I always wonder why ticketmaster/live nation isn't making more money? Given they are a monopoly, I'd expect them to be making a ton of profit. But it doesn't really seem to look that way: https://www.google.com/finance/quote/LYV:NYSE

Because a large proportion of the money flows out the door. Most of their revenue is pass-through revenue, due to the sports teams and concert promoters (and by extension musicians) they sell tickets for. Ticketing works as a high volume low margin business.

You need to deduct at least 70% (or more) from their topline to get a true picture of the company’s revenue vs revenue that walks straight out the door.

“They” (shareholders, etc.) also own the venues and promoters, so much of the pass-through revenue is captured by the same interests that own TM.

Ticketmaster's job is to take the heat for ticketing (high prices, BS fees, sketchy reselling, etc), but funnel enough money back to the producing parties (artist/event, venue, promoter) that nobody is going to go through the effort to try to compete.

Better to set their margins at 2-3% and keep a monopoly than be forced down in a competitive marketplace.