Krista Brown
@KristaKBrown
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A thick describer. All things data, tech & the music industry.
Boston, MA
Joined September 2017
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“A 40-year saga of kickbacks, threats, political maneuvering, and the humiliation of Pearl Jam”
I’ve spent 2 months digging into Ticketmaster w/
@moetkacik
, and its notoriously exorbitant fees & faulty platform only scratch the surface of abusive behavior
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It's known that our healthcare system is beyond broken, but until digging into the history, I had no idea how often UnitedHealth Group was playing puppet master.
Our business of health care series continues with a history of UnitedHealth, the largest insurer & the largest employer of physicians in the country, with so many subsidiaries that 25% of its revenues come from *itself*.
From
@SaraLSirota
&
@KristaKBrown
.
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“The fear of retaliation is a real fear.. Google could bury them in their search results. Amazon can bury them in their search results. It’s really hard to find any industry where corporations are not dependent on one of the big tech giants.”
@Sally_Hubbard
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This is absolutely right. Fee transparency is a straw man to the larger monopoly issue.
To help keep the broader picture in view, we put out a new report exposing the granular control that needs to be broken up.
1. Hello. Transparency in ticket fees is important and necessary, in concert ticketing and everywhere else they exist.
But pledging transparency doesn't solve the core problem with Ticketmaster: It's an unavoidable monopoly that can and will charge fans whatever it wants.
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Disaster in the making.
Remember, Kroger's CEO is the one who told investors "a little bit of inflation is always good in our business."
And Albertsons CEO, "inflation will have to go really high for it to start mattering where the consumer starts clamping down on purchases.”
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Live Nation not complying with the Senate inquiry is just another reminder that this company is far from transparent, and that behind closed doors it seems to be kicking & screaming to keep information from enforcers.
Which is the opposite of what they tell media and investors
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Strange coincidence that, 20 hours ago, Amazon quietly reinstates a program specifically called out in the FTC lawsuit (and California lawsuit from 2022) as an example where Amazon tested giving sellers more independence, then dissolved it
Amazon just announced it has reopened enrollment for "Seller Fulfilled Prime." The FTC took aim at Amazon's management of this program in its complaint, arguing it put sellers at a disadvantage 👀
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Great conversation on
@majorityfm
w/
@SamSeder
who clearly got into the details of
@moetkacik
and my Live Nation/Ticketmaster article.
Listen if you want stories like how Grateful Dead, w/ its own ticketing service, once made a row of fans named "Brian."
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“Being a musician has become a punishing career.. When you account for secondary ticketing, handcuffed venue access, & the inability to control what fans are ultimately paying—this amounts to a near-extortion ring.”
@RollingStone
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Once again, we can see how Amazon thinks it's above the law, using every tactic to avoid accountability for illegal business practices.
Omfg Amazon internally nicknamed its Prime cancellation process as ‘the Iliad’ after the long and arduous journey of Homer.
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Anyways, instead of gag orders, United now just puts independent physician practices out of business. They currently deny or delay claims so extensively that they created a ripe market payday loans. Which of course they are offering at 30%+ interest..
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“Concentrated media ownership places the means to shape the imagery of black Americans into the hands of white financiers.”
On a non-coronavirus topic, I wrote about the Comcast-NBC merger and Comcast's current battle with a bunch of black media moguls. It's a story of how monopolies and black politics intersect.
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Today
@econliberties
released my new dataset (ft. by
@dealbook
) tracking mergers cleared by the Trump admin that need a second look from the Biden team.
Market concentration is an issue in every corner of the economy, as can be seen in >1300 deals here:
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“America has a lot of problems and raining trillions of dollars down on shareholders for an umpteenth year in a row ain’t going to solve any of them.”
Electing
@moetkacik
for 👑
NEW: The real story behind the baby formula shortage is corporate greed.
Abbott makes 43% of all formula. Its factory was shut down because it gamed safety tests & skipped repairs to cut costs.
Instead, it spent ~$10 billion on dividends for wealthy shareholders since 2019.
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@samswey
Highly recommend Dreamland by
@samquinones7
for those that have not read it. Incredible writing that takes you through the detailed history of the drug epidemic and the role of pharmaceuticals
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The list of United's illegal and abusive business practices is so extensive that it's far from covered in this lengthy article, but this article hopefully shines a light on some of what makes going to the doctor's such a headache.
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As an aside, I would love to dig into how Live Nation says they only have exclusivity over 240 venues when their earnings numbers show something else.
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But this isn't new, in the late 90s, Harper's hit the nail on the head saying that this system of managed care "wasn’t meant to care for sick people, it was meant to make and manage money."
