Concert Giant AEG Offers Frustrated Fans a Refund [The New York Times]
Morgan Stanley (MS)
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Source: The New York Times
Frustrated music fans may soon get some relief over concerts that have been postponed during the coronavirus pandemic.Starting May 1, AEG Presents, one of the two giant companies that dominate the touring market, will open a 30-day window offering refunds for tickets to shows that have been rescheduled.According to a document that AEG circulated to talent agents this week, the refunds will be offered for concerts that were postponed oncethe pandemic shut down the concert worldThe move by AEG comes afterweeks of growing anger from consumersAround 30,000 events have already been postponed as a result of the pandemic, and tickets to many of those were sold months ago. By some estimates, consumers have spent more than $1 billion on tickets to these events.Live Nation Entertainment, AEG’s rival as a global concert promoter, has not set any specific timing for refunds. But in a statement, the company said: “Live Nation’s plan is to continue offering an opportunity for refunds on all of its
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