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The Breakdown: Live Nation testifies before Senate after Taylor Swift ticket meltdown

3.5 million people tried to buy tickets. The site became overwhelmed.

WASHINGTON, D.C., USA — Will there be some justice for Swifties sitting at home thanks to the Ticketmaster meltdown?

Live Nation was grilled on Capitol Hill Tuesday.

But let’s start at the beginning.

In November, ticket sales for Taylor Swift’s “Eras” tour went live on Ticketmaster. 3.5 million people tried to buy tickets. The site became overwhelmed.

Some fans waited in the online queue for 9 hours or more and still came out empty-handed.

Ticketmaster controls about a 70% share of the ticketing and venue industry, and that brings us to Capitol Hill.

With Taylor Swift stans protesting outside, the Senate Judiciary Committee heard from the CFO of Live Nation - which owns Ticketmaster - about the mess.

He says there was an increase in bots during ticket sales and the company is working on improvements.

But lawmakers, plus artists and the SeatGeek CEO, who also testified, say the snarl with Swift tickets is a symptom of a much larger problem. 

Some say Live Nation has a monopoly on ticketing and venues. 

Senator Amy Klobuchar, a Democrat from Minnesota, said, "You have to have competition.  You can't have too much consolidation.  Unfortunately, for this country, as an ode to Taylor Swift, we know all too well."

Taylor fans got a formal apology from the CFO, but there’s now pressure to separate Live Nation from Ticketmaster.

CBS News now reports that Ticketmaster is the target of a Department of Justice Antitrust Investigation, plus investigations by several state attorneys general.

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