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The antitrust world is on overdrive these days, but last night the
@WSJ
wrote about Live Nation, reminding us that the DOJ is far from shutting the door on that investigation.
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Thrasio is this company that, as made clear in their first tagline, buys up Amazon sellers. I wrote about it for
@theprospect
, but below is a recap and some details I couldn’t include in the article.
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As the President of the AMA put it, prior authorization has "really become a tool to clearly delay and deny care."
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“That one company could own both the James Bond franchise and the company you get your blood pressure medication from is just one part of a very big problem.”
Great writeup as always
@ddayen
Here's my writeup of Amazon's deeper move into health care, where they can now bundle a primary care provider, pharmacy, and diagnostic into a subscription-based service, while owning the data and back-end IT behind it.
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A "transparent" monopoly is still a monopoly..
@byMadisonHall
covering our latest report on Live Nation’s power.
New report shows Ticketmaster controls the vast majority of the live event business, and any promises of 'transparency' just mean they'll overcharge concertgoers more brazenly
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Over the past 50 years, UnitedHealth has undermined almost every attempt to make healthcare more than just a moneypot for insurers (if you can even call them that) like themselves. They aren't really an insurer though, they basically own every line of business in healthcare.
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The
@FTC
received 1130 preliminary merger filings in the last 4 months. That is nearly double the 683 filings received in the same time period last year... The distressed market is causing a merger boom that will only continue to grow in the coming months.
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A consultant finally questions merger-mania in healthcare:
"In many cases, the merged organization has paid out millions of dollars for the process of the merger, but the promised economies of scale and strategic goals of the merger don't materialize."
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United was formed back in the 70s for the sheer purpose of skirting laws that kept care organizations as nonprofits. And it quickly used its dominant position as a managed care company to transform the way healthcare is covered and delivered.
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And now “after admitting under questioning by Justice Department antitrust lawyers that Google had silently raised ad prices within its search results in order to hit revenue goals” …he’s leaving the company.
"We never really had market pressure to clean up advertising." - Google exec Jerry Dischler
#USvGoogle
That's from a doc in the Google trial today.
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Someone lost their job when putting that detail on the website which has since been taken down
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Amazon’s latest bundle offering:
Prime TV subscriptions + Smart home devices + groceries …. + Your healthcare provider
What could go wrong?
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“The American nursing home industry is a hellscape whose history is generously paved with bad intentions.”
Another great piece by
@moetkacik
Elder neglect in the pandemic is a major problem, and a sign of how the nursing home system focuses less on care and more on profit, writes @
@moetkacik
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Ticketmaster has a much darker history of mob-like behavior— intimidating regulators, threatening venues that weren’t ready to boycott Pearl Jam, and suspiciously close relations w/ a private investigator that posed as a 60 Minute reporter to get details on the DOJ investigation.
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“‘Live Nation is a monopoly.’ Whether it meets the legal definition .. Live Nation’s control of the live music ecosystem is staggering.”
@lawrencetheband
has been putting the real industry story in their lyrics for years.
Such an important article
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Ticketmaster's been winning accolades for its price gouging since the early 90s, ty
@DMagazine
.
Read about the history in my latest for
@RollingStone
:
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Prior to the expansion of managed care, things like prior-authorization were not part of a doctor's calculus in providing care.
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Back in 2021, Amazon announced a deal w/MGM, saying it would "empower MGM to continue to do what they do best: great storytelling."
But maybe the merger was never about investing in quality content & continued growth of the MGM brand.
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But today it's being used to deny necessary care left and right. My mom is currently fighting with United over coverage for eye surgery to address her literally losing sight.
But of course they say the surgery wasn’t necessary, so endless phone calls continue
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A real phoenix from the ashes.
Marlboro maker takes vertical integration to the next level. Profit from ruining healthy lungs, but also from the respiratory drug to keep the addicts alive.
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Check out my new dataset showing that over 80% of the 76 US Corps valued at over $100B have faced antitrust scrutiny in the past 30 years. And that's under lax antitrust enforcement...
Ahead of today’s Senate Antitrust Subcommittee hearing, we’re excited to release a new dataset that finds that more than 80% of U.S. corps valued > $100 billion have faced antitrust scrutiny at some point in the last thirty years.
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I agree with this being the state of things, but think it's why music journalism is more essential than ever.
By relying on streaming platforms alone, our consumption is determined by algorithms. And we deserve every bit of sterile bullshit we get if we're okay with that.
The death of music journalism is kinda odd to me but also makes sense as a byproduct of streaming platforms; wider access to music means people don’t need to rely on critics, gatekeepers as much to pre-vet for them what’s good and what isn’t
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.
