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Last night data security firm Rubrik priced 23.5 million shares at $32, above the price talk of 23 million shares at $28-$31, raising $752 million. Rubrik is the first tech unicorn IPO since last fall. Marex Group, a UK-based financial services company known for its global clearing business, priced 15.4 million shares at $19, the midpoint of the price talk of $18-$21, raising $292 million. Loar Holdings, which makes aerospace and defense components, priced 11 million shares at $28, above the range of $24-$26, raising $308 million. All eyes on Rubrik Rubrik is an important test of the tech IPO market.
Persons: Matt Kennedy, Rubrik, Kennedy, Ingram, Del Organizations: Marex, Nasdaq, Loar Holdings, New York Stock Exchange, Viking Holdings, Arm Holdings, Renaissance Capital, UL, Astera Labs, Forge, Companies, Ingram Micro, Epic Locations: Del Monte
The commercially successful ‘Eras’ tourThe Eras tour was massively successful in 2023 and it’ll stretch through the end of this year. John Shearer/TAS23/Getty Images Swift performs in Glendale, Arizona, during the opening weekend of "The Eras Tour" in March 2023. John Shearer/TAS23/Getty Images Swift performs during the "Evermore" section of the show in Sydney in February 2024. John Shearer/TAS23/Getty Images Fans apply jewels on their way to Swift's show in Foxborough, Massachusetts, in May 2023. John Shearer/TAS23/Getty Images In pictures: Taylor Swift's 'Eras Tour' Prev NextShe is a generous boss, too, awarding $100,000 bonuses to Eras Tour truck drivers during the summer.
Persons: Washington CNN — Taylor Swift, Swift, It’ll, ” Armen Shaomian, StubHub, , “ Taylor Swift, hasn’t, SeatGeek, Taylor Swift, Kevin Mazur, Natasha, Ethan Miller, John Shearer, Kevin Winter, Benjamin B, Braun, Jutharat, Phoebe Bridgers, Bridgers, Raymond James, Zack Wittman, Hector Vivas, Don Arnold, TAS24, Rachel Wisniewski, Terence Rushin, Haim, Jeff Kravitz, Erin Clark, Sarah Yenesel, Sabrina Carpenter, Bob Levey, TAS23, Christopher Polk, Allen J, Taylor, , that’s, That’s, doesn’t, Barack Obama, Angela Merkel, Pope Francis, ” Swift Organizations: Washington CNN, Poets Department, Fortune, University of South, CNN, Swift City, Pittsburgh, MetLife Stadium, New York Times, Lincoln Financial, Washington Post, Ticketmaster, Boston Globe, Penske Media, Los Angeles Times, Federal Reserve, ” AMC Locations: University of South Carolina, North America, East Rutherford , New Jersey, Chicago, Las Vegas, Nashville , Tennessee, Glendale , Arizona, Glendale, Swift, Los Angeles, Pittsburgh, East Rutherford, Nashville, Tampa , Florida, Mexico City, Kansas City , Missouri, Sydney, Philadelphia, Atlanta, Santa Clara , California, Foxborough , Massachusetts, Coney, Houston, Inglewood , California, Cincinnati, United States, Canada, AMC’s
New York CNN —The US Department of Justice is preparing to sue the country’s largest concert promoter and ticketing website Live Nation in the coming weeks for breaking America’s antitrust laws, the Wall Street Journal reported, citing anonymous sources familiar with the Justice Department’s plans. The lawsuit against Live Nation Entertainment, the parent company of Ticketmaster, will allege the ticketing company used its market-leading position to harm competition for live events, the Journal reported. Shares of Live Nation (LYV) dropped nearly 7% in premarket trading Tuesday. Live Nation and the Justice Department didn’t respond to CNN’s request for comment about the Journal’s report. Live Nation and Ticketmaster merged in 2010, now billing itself as the “largest live entertainment company in the world.”
Persons: Department’s, Justice Department didn’t, Taylor Swift’s, Swift, Joe Berchtold, , Jack Groetzinger, SeatGeek Organizations: New, New York CNN, US Department of Justice, Wall Street Journal, Live Nation Entertainment, Ticketmaster, Justice Department, Live, Republicans, Rivals Locations: New York, United States
StubHub is eyeing a summer initial public offering, a person familiar with the matter told CNBC. The online ticketing service is aiming for a valuation of at least $16.5 billion, which is what it was valued at in late 2021 during its latest round of private funding. If StubHub does enter the public market, it will trade alongside competitors Vivid Seats and Live Nation . Vivid Seats has a market cap of $1.2 billion and Live Nation is valued at just under $24 billion, according to FactSet. StubHub, JPMorgan and Goldman Sachs all declined to comment about potential timing for an IPO.
