← Kennedy Saves the World
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- [00:00]
A
Foreign. Hello and welcome to this episode of Kennedy Saves the World. Affordability is the name of the game, but not if you want to see your favorite artist in concert. It's been a problem for years. Remember back when Pearl Jam sued Ticketmaster? Well, now Ticketmaster has obviously merged with Live Nation and there are artists and fans who are screaming Monopoly that they are somehow colluding to keep prices so high on the primary and secondary ticket markets. It's gotten so bad that Kid Rock had to go to the U.S. senate and testify yesterday. Taylor Riggs joins me. She is not only a Fox News contributor, she's one of the hosts of the big money show on, on the Fox Business Network. Hello.
- [00:54]
B
Thanks for having me.
- [00:55]
A
It's amazing finding you. Last time we spoke, you were, you had, I think, just had your first baby. So you've had your second baby and someday we have to talk all about that because it's the best story ever.
- [01:08]
B
Oh, yeah, Delivery. Yeah, totally. I gave birth in a moving vehicle in a lift in the back of the car. We were two blocks from the hospital and the doula love doulas was like, we're not going to make it. And I looked down and my baby was on the seat of the car. So that was wonderful.
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A
But you had a dream that you had your baby in a taxi a couple nights before, right?
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B
You know, I had been telling, speaking to my daughter throughout my entire pregnancy. I don't want to go to the hospital. Don't make me go to the hospital. I have major, major white coat syndrome. Had a not the best experience in the hospital with my first and so just told her, please, just like, let's get to the hospital and deliver, like in the lobby, like, kind of joking. And my beautiful girl knew it. Like, she knew that we were two blocks from the hospital and said, okay, Mom, I got you. I'm coming out for not going into the hospital. And it was the most beautiful, life changing experience.
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A
And she is. Both your girls are so happy and smart, but she is, like, meant to be here.
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B
Like, she is.
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A
She is so settled and angelic and happy.
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B
Well, do we need to tell people how you know this? Because you babysit for me. Kennedy is the best babysitter. She's the best podcast host, and she's also the best babysitter.
- [02:34]
A
And we're gonna talk about tickets. Don't worry. But yeah. So my, my younger daughter was supposed to babysit and was still having symptoms from, from the flu that she had had. And she was like, I can't get these Kids sick. And I was like, I can't let you guys cancel. And so I had the best day with your children.
- [02:51]
B
We are forever grateful.
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A
We had so much fun. Like, at some point, like in 20 years, you will have the joy of being around and every single memory, every smell, every experience, like it never leaves you. And it's so much fun to see other people's kids because it, it jostles all the memories of your own, and it's just the best thing in the world.
- [03:12]
B
Well, I love that you babysat our kids. And I love that your daughter babysits my kids.
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A
Isn't that funny? It's just like we're in the middle of this circle of life. Baby boom. And it's like, I can't get enough.
- [03:23]
B
I'm just trying to get my Trump account.
- [03:25]
A
I know. Are they eligible?
- [03:27]
B
Yes, Louise is eligible. I get a Trump account for little Lulu.
- [03:32]
A
That's amazing. And you know, you know so much about business, economics, finance, and investing that it's like she's gonna be like a billionaire by the time she's 18 with mom in charge. So let's talk about Ticketmaster, because it's not just a matter. There's something going on. Because, you know, I'm a free marketeer. Yes, like something is worth what someone will pay for it. But there are fans who have been told over and over and over again by their, their favorite artist, by Ticketmaster, don't worry, we got you, you'll get in a queue. Don't worry about the bots. They won't have access to the tickets. And then the tickets are scarce and they're so expensive. So is it just supply and demand or is there something else going on here?
- [04:13]
B
I think there is something else going on there. And we should note that the DOJ has launched an investigation into this. So I think we're going to start to get maybe more details from this. My big, broad takeaway is I am actually hopeful that I can help. AI has been very good at just making things more productive and seamless. So if there's a really good AI algorithm that can help with cues that can help stop surge prices, seeing whatever it is, if that's eventually what the companies come to an agreement on, that would be good.
- [04:47]
A
But Ticketmaster has said, you know, whatever the face value is, that is going to be the pre sale price and the on sale price, that's not going to change. But fans say that's not the case.
- [04:57]
B
It's not the case. And this goes back to we, you and I. Could argue, was the merger with. Was it Live Nation a good thing or not? I'm always pro competition, but the other part of me is I also don't like the DOJ or big government agencies blocking mergers. If I agree completely want to merge, great. But this is that case where I'm kind of like, I think we might maybe need more competition. And I also would say this is not necessarily their duty, but I like when artists, singers, songwriters. Yes. Speak up.
- [05:36]
A
Yeah.
- [05:37]
B
And are able to use. Ticketmaster has this feature called Face Value Exchange, where if I go and buy 20 tickets and then I want to resell it for an extra 50% higher the next day, the artist has the option of opting in to this Face Value exchange, where then Ticketmaster promises that you can't resell that ticket for more than you purchased it. So you also need the onus on artists to participate in that program. But you could argue that's not really their job. Right. Their job is to put on a good show. And I'm talking to you like queen of the music industry. You know this more than I do. But we're kind of like blurring all these lines because I think you're right that the fundamental issue is broken. The fundamental pricing is broken, and there needs to be more transparency around it.