@Alex_abads
hands down most fun interviewer… But you don’t have to remind me it’s so exhausting.
Read if you want to hear about how Ticketmaster’s like a bad restaurant, and how I’d go to hell and back for
@maggierogers
tickets.
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It’s frustrating to see writers who already uncovered this story not get credit.
@alex_sammon
wrote such a good piece for
@Harpers
and I highly recommend it over this nyt article that came out a month afterwards.
Forests in western Mexico are being destroyed at a breakneck pace, fueled by the consumption of avocados in the U.S. Illegal deforestation for the crops points to a blood-soaked trade with the U.S. involving threats, abductions and killings.
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Yeah.. very curious to see what CWA will say after their supportive statement in October
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But as it was once described to the Chicago Tribune, “there’s no way to get away from them. They’re like bad breath.”
It was true in 1995, and is true today.
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Given it’s by
@matthewstoller
, of course there is a Boeing and Office Space mention, but in all seriousness this piece lays out the history of the business world’s role in our politics and why we shouldn’t keep them at the wheel... worth the read
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And to make $$, they have kept doctors on a tight leash. In the 90s, gag orders in contracts kept doctors from telling patients anything that might undermine their trust in their insurer…
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“Ticketmaster’s exclusive deals with the vast majority of venues on the ‘Eras’ tour required us to ticket through their system,” AEG said in a statement to CNBC. “We didn’t have a choice.”
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We’ve been swimming in old 90s newspaper clippings to sort out the whole story.
And I’d probably still be swimming if it weren’t for
@ddayen
and
@TheProspect
.
Have I got a treat for you.
@moetkacik
and
@KristaKBrown
have written the definitive, 40-year history of Ticketmaster's rise to power, including the last time a band (Pearl Jam) tried to challenge them.
It's unbelievable, but all true.
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(It goes without saying, but gag orders wouldn’t be necessary if trust shouldn’t be questioned.)
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.
@moetkacik
& I on the Citrix deal & private equity in the high interest rate environment.
“an analyst who worked briefly on the deal: “I honestly don’t know how they managed to get $15 billion in debt financing, that should never have happened.”
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“Everyone has a Taylor swift ticket underneath their seat.” First words out of Live Nation at the Liberty Investor Meeting today
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Why is it standard for Live Nation to get money from artists' merchandise when these artists get no cut of the fees or concession sales?
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That, paired with good old-fashioned corruption, and the company has wiggled its way out of just about every (and there are MANY) legal pursuit.
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Divestitures never work. Read
@OliviaWebbC
and my piece in
@TheProspect
to learn why this deal is so dangerous, and why United and Change are doing everything to push it through:
Change Healthcare is looking at divesting its payments integrity biz to aid its $8 billion takeover by UnitedHealth Group, sources say. Scoop: $CHNG $UNH
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I’d love to know how this pay gap can be rationalized.
It’s almost as if having a monopoly let’s you abuse you power without repercussions.
Here’s my annual whack at overpaid CEOs. This year’s "Executive Excess" report has staggering stats on buybacks at low-wage corps – and some signs of hope for narrowing pay divides - via
@LaurenAratani
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I am glad I could talk to
@washingtonpost
about the Amazon/One Medical deal. But the coverage left out why data consolidation under Amazon is so concerning.
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Wow first question of the day is on the DOJ investigative. Love to see it.
Wonder how today's Live Nation earnings call will go after last night's
@WSJ
piece on the continued DOJ investigation.
It's been almost exactly a year since the federal probe become public, and I can't imagine it's just going to fizzle out.
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Glad I was able to talk to
@mims
about FTC rulemaking authority and concerns with monopsony power.
Important thread below:
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Opening remarks: "This is clearly a bipartisan endeavor"
@amyklobuchar
"Live Nation doesn't just dominate ticketing. They own many of the major venues...and dominate promoting." This harms the entire industry, along with fans.
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Wonder how today's Live Nation earnings call will go after last night's
@WSJ
piece on the continued DOJ investigation.
It's been almost exactly a year since the federal probe become public, and I can't imagine it's just going to fizzle out.
Shareholders are rightfully pissed, Live Nation stock is down due to *supposedly* unexpected news of a likely Dept. of Justice lawsuit this fall.
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As the resident Boston employee, I'm filling in for
@WilliamJMcGee
to live tweet the final day in court for the DOJ/JetBlue antitrust trial.
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I mean, this was extremely predictable.
Not sure why WashPo didn’t report this as the likely outcome when it covered the Amazon/One Medical deal originally
Amazon’s latest bundle offering:
Prime TV subscriptions + Smart home devices + groceries …. + Your healthcare provider
What could go wrong?