Persons: Goldman Sachs, StubHub, Eric Baker, SeatGeek, Taylor Organizations: CNBC, JPMorgan, eBay, Vivid
Two months ago, I wrote a story entitled, "The IPO market is looking very shaky and facing challenges galore." Two months later, the IPO market is still shaky, but there are definite signs of improvement. Second, three $100 million IPOs have filed to go public in the past week, including Viking (the cruise line operator) and Rubrik, a data management platform. Greg Martin at Rainmaker Securities told me that the recent performance of Reddit and Astera Labs, "Were nice shots in the arm for the IPO market. Even with markets at new highs, the specter of interest rates creeping up is still hanging over the IPO market.
Persons: Matt Kennedy, Reddit, Greg Martin, Ibotta, Ingram, Del, Viking, Howe Ng, I'm, Martin, Rainmaker, Santosh Rao Organizations: IPOs, Viking, Renaissance Capital, Astera Labs, Rainmaker Securities, NYSE, UL Solutions, Underwriters Laboratories, Nursing, Centuri Holdings, Labs, Companies, Ingram Micro, Epic, Manhattan Venture Partners Locations: IPOs, Del Monte
But that’s not an accident,” Max Levchin, Affirm’s CEO and a co-founder of PayPal, told CNN in a recent interview. Levchin credits a willingness to say a two-letter word, one that’s not exactly associated with the surging BNPL industry, N-O. It’s that we are honest when we tell them, ‘Hey, we don’t think you should borrow right now.’”Affirm started saying “no” more often in the spring of 2022. That’s when Levchin started observing signs of “financial stress” as inflation surged and gas prices approached record highs. “Say you’re asking to borrow to buy an $800 TV and we really don’t think it’s healthy for you, financially…We can say, ‘That’s too much now.
Persons: “ We’re, that’s, ” Max Levchin, Levchin, “ It’s, ’ ”, , , Max Levchin, Gross, we’ll, ” Levchin, it’s, BNPL, There’s Organizations: New, New York CNN, PayPal, CNN, New York Fed, Target, Walmart, Royal, American Airlines, NY Fed, Federal Reserve, Biden, Trump Locations: New York, Helsinki, Finland, Royal Caribbean, Covid
The IPO market is looking very shaky and confronted with a host of challenges that are holding it back. Regardless, recent IPO performances have been poor across the board. IPO investors cheered the advance by bidding up the Renaissance Capital IPO ETF (IPO), a basket of recent IPOs, in December, assuming the IPO market would open up. CNBC's Jim Cramer, speaking early Thursday on Squawk on the Street , highlighted another obstacle for IPO buyers: investors are getting comfortable returns elsewhere with far lower risk. When David Faber asked why the IPO market was off to such a slow start with the markets so strong, Cramer replied, "I think it's the five percent solution," he said, referring to the ocean of money still sitting in money market funds.
Persons: Jay Powell's, Birkenstock, Smith Douglas, Amer, Greg Martin, Martin, Matt Kennedy, Kennedy, What's, Rainmaker, Del, CNBC's Jim Cramer, David Faber, Cramer Organizations: Amer, Wilson, NYSE, Smith Douglas Homes, BrightSpring, Renaissance Capital, Rainmaker Securities, Renaissance, Microsoft Locations: EBITDA, Squawk
Tickets to this year’s Super Bowl are now the most expensive in NFL history, according to SeatGeek and CBS reporting: the cheapest available at $9,858. But for an organization with a nefarious history when it comes to violence against women, does the NFL really deserve Taylor Swift? Since 2000, over 1,000 NFL players have been arrested. What’s worse, when accusations are levied against professional football players rarely if ever are they held accountable or faced with real, substantial consequences. Since her first stadium appearance, she has been wildly and falsely accused of ruining professional football for deigning to express joy publicly.
