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$1.7 billion. That is the estimated value of the payouts from the nearly 100 lawsuits against Ticketmaster and its parent company, Live Nation, which the online ticket seller lost to fans in federal courts in 2011.
The lawsuits were brought on behalf of people who paid inflated prices for concert tickets.
The 10-year settlement between Ticketmaster and plaintiffs in those lawsuits will pay out $43 million. In addition to this payout, Ticketmaster will spend $10 million more to resolve any consumer lawsuits and pay another $9 million to lawyers who negotiated the settlement.
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The lawsuit was one of the first of its kind to force the ticketing giant to open its books to plaintiffs, since it was unclear how much it could afford to pay. The company ultimately settled to avoid further litigation.
That is just one of the findings of a report released by U.S. District Judge Richard Gergel on Tuesday. The report also details that Ticketmaster offers tip-based discounts to clients to entice them to sign up, which earns Ticketmaster $25 million in annual fees.
The report also said that Ticketmaster has raised prices for online ticket sales by 21 percent over the last three years.
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KOMU 8 News tried to contact Ticketmaster on Tuesday but was not able to get a response from the ticketing giant.
A news release from the Attorney General's Office said Ticketmaster uses tip-based discounts to incentivize people to join its "tiers of loyalty."
The release also said Ticketmaster earns an average of $18 million each year in fees by rewarding new accounts with discounts of $10 or more in every billing period.
What are tips? Tips are promotional awards that are given to clients for signing up or purchasing tickets. They are usually rewards based on tiers of loyalty that clients sign up for.
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Traditionally, tip-based discount programs are regulated by the Federal Trade Commission.
Other findings from the report said Ticketmaster did not provide sufficient information regarding the time period for which it hides most of the price increases in the cost of tickets.
This report will remain confidential unless the Attorney General chooses to disclose it.
Ticketmaster is planning to spend $1 million to advertise the findings of this report and encourage people to sign up for its tiers of loyalty.
In a statement, Ticketmaster said it provided "a wealth of information" in the report to the Attorney General's Office. The statement also says Ticketmaster is committed to helping clients learn about the different products offered to customers.
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What are tiers of loyalty? Ticketmaster says tiers of loyalty are online accounts that clients sign up for to receive benefits and other incentives such as discounts for tickets and a special payment option.
Ticketmaster is offering new customers one free ticket per paid ticket for the next year, and it is also offering existing clients 10 percent discount.
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