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Look no further ...
If, tomorrow, every American household brand had to change its label to the logo of its parent company, our supermarket isles would actually be what conservatives think grocery stores in Cuba look like
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The deeper you dig into the Albertsons deal, the more comically ugly it gets.
Her threads never fail
@moetkacik
Still wrapping my mind around the news that supermarket behemoths Albertsons & Kroger are planning to merge. If this deal goes through we should all just go Amish.
A thread about how private equity made:
-food deserts
-food hyperinflation
-$$$$
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As we wrote, "If the acquisition proceeds and Change is owned by UnitedHealth, the largest health care corp. in the U.S. will own the ability to peek into the book of business for every insurer in the country."
Glad to see DOJ under Kanter blocking this anticompetitive deal.
The Justice Department is suing to block a merger between Change Healthcare and UnitedHealth that
@OliviaWebbC
and
@KristaKBrown
said last year in
@TheProspect
would create the "Big Tech of health care."
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These amphitheaters (along with the largest arenas and stadiums) are the most profitable venues in the industry. And ticketing sales data shows that Live Nation/Ticketmaster takes in the vast majority (t/y
@BusinessInsider
@WaltHickey
for covering this)
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While the letter asks the SEC to investigate Apple, the same goes for Google. If Google lost the default status, they themselves call it a "Code Red" scenario--which seems material enough to have to address in financial disclosures.
We've asked the Securities and Exchange Commission to investigate Apple over violating securities laws. The firm called its deal with Google today "market-moving" information but has never disclosed it to investors.
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With all this $$, Live Nation also plays banker. It has been accused of essentially bribing managers to guarantee future tours.
Ex: Coldplay just sued its manager for taking a personal $30M loan from LN, which of course compromised his ability to negotiate on the artists behalf.
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Great breakdown of my
@TheProspect
article by
@doctorow
. Hitting the nail on the head—Amazon’s marketplace is anything but a pasture for small biz.
Any time a government starts to make noises about regulating Amazon Marketplace to end its predatory and negligent management towards third-party sellers, the company trots out all kinds of apologists who claim that "Amazon is great for small businesses." 1/
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“There is no world in which concentration exclusively produces consumer harms,”
@reed_showalter
said. “It produces citizen harms.”
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For more in-depth reporting on healthcare consolidation, check out
@ddayen
and
@TheProspect
latest issue
Giant health insurers like UnitedHealth have bought up every part of our health care system — pressuring doctors to put profits before patients and costing American taxpayers billions each year. It’s long past time to crack down on their abuses.
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Shareholders are rightfully pissed, Live Nation stock is down due to *supposedly* unexpected news of a likely Dept. of Justice lawsuit this fall.
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After going down the rabbit hole of the seller forum, I have a lot of takeaways that clarify Amazon's policy changes and ever-increasing constraints and charges (aka monopoly abuse) to 3rd-party sellers.
Strange coincidence that, 20 hours ago, Amazon quietly reinstates a program specifically called out in the FTC lawsuit (and California lawsuit from 2022) as an example where Amazon tested giving sellers more independence, then dissolved it
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Former FDA official: "Establishing a direct link isn’t ever likely to be possible, but... 'if it looks like a duck and quacks like a duck, it’s probably a duck.'”
@BW
Great dig into what
@moetkacik
laid out back in May.
So, the origin of the baby formula pocalypse was Abbott management's refusal to repair dilapidated and failure-prone drying machines turning the plant into proverbial petri dishes for cronobacter, because...
They needed that $5.73 billion for stock buybacks, obvs
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The public (and DC) discourse often turns to the woes of Ticketmaster, but just a brief glance at Live Nation's history and business practices show that ticketing is really just an add-on to strengthen the company's stranglehold on the industry.
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You always know there's something juicy we'll miss when two companies get into a lawsuit battle (LIV and the Saudi gov vs. PGA and it's antitrust violations) that ends with a merger and a dropping of all inquiries.
PGA Tour agrees to merge with Saudi-backed LIV Golf, a landmark change to professional golf that ends their legal feud. The agreement ends all pending litigation between the parties and will “establish a fair and objective process” for players who defected from the PGA Tour to
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This summer, Live Nation bid to be the exclusive operator for a publicly-funded California amphitheater.
The city rejected the terms even after Live Nation threatened to not book its shows (the shows it bribes its way into promoting) from the venue.
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Live Nation is the largest collective venue operator, music manager, promoter, ticketing provider, festival owner... but let's start with venues.
Live Nation operates 64% of the highest grossing amphitheaters in the US.
