Live Nation and Ticketmaster promise cheaper concerts

Jay-Z headlined this year's Live Nation-organised Wireless festival

The world's biggest concert promoter Live Nation and Ticketmaster are going to reduce the cost of tickets, saying they're "about to launch cheaper fees".

The global companies joined in May after the merger was given the go-ahead by the UK competitions commission.

Speaking to Newsbeat boss Paul Latham said: "You can take out some of the costs that previously would have been there that no longer exist."

Live Nation put on gigs and festivals across the world.

They also organise UK festivals like Reading and Leeds, Wireless, Latitude and Glastonbury.

'Cheaper fees'

Paul Latham, chief operating officer for Live Nation International Music, added: "One of the results of Ticketmaster being merged with Live Nation is we can look at the whole [booking] fee structure.

Music fans are among those who could benefit from "cheaper fees"

"Certainly we're about to launch cheap fees because we're reacting to the market place because we want to do that.

"There is no interest in higher ticket prices or high charges.

"We do want cheaper ticket prices which is why we're looking at advances in technology, print at home, ticketless events - all of these innovations will come about more quickly.

"Certainly the ticket buying customer will benefit from that."

Live Nation would not elaborate on their specific details of the launch.

Fans' reaction

The news has been met with relief by some fans who believe some gigs, concerts and live events are overpriced.

Steph, from Poole, said: "If it's going to be cheap then that's great for everyone. Especially young people who really can't afford much."

Trevor from south Wales said: "Hopefully a few more of our mates will come along then. Every time we come to a gig they can't afford [to come]. That's a good thing."

This news comes in the week where a row has broken out between festival promoters and the PRS For Music.

PRS For Music collects royalties or money every time a songwriter, composer or publisher's piece of music is played or used.

Concert and festival promoters have warned that ticket prices could go up as songwriters consider requesting a greater share of live music takings.

Currently, 3% of all gig ticket money goes to PRS For Music, which then passes it on to writers and composers.

It is reviewing that rate, saying it needs to ensure a "fair balance" between music fans and creators.

Melvin Benn, who runs the Reading, Leeds and Latitude festivals, described it as "blatant money grabbing".