- [06:24]
A
Yeah. And. And, you know, fans are like, we're already paying enough money. So for Harry Styles. So he is. He's doing one venue in the United States on his Together Together tour, and that is Madison Square Garden right here in New York city. He's doing 30 dates.
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B
Yeah.
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A
And that means that in the US, North America, wherever, who wants to see him, they have to pay for flights and hotel. This is one of the more expensive cities in the world to book a hotel, because New York City, as you might have watched my Reason TV video on this, they have squashed 80% of the Airbnb market in New York. So that means that there's such a scarcity of rooms, it's already so expensive to come see a show here that on top of that, you know, it's like the pretty good seats were starting at $1,000 for Harry Styles.
- [07:10]
B
And I hear you, but I'm going to channel my inner Dagon. I sit next to Dagan McDowell on the show, coming to New York, coming to see the show. It's a privilege, not a right. Sure.
- [07:21]
A
No doubt about that. Absolutely.
- [07:23]
B
You know, at some point, and we talked about the Eras tour with Taylor Swift, it was so popular that the chairman of the Federal Reserve was talking about it, the chair of the, it was the UK's board of governors. I still have mom brain. They were talking about it, how they created so much demand that it was helping to spur demand and inflation. All of that says those are privileges, not right. So if you have the money to be spending a couple thousand dollars on tickets, more to you, the best cure, we talk about this within oil prices. The cure for high prices is high prices. Prices are high enough that I say, no, I'm not doing this, and then the prices fall. So that's how I say, I'll do this.
- [08:12]
A
That was one of the points of analysis for Harry Styles was ticket sales were softer than they had thought because they came in too high. Yeah. And you're absolutely right. If you price yourself out of the market, you're not going to have. And that's, you know, as you know, when you have a business, it doesn't matter if you're offering a service, putting on a concert, if you're selling cars. The price point, like that's, that's critical. And you know, there are fans who are like, I have been with you this entire time. I have loved you since I was a child. You know, it's like, what do I have to do to.
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B
Because so I hear that that is Harry Styles. That's Taylor Swift. Two people said, I'd been with you since you were.
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A
I know people who went to Europe to see. It was cheaper to get flights to Europe and to get Airbnbs in Europe than to try and see shows in their hometown.
- [09:01]
B
So this is the question then, what do we do about it? Because the artist can stand up and say something, they can prevent reselling, do that fair value exchange. We can have the government rightfully look into was the submerger a good idea or not? Is there price gouging or not? And so I mean, do we want the government involved? I mean, in Kennedy, that's where I look at you. Because I don't know, because there is.
- [09:29]
A
This sort of like, I'm not, I'm not a big antitrust person. I'm not. But, you know, if they are, you know, doing something illegal, if they are committing fraud, yes, that's one thing. But you know, just by virtue of having a large operator in charge of tickets and, you know, maybe we need a more robust secondary market.
- [09:51]
B
Yes. Or in a more robust supply, more competition.
- [09:55]
A
My sexy teenage fiance suggested a membership program and tiers of membership. And the more you pay to be part of a membership program, the more access you have. And so his example is the New York Road Runners Club. So they have a membership plus where the membership plus members pay about three times more a year than the average membership and they get access to all the races in New York. Interesting. Sometimes they eat up all the, the bibs and you know, other. But it's like if, if that's what you want, if you want access to shows, maybe Ticketmaster can offer something like that, or bands can, which they already do to some degree. Their fan clubs get access. They get, you know, depending on the tier you are in the band's individual fan club, you get access early access to the first big tranche of tickets. As an LA homeowner, I put my name in for the lottery for tickets for the LA Olympics in 2028.
- [10:56]
B
Ooh.
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A
Because you know, they gave people in certain zip codes access and you know, it's like, hopefully get something like that.
- [11:03]
B
I think you're hinting at something that I like, which is more competition, more supply. Instead of just having a Ticketmaster live nation. What if we also said instead of a DOJ saying we're either going to break you up or we're going to cap prices, which price caps never work. What if we allowed a deregulated environment where more people could come in? Maybe it starts off where an artist says, instead of just selling my tickets on Ticketmaster, I'm going to sell my, my tickets across five different sites. Yeah. And then all those five different sites get to compete. And so if X company has cheaper tickets than Y company and that's also cheaper than Ticketmaster, that sounds good. And I'll buy them there. Don't go anywhere more.
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A
Kennedy Saves the World right after this.
- [11:49]
B
This is Ainsley Earhart. Thank you for joining me for the 52 episode podcast series the Life of Jesus. A listening experience that will provide hope.
- [11:56]
A
Comfort and understanding of the greatest story ever told. Listen and follow now@foxnewspodcastle.com or wherever you listen to podcasts.
