platforms to hopefully up-level off of those platforms into places where they can secure more acclaim, revenue, et cetera. Ticketmasters parent company is Live Nation. They give you the movies that they have licensed, then things just disappear and you no longer have them. They want to buy their music. We were looking at the number of legacy artists that are selling off their catalogs for huge amounts of money to private equity companies, who all think theyre going to make massive returns on owning those catalogs of music. Its happening at Warner Discovery. The extra dates officially made Eras her biggest tour to date. From the listeners and the artists point of view, its like, What? Taylor Swift's Eras Tour is on track to sell $591 million in tickets leaving Ticketmaster with a relative pittance and buckets of bad PR . Well, if you were on a label, you were going to be giving the majority of any revenue from that CD back to the label as is still done today. Ill bring this back to Taylor Swift, because she did live through these eras. I mean, its like the bigger internet story, in that you can find more interesting, beautiful, and special little things. "Daily reminder that Ticketmaster is a monopoly, its [sic] merger with LiveNation should never have been approved, and they need to be reigned [sic] in. (Fox News Digital / Fox News). There was a better option. Those verified fans were informed by email Monday that they would be individually invited to put dibs on a purchase request by Dec. 23, with a two-ticket limit. A fan who had been sent a verified code was told the Ticketmaster account wasn't linked to the Verified Fan sale. Touring is certainly doing really well for her. The expectation from the fans now is that youre going to mount a spectacle. In the 2010s, with each record release, there seemed to be a major dispute with the streamers., Well in the 2010s, with each record release, there seemed to be a major dispute with the streamers. It has become the centerpiece of our social media. They are now the distributors of music. There are all kinds of things that are happening in music to lead into that potential future world in which music will be essential. People want higher payouts per stream, and they want streams that are fair to artists and actually connected to their subscription. Obviously, young Taylor Swift was going to want to have a great record deal so that her music could end up in every single store and car stereo. We can probably model some churn based on if theyre listening to great music from the 50s or 60s. She is the centerpiece of actual demand from a very passionate fan base, and instead of pointing that fan bases demand at merch or whatever, she points it at music making. Onsale Dates and Times TaylorSwiftTix powered by Verified Fan Starts Tue, Nov 15 @ 10:00 am EST Ends Thu, Nov 17 @ 10:00 pm EST 55 days ago Aisle Seat Verified Fan Presale Starts Tue, Nov 15 @ 10:00 am EST Honestly, the only one that I would put money on right now is Lil Nas X. She was like, Im not doing that. Ticketmaster said it saw a "historic demand for tickets" during Taylor Swift's presale Tuesday. Especially smaller artists that cant front the money for a huge spectacular stage show. The ticket-selling site paused the Central Standard Time queues, delayed the West Coast times and pushed the Capital One presale to Wednesday to accommodate the demand. The company did not say whether more tickets would be sold for the tour at a later date. I was very budget-constrained at that point in my life, and I used to count the number of songs on an album to think about where I should put my money. I think every artist has always thought that their label takes too much money. That is more or less how the streaming model works. Where is Zune? The music industry has certainly bet a lot of its time there. David Hasselhoff is still doing well in Germany. So the basic math of going on tour doesnt make sense not only because of all of those macro indicators, but also because there are more artists than ever that want to go on tour. Metallica: famously unhappy about the internet. Your job was to perhaps show up, perform songs, and work on your image. I mean, you cant take that away. So yeah. The company said the cancelation was triggered by unprecedented demand, with more than 3.5 million people pre-registered to get an access code for purchasing tickets. A lot of songwriters liked that model. Its not that the music is worth nothing, its that most people are being compensated very poorly and have a barrage of bad contracts that they have not had any say in, whether those are the contracts that were signed between the majors and the streamers or the contract that they signed with their label. They have been pretty obvious and pretty explicit with their own investors that renting music from labels and then selling it for pennies is not a great business model. Were talking about crypto. There are so many robot nursery rhymes that go viral on TikTok and then they kind of go nowhere. Now, Swift herself has addressed how she feels about the . Image source: taylorswift. Fans had until Nov. 9 to register for the Eras presale through Ticketmaster's Verified Fan program. ", "I'm not going to make excuses for anyone because we asked them, multiple times, if they could handle this kind of demand and we were assured they could," she said. Taylor Swift is a beloved performer and getting tickets to her concerts can be a real headache sometimes. What Spotify is going to figure out is how much money came in from all of those subscriptions every single time period, and then theyre going to take that and divide it by all of the listening of everybody, such that Taylor Swift is going to get paid based on, Does she command the highest amount of listening on Spotify overall? Nilay, I know you love Guns N Roses. I am here for it. This is just part of a much larger trend of the financialization of music catalogs. She had bumps along the road doing so. If you go back in this episode to when I asked Charlie to explain music licensing, there was a sigh. Taylor Swift performs onstage during her "Reputation" stadium tour in Arlington, Texas, on Oct. 5, 2018. It feels like what probably needs to happen is subscription prices need to go up, there has to be massive cost-cutting, and there has to be user growth and diversification of business which again, I dont think music is a tech business. "Tennessee Attorney General Jonathan Skrmetti is concerned about consumer complaints related to @Ticketmaster. She certainly wants to own this asset for the amount of money that can be made in streaming. TikTok is profound, and it has very meaningfully shifted what is happening in music. Some potential ticket buyers were locked out of the sale when their Verified Fan codes failed to work, while others were initially able to secure tickets, only to lose them and get kicked out of the process once they tried to check out. Yes, CDs basically tanked because everybody realized, I want to listen to all the music, and I dont really want to pay for it. CDs were expensive. Weve had some guests on to talk about why theyre doing it. If you were a songwriter like Taylor Swift, you would also get a cut of the publishing royalties. I mean, it is important to note that the entire music catalog is not available. The statement wrapped up by saying Ticketmaster is working on improving its technology for future sales, before offering some perspective on the scope of the demand for Era tickets. Thank you for wanting to be there. Theres huge supply strain constraints. 2023 FOX News Network, LLC. Taylor Swifts dispute over her masters in 2019 and 2020, is another attempt for her to wrestle back control over her music, and get more money for it. Several pre-sales events are planned ahead of Madonna's holiday tour before the public sale begins, which Becker considers a bad sign. According to Ticketmaster's recent release, West Coast ticket sales scheduled to begin at 10 a.m. PST would be pushed back to 3 p.m. I dont like this.. When you visit this site, it may store or retrieve information on your browser, mostly in the form of cookies. In many ways, she is at her height and shes still breaking records on charts. That is the big question. The queue for those tickets, initially reserved for both Taylor Swifts verified fan base and Capitol One membersboth with pre-registration codescrashed Ticketmaster shortly before the on-sale time. In response to the report, Live Nation issued a statement on its website, saying that it "takes its responsibilities under the antitrust laws seriously and does not engage in behaviors that could justify antitrust litigation.