Persons: Danielle Campoamor, Taylor Swift, Travis Kelce, Andy Reid, Tony Romo —, Swift, Danielle Campoamor Ashley Batz It’s, Taylor, Jim Nantz, Isiah Pacheco, , didn’t, ” Daniel Sailofsky, Ray Rice, fiancé Janay Palmer, Rice, ” Rice, , Kelce, Jason Kelce, Leonardo DiCaprio, famer, , Tennessee Sen, Marsha Blackburn, Trump, DJ David “ Jackson ” Mueller, groping Organizations: NBC, CNN, Kansas City Chiefs, AFC Championship, CBS Sports ’, NFL Football, Chiefs, Buffalo Bills, CBS, NFL, Super Bowl, Chicago Bears, Nielsen, Apex Marketing Group, Front, Swift, Tayvis, New York Times, Baltimore Ravens, Ravens, , Pfizer, Philadelphia Eagles, deigning, Soros, Tennessee, VAWA Locations: Colorado
Yet the main IPO ETF, the Renaissance Capital IPO ETF ( IPO ), has been for sale most of the month. "For the IPO market to open up, it would help not to have our IPO ETF down 9%," he said. Forge Global maintains a Private Market Index , a measure of 75 late-stage pre-IPO companies. "This tells you valuations are getting reset in the private market," Ng told me. Can AI save the IPO market?
Persons: Matt Kennedy, Homebuilder Smith Douglas, Don Short, Salomon, Wilson, Howe Ng, Ng, Del, Waystar, Kim Kardashian's, Short, Vincent Harrison Organizations: Renaissance Capital, Nasdaq, Amer Sports, Arc'teryx, Forge, SEC, Companies, Reuters, Auto, Turo, CNBC, Microsoft, Gaming, SpaceX, Forge Global Locations: Kazakhstan, IPOs, Pitchbook
The CFP National Championship tickets are fetching an average of nearly $3,000 each, data shows. The Michigan vs. Washington game has the costliest ticket average since 2017. Tickets on SeatGeek cost over $44,000 in one section. AdvertisementMany fans attending the Football Playoff National Championship likely paid a pretty penny to see the Huskies and the Wolverines face off. A win by Michigan or Washington will be the first time either team has won a national title since the 1990s.
Persons: , SeatGeek Organizations: Washington, Service, Football, Huskies, Wolverines, Axios, Business, CFP, Michigan Locations: Michigan, Axios . Michigan, Washington, Alabama, Georgia
More artists got back on the road in 2022, yet still hit pandemic-related snags. Bruce Springsteen, Metallica, Drake, Travis Scott, Ed Sheeran, Morgan Wallen, Maluma and Madonna filled arenas and stadiums. Buying concert tickets, however, has become an increasingly complex and expensive endeavor as costs continue to rise and companies like Ticketmaster and SeatGeek battle bots and scalpers. Fans hoping to attend the year’s hottest tours endured a maze of presale registrations, digital waiting rooms and hourslong queues. Those fortunate enough to reach checkout were met with lofty ticket prices — some because of confusing “dynamic pricing” — and additional fees.
Persons: Covid shutdowns, Taylor Swift, Beyoncé, Bruce Springsteen, Drake, Travis Scott, Ed Sheeran, Morgan Wallen, camerapersons Organizations: Ticketmaster
The firm has raised $95 million for its fifth and largest fund, Founder Collective tells Insider exclusively. While it's not the splashiest shop, those in the know know Founder Collective has quietly built one of the most successful venture-capital franchises on the East Coast. Founder CollectiveFounded in 2009, Founder Collective started as a bloc of founders and investors pooling their money to invest in startups. Founder Collective has always been ruthlessly focused on the seed stage, where investors take the biggest risk in pursuit of the highest returns. "We have been fastidious and we've screamed it to anyone who will listen: capital efficiency, capital efficiency, capital efficiency," Frankel said.
Persons: Eric Paley, Collective's, it's, Beezer Clarkson, Sapphire, Clarkson, Paley, David Frankel, Frankel, Amanda Herson, Herson, we've Organizations: Sapphire Partners, Cendana, Foundry Group, Forbes, Felicis Ventures Locations: Cambridge , Massachusetts, East, Coupang, Susa
I bought SZA concert tickets with a rainy day cash fund. On the back in gold gel-pen letters, I'd written "Rainy Day Cash." Inside was a small amount of cash I'd received for my birthday a couple of months ago. Girl math became the topic of viral videos on TikTok in which women justify spending money on coffee, clothes, or concert tickets because the cost is relative to the value they place on it. Timothy Norris/GettyMy cash envelope was similar to another personal finance strategy called " cash stuffing ," by which people budget their monthly expenses in cash envelopes and only spend what they have set aside for each category.