- [12:04]
B
I don't want a government regulating like, oh, you can only buy 10. Yes states, not 20. Because I think if you buy 20, you're going to resell them. So I'm going to cap your seats. That's where I think this, this gets icky. What I do love people like Kid Rocker speaking out about it. Harry Styles hasn't gotten back to us on.
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A
Even Liam Gallagher from Oasis commented on Harry Styles ticket prices and like we weren't so bad after all. He was like, how much? And all caps.
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B
And I love that they are that face value exchange which is a Good step in the right direction so that if I'm buying it solely to resell it, or maybe you block resales. Resales. I don't know if I love that. But then I can't resell it for a higher price. So that at least discourages taxes and regulations is all about incentive. How do I want to incentivize or discourage behavior? So if I can't get a higher resale price, that disincentivizes me to buy more tickets because I can't resell them at a higher price. More options on the supply side, I prefer less hands down government regulation. So we'll have you know why all.
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A
Of this is happening. Because the only way for artists to make money is to tour.
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B
Yeah.
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A
And you know, it's like you don't get money from Spotify. You don't get real money. You know, it's like Taylor Swift, Garth Brooks, like, you know, and you know, Garth Brooks isn't as relevant, but he only has his. I'm a country fan, I love Garth Brooks.
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B
Don't come on me.
- [13:31]
A
Huge Garth Brooks fan. But he's not as relevant as you understand Garth, like years and years ago. But you know, he's one of those legacy artists that, you know, can sort of dictate where his music is purveyed so people can actually. So he and other artists can make money off of that. Neil Young always tries it like, I'm taking my stuff off Amazon. Jeff Bezos like size. And it's like, okay, old man, look at my catalog.
- [14:00]
B
We should just sit here and have you sing into this microphone.
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A
Just a delight. But the point is, like, unless you are touring, you're not going to make money.
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B
Yep.
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A
Like even Justin Bieber knows that even though his sugar mama wife sold her company for a billion dollars.
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B
Oh, you, you should throw some shade. Is she sugar mama wife?
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A
Yes, absolutely. Yet she. I mean, he had to put out an album because he wanted to fly private, was spending all this money and hadn't toured and canceled his tour. And she's like, I'm just gonna go ahead and make a beauty line and sell it for a billion dollars and say she did. Yeah.
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B
So you're getting at a good point. I guess we could argue to the 30 seat tour here in New York City, the residency. You pick New York because it's expensive, or do you pick New York because it allows people to come in?
- [14:47]
A
I think he's got an issue.
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B
I think he's a venue.
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A
Probably got like a phobia of some kind. He either hates hotel rooms or he hates planes. Like he obviously. Like he has. His last tour, I think was 2023, made $600 million. Like, you're getting Harry Styles. You're getting into Taylor Swift territory there. And so he's trying to make as much money as possible staying in one place because I think he's got a glitch. He doesn't like to fly.
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B
Interesting.
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A
And so if he did, like, he'd be all over the place. He'd be in North America and South America. He'd be all over the globe. But he, for some reason or another, he's a cream puff. He can't do it.
- [15:24]
B
You know what's interesting? We talk about affordability with Disneyland. Disneyland's top of mind for me because my kids are getting closer to the age where we can take them. And the cure for high prices is high prices. If Disneyland charges too much for a daily pass, I say we're not going this year.
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A
Go to Dollywood.
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B
Exactly.
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A
In the heart of the Smokies, Hershey.
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B
Park down in Pennsylvania. And that doesn't seem to be the case with the music industry. And so that's what I don't know. Is it just because there's some weird algorithm within Ticketmaster that we don't know about versus Disneyland where you can just set your prices on a board for the day or on your website for the day and it doesn't change. There isn't that dynamic pricing. So that's something where I'm open with that DOJ lawsuit. Open to understanding more about what they feel. Find out with that dynamic pricing. But dynamic pricing on its own isn't illegal.
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A
No. And it shouldn't be illegal.
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B
So then it's going to be up to the fans to say, I'm not going to spend this.
- [16:27]
A
Ticketmaster does more than sell sell tickets, especially with Live Nation, like they're promoting. Like, you cannot have an arena tour without Ticketmaster. Live Nation. And you know, that's where we are at a crossroads. And just make sure musicians and promoters, ticket sellers, just make sure you keep the fans in mind and make sure that the people who want it, the people who deserve it, are they entitled to it? No. But we know that live music, live performances enhance our lives.
- [17:00]
B
That's a good point. Well said. It saves the world along with you. Kennedy Taylor Riggs, you're saving the world.
- [17:07]
A
Thank you for being here.
- [17:08]
B
My pleasure.
- [17:09]
A
Everything explained. She's smart, she's gorgeous, and the best mom in the world. This has been Kennedy Saves the World along with Taylor Ricks. I'm Kennedy. Listen ad free With a Fox News Podcast plus subscription on Apple Podcasts and Amazon prime, members can listen to this show ad free on the Amazon Music app. Oh, go ahead and leave me a review while you're there. I'd love to hear what you have to say. You've been listening to Kennedy Saves the World on the Fox News Podcast Network.