(Raw data here: )
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Another 20K physicians who are constrained by UnitedHealth and whatever it deems suitable (profitable) care.
Twitter’s word limit won’t let me get into all the reason this is bleak, but
@SaraLSirota
and my piece for
@TheProspect
sums a bit of it up
Amar Desai, CEO of Optum Health (UnitedHealth Group's provider division), discloses the company now employs *90,000 physicians.* That's up from 70,000 in last year's update. United/Optum acquired 20,000 doctors, and basically disclosed none of those transactions. $UNH
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Best of Further Reading 2023: FT staff pick their favorite non-FT articles of the year
@alexandrascaggs
got it right.. "Maureen Tkacik has been doing good work all year on an undercovered and hugely important story: The Great US Healthcare Rollup."
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Golfers are the real ones losing here. By having the choice between Liv and PGA, they had some leverage in contract negotiations, but are now back to square one.
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While healthcare isn’t normally my beat,
@wendellpotter
asked
@SaraLSirota
and I to build on our UnitedHealth story this summer for
@TheProspect
, by tracking down its acquisitions since its founding (as many as we could find). And it’s finally out.
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Great talking with
@jamesjrogers
on
@ticket_podcast
about market concentration and increasing antitrust concerns around big tech.
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Excited to be a part of
@econliberties
with
@sarahmillerdc
@OliviaWebbC
@MatthewJSBuck
@matthewstoller
@cccardin
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“Privacy advocates are so concerned with this mass sharing of data because DNA.. is the key to some potentially dangerous information”
@OliviaWebbC
raised these risks in 2020 when Blackstone bought 23andMe.
🚨BREAKING: Genetics firm 23andMe confirms user data theft in a credential stuffing attack.
The hackers released 1 million lines of data targeting Ashkenazi Jews.
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So, it gets money from operating the majority of these venues, ticketing these venues, ... but it also promotes at these venues. Watch
@lawrencetheband
explain this dynamic in a Senate hearing:
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Rinse and repeat: Amazon just drawing us in with another sweetener “discount” to kill off competitors and then inevitably hike rates
Amazon, $AMZN, is offering free grocery delivery for orders exceeding $100, down from $150, as the company looks to boost its fresh-food business, per Bloomberg.
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Once you lift the hood, the list of anticompetitive behavior and monopolistic abuse goes on and on with this company.
So while the Taylor Swift ticketing disaster seemed to rock the world, it is just the tip of the iceberg for Live Nation, and the DOJ seems to know that.
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I mean… just read these two paragraphs and tell me you aren’t hooked.
I know you probably have empathy fatigue right now but I really need you to read this story about a bunch of Reddit heads who lost their life savings trying to make Rite-Aid a meme stock.
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Way worse is Live Nation’s eliminations, which are transactions made to your own subsidiaries.
In Q3 2019, Live Nation had this at $3.1M.
In Q3 2023 that number has reached $21.7M.
As expected, record breaking in almost every metric…
Revenue up 32% compared to 2022, etc etc
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“We’re not in favor of fines, because over the years they’ve proven to be pretty ineffective.”
I should have said “extremely ineffective,” but yes, fines are now just the cost of doing business. A slap on the wrist for FB.
But happy to speak w/
@annaedge4
about our letter.
NEW:
@econliberties
asks FTC, DOJ and SEC to open criminal investigations of Facebook executives, including Mark Zuckerberg and Sheryl Sandberg via
@business
@technology
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It's truly a race to the bottom.
"After this decade of major consolidation of providers and payers, many healthcare organizations are now stepping back and realizing that being a larger organization can't solve every problem."
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As expected, record breaking in almost every metric…
Revenue up 32% compared to 2022, etc etc
Wonder how today's Live Nation earnings call will go after last night's
@WSJ
piece on the continued DOJ investigation.
It's been almost exactly a year since the federal probe become public, and I can't imagine it's just going to fizzle out.
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Live Nation CEO Michael Rapino on the earnings call, "Strong consumer demand with no sign of any slow down."
After the Taylor Swift meltdown, there is no way this would be the case in a competitive market.
🚨BREAKING: Live Nation-Ticketmaster reports total 2022 income of $732 MILLION, which is 125% higher than 2019, their pre-pandemic year and most-profitable on record.
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The audio here is really worth listening to
@AirgasFraud
He has a YouTube channel with videos and the internal conference call:
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Indep. promoter + venue owner, Jerry Mickelson of Jam Productions. In 2009 he testified against the merger, and said "the combined entity would have the ability to suppress or eliminate competition." It was "vertical integration on steroids," and we have now seen that pay out.
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