IAC’s Ticketmaster said it doesn’t expect to renew its contract with the world’s biggest concert promoter Live Nation, Jeff Leeds of the New York Times reports. According to Leeds, Live Nation accounts for a whopping 15% of Ticketmaster’s $1 billion in revenue.
Live Nation’s decision not to renew the contract, which ends in 2008, appears to be based on its desire to sell tickets directly from its own web site. Along with other recent innovations in the ticketing world–StubHub, etc.–this could be a boon to consumers, who have long been saddled with preposterously huge handling fees by Ticketmaster. Of course, Live Nation could always choose to tack on such fees itself.