Persons: , Taylor, I'd, Imani Barbarin, SZA, Timothy Norris, Getty Organizations: Service, Ticketmaster, Barclays Center
After five months and 53 shows, the economic impact of Swift's "The Eras Tour" was monumental and non-stop. Consider the following:"Taylor Swift's 'Eras' tour is rewriting the playbook of entertainment economics," Chris Leyden, director of growth marketing at SeatGeek told CNN. "It's no surprise that people are flocking to this Eras Tour experience in what is increasingly an otherwise digital environment we live in." AdvertisementAdvertisementOne Swiftie who spoke with Insider called their "Eras Tour" trip "a little bit concert, a little bit vacation." — Taylor Swift, who is releasing a film version of "The Eras Tour."
Persons: Taylor Swift, Swift, Taylor, Chris Leyden, SeatGeek, She's, , Omar Vega, Alice Enders, Grace Smith, Andrew Heilmann, Robert Douglas, Cork, Oppenheimer, Klaus Vedfelt Piper, Nancy Lazar, Lazar, Barbie, — Taylor Swift, Charlie Harding Organizations: Service, CNN, Bloomberg News, Enders Analysis, World Trade Organization, MediaNews, Denver, Getty, Moody's, Cork Gaines, Bloomberg, Global, Fox News Digital, WGA Locations: Wall, Silicon, Arlington , Texas, LA, , Hollywood
These technology failures during a major scaling event — dubbed success disasters — weren't alone. Ticketmaster's failure during their scaling event was just one kind of success disaster — the overburdening of the system's capacity. Success disasters may be common, but that doesn't make them acceptable, especially if a company is offering products or services considered essential. The right answer really depends on the starting point and what scaling events are anticipated. Even on a smaller (but still substantial) scale, Urban keeps this in mind to avoid her own success disaster.
Persons: Taylor, SeatGeek, clamoring, , Spencer Kimball, Kimball, Masa Kabayama, Kabayama, Paula Urban Organizations: Ticketmaster, Labs, Google, Uplift Labs, MLB, NBA, Apple, Houston Livestock, Taylor Swift Locations: onboarding
New York CNN Business —Taylor Swift’s era-defining “Eras” tour is flying like a jet stream, high above the music scene — by billions of dollars. The tour could gross $2.2 billion in North American ticket sales alone, according to August survey data from research firm QuestionPro provided to CNN exclusively. ‘An economic phenomenon’“Taylor Swift’s ‘Eras’ tour is rewriting the playbook of entertainment economics,” said Chris Leyden, director of growth marketing at SeatGeek. “She’s not just a performer — she’s an economic phenomenon.”The average resale price of an “Eras” ticket was $1,607, SeatGeek told CNN. Swift kicked off the highly-anticipated “Eras” — her first tour since her “Reputation” stadium tour in 2018 — in March.
Persons: New York CNN Business — Taylor, QuestionPro, Swift, Elton John’s, Larry Miller, New York University Steinhardt, , , Miller, concertgoers, Taylor, Chris Leyden, “ She’s, , SeatGeek, “ Taylor, Terri Shoemaker, Taylor Swift, Hell, Swifties, “ We’ve, Ethan Chernofsky, That’s, it’s, I’ve Organizations: New York CNN Business, North, CNN, New York University, Swift, Arizona Food Bank Network, Retailers, Ticketmaster, Entertainment, Nissan Locations: Los Angeles, American, North America, Arizona, Philadelphia, Nashville , Tennessee, Arlington , Texas
The unstoppable pop of Taylor Swift
  + stars: | 2023-07-28 | by ( ) www.reuters.com   time to read: +1 min
A spin through what makes the record-breaking star so popularA radial bar chart that shows how each of Taylor Swift’s songs rank on acousticness. Around the data visualization sits a collage of a typewriter, cowboy boots, vintage books, pressed flowers, a quill pen and a banjo. A radial bar chart that shows how each of Taylor Swift’s songs rank on emotion. The data visualization sits within polaroids. A radial bar chart that shows how each of Taylor Swift’s songs rank on danceability.
Persons: Taylor, Julia Wolfe, Jonathan Oatis Organizations: Spotify Locations: polaroids
June 14 (Reuters) - Ticketmaster and other companies have agreed to offer consumers upfront, all-in pricing, the White House announced as it convened a meeting on Thursday to highlight efforts to crack down on so-called junk fees. President Joe Biden hosted a meeting at the White House of private companies - including Live Nation's (LYV.N) Ticketmaster, SeatGeek and Airbnb (ABNB.O) - which have committed to fully disclose fees to consumers upfront. It is part of Biden's broader effort to crack down on junk fees imposed by ticket companies, banks, airlines and other industries. Biden said he was focused on companies that slapped fees onto purchases at the end of the billing process, after consumers had done their comparison price shopping. Biden has called on Congress to pass legislation that mandates upfront, all-in pricing for all ticket sellers, bans surprise resort fees charged by hotels, eliminates early termination fees charged by cable, internet, and cellphone companies, and bans family seating fees on airlines.
