Tag: debacle
Twitter’s de-verification debacle, explained
No, LeBron James did not pay for a blue checkmark
SVB’s debacle is causing panic in China’s startup industry
The panic sparked by the collapse of Silicon Valley Bank is spreading to China, the world’s second-largest venture capital market. Across social media platforms, investors and startups are rushing to share news articles on the fiasco and thoughts on how to prevent such a catastrophic moment. For some companies, however, the impact is tangible. When […]
SVB’s debacle is causing panic in China’s startup industry by Rita Liao originally published on TechCrunch
Instead of Fixing It’s Privacy Debacle, eufy Changed the Terms of the Deal
In late November, security experts found that eufy camera footage can be streamed through VLC—no authentication required. This is an awful vulnerability, especially for a camera brand that supposedly keeps everything off the cloud. Now, instead of facing this mess head-on, eufy is deleting some of its old promises.
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The DOJ was reportedly investigating Ticketmaster before the Taylor Swift debacle
The Department of Justice has reportedly opened an antitrust investigation into Live Nation, the parent of Ticketmaster, to determine if the company has abused its power in the live music industry. The investigation is said to have been ongoing over the last several months. The New York Times reported on the investigation after Taylor Swift and Bruce Springsteen fans had an excessively difficult time trying to buy tickets for those artists’ tours.
The DOJ’s antitrust division has been asking music venues and stakeholders in the ticketing market about the industry and Live Nation’s practices, according to the report. The agency is said to be looking into whether Live Nation holds a monopoly in the live music space.
The company owns and/or operates many venues, including the House of Blues, and it runs festivals like Lollapalooza and Download. It sells tickets to those places and events through Ticketmaster. Live Nation also manages dozens of notable artists.
Live Nation and Ticketmaster merged in 2010 after gaining approval from the DOJ. The agency imposed some conditions on the deal, such as Live Nation having to sell some parts of its business. For a 10-year period, Live Nation was prohibited from threatening to keep tours away from venues that don’t use Ticketmaster. In 2019, the DOJ determined that Live Nation broke that condition, and it extended the merger agreement provision period to 2025.
Bringing things up to date, Swifties (and bots) crashed Ticketmaster on Tuesday as they attempted to snag tickets for the megastar’s first tour in five years during a pre-sale. Ticketmaster said a load of more than 3.5 billion system requests caused havoc.
“The site was supposed to open up for 1.5 million verified Taylor Swift fans,” Greg Maffei, the CEO of Live Nation’s biggest shareholder Liberty Media, told CNBC. “We had 14 million people hit the site, including bots, which are not supposed to be there.”
Fans waited in queues for hours and when they were finally able to select a seat, many were still unable to grab tickets. In many cases, tickets were essentially snatched out of customers’ hands as they tried to put them in their cart. A general sale for the remaining tickets was supposed to take place on Friday, but Ticketmaster canceled it “due to extraordinarily high demands on ticketing systems and insufficient remaining ticket inventory to meet that demand.”
The chaos led to calls to break up Live Nation, including from Rep. Alexandria Ocasio-Cortez. Sens. Richard Blumenthal and Amy Klobuchar expressed concern over ” the state of competition in the ticketing industry,” as Reuters notes.
Daily reminder that Ticketmaster is a monopoly, it’s merger with LiveNation should never have been approved, and they need to be reigned in.
Break them up.
— Alexandria Ocasio-Cortez (@AOC) November 15, 2022
“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,” Swift wrote in an Instagram Story on Friday. “It’s truly amazing that 2.4 million people got tickets, but it really pisses me off that a lot of them feel like they went through several bear attacks to get them.”
This is far from the first time people had a chaotic experience while trying to get tickets to see a major artist. Blink-182 and Paramore tours sold out almost instantly. Ticketmaster’s controversial dynamic pricing system led to some fans paying thousands of dollars for Bruce Springsteen tickets — even before those sought-after tickets hit secondary markets.
Engadget has contacted Live Nation for comment. The Department of Justice doesn’t comment on ongoing investigations.
The execs behind the MoviePass debacle are now facing criminal charges
Mitch Lowe and Ted Farnsworth already settled with the FTC over fraudulent activity affecting MoviePass customers, and are being sued by the SEC, but now the former heads of MoviePass and its parent company, Helios and Matheson Analytics (HMNY), are facing criminal allegations of securities fraud and wire fraud.
The Department of Justice announced the charges today, saying false statements made by both men defrauded investors in HMNY when the execs pretended like the company’s money-losing $9.95 “unlimited” moviegoing plan had any hope of profitability.
Chris Bond, a spokesperson for Farnsworth, said in a statement emailed to The Verge that “The indictment repeats the same allegations made by the Securities and Exchange Commission in…
Liz Truss ‘has 17 days to save her job’: Mutinous Tory MPs round on PM over mini-Budget debacle
Robinhood to face class action lawsuit from meme stock debacle: Report
It’s been more than a year, but investors continue to make allegations against Robinhood following the January 2021 controversy around trading GameStop and AMC stocks.