Persons: Joe Biden, Biden, Richard Blumenthal, Jarrett Renshaw, Mary Milliken, Stephen Coates, Jonathan Oatis Organizations: Ticketmaster, White, Ticketmaster Coalition, U.S, Department, Thomson
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Persons: Dow Jones Organizations: ticketmaster
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ticketmaster-seatgeek-to-show-ticket-buyers-all-in-pricing-that-includes-fees-7c66f039
Persons: Dow Jones Organizations: ticketmaster
Live Nation, the world’s largest concert company, said it would begin introducing “all-in pricing” — showing consumers the full price up front — at the venues it controls, which include more than 200 amphitheaters, clubs and other spaces in the United States. Ticketmaster, which is owned by Live Nation, said it would make this tool available to other venues and promoters as well. Those changes are expected beginning in September. SeatGeek, a major vendor for ticket resale that also works for major venues and sports teams like the Dallas Cowboys, said it too would begin introducing a feature that would reveal to consumers the full price of a ticket. Those changes come as the Biden administration has stepped up its pressure on the entertainment and travel industries to rein in what it calls “junk fees.” At his State of the Union address in February, President Biden said he wanted to ban “surprise resort fees that hotels charge on your bill,” and added: “We can stop service fees on tickets to concerts and sporting events and make companies disclose all the fees upfront.”
Persons: Biden, Organizations: Ticketmaster, Live, Dallas Cowboys Locations: United States, SeatGeek
“President Biden has been working to lower costs for hardworking families by bringing down inflation, capping insulin prices for seniors, and eliminating hidden junk fees,” said National Economic Council Director Lael Brainard in a written statement. These include Live Nation, SeatGeek, xBk, Airbnb, the Pablo Center at the Confluence, TickPick, DICE, and the Newport Festivals Foundation. Ticketmaster has also promised to add a feature to allow customers to see the full price upfront for all other tickets sold on its platform. Live Nation and Ticketmaster merged to form Live Nation Entertainment in 2010. It is also just a first step towards addressing junk fees in the economy,” a White House fact sheet states.
Persons: Joe Biden, , Biden, , Lael Brainard, ” Biden Organizations: CNN, Ticketmaster, Economic, White, Pablo Center, Newport Festivals Foundation, House, Entertainment, Biden’s Transportation Department, Competition Locations: SeatGeek, Iowa
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrice transparency is about doing what's best for consumers industry wide: SeatGeek CEO GroetzingerJack Groetzinger, SeatGeek co-founder and CEO, joins 'Last Call' to discuss the White House's pressure on U.S. ticket sellers to end hidden fees.
Persons: Jack Groetzinger, SeatGeek
President Joe Biden will meet Thursday with companies like Live Nation to discuss "junk fees." Before meeting, Live Nation, Ticketmaster, and SeatGeek agreed to show all additional fees up front. Live Nation Entertainment — made up of Live Nation and Ticketmaster — is doing away with unexpected "junk fees" amid pressure from frustrated concertgoers and President Joe Biden. Prior to the meeting, both Live Nation and SeatGeek agreed to show any additional fees up front during ticket purchases. "It is also just a first step towards addressing junk fees in the economy."
Persons: Joe Biden, SeatGeek, , concertgoers, Biden, Taylor Swift, Drake, Robert Smith Organizations: Ticketmaster, Morning, Nation, Live, White, Department of Justice, Nation Entertainment
WASHINGTON — Several large companies, including Ticketmaster parent Live Nation , are vowing to end surprise "junk fees" following a pressure campaign from the Biden administration. "Junk fees" are extra costs tacked on at the end of purchases, often for concert tickets, resorts and rentals. President Joe Biden has made ending the practice a priority and invited representatives from Live Nation, Airbnb , SeatGeek and others to meet with him Thursday. Both Live Nation and SeatGeek agreed in advance of the meeting to commit to show all fees up front for ticket purchases, the White House said. "It is also just a first step towards addressing junk fees in the economy."
Persons: Joe Biden, Jens Stoltenberg, Biden, SeatGeek, Lael Brainard Organizations: NATO, White, WASHINGTON, Ticketmaster, Live, xBk, Economic Locations: Washington ,, SeatGeek, . Iowa
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