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Marketplace All-in-One

The current beat of the music economy

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 1 November 2023

⏱️ 8 minutes

🧾️ Download transcript

Summary

The past few years have been anything but melodious for the music industry. Concerts have roared back with pandemic restrictions lifted, but how have the economics of live shows, streaming platforms and new technologies changed? But first: A jury found that realtors have kept commissions artificially high.

Transcript

Click on a timestamp to play from that location

0:00.0

The idea that realtors get 6% just lost in court.

0:05.9

I'm David Brancascio, selling a home typically means paying about a 6% commission, which

0:11.2

is divvied up among real estate agents and brokerages, representing the seller and the buyer.

0:17.0

But a jury verdict could bring disruption, Marketplace's Novosafo has more.

0:21.6

A jury in Missouri, in a civil case brought by hundreds of thousands of home sellers, found

0:27.1

that the National Association of Realtors and several brokerages conspired to keep commissions

0:32.0

artificially high.

0:33.8

The case centered on how buyer's agents are usually paid.

0:37.9

Agents representing sellers often charge 5% to 6% commission and split the money with

0:43.0

buyer's agents.

0:44.7

The question a trial was whether sellers were compelled to pay commissions to buyer's

0:48.8

agents and whether there was a conspiracy to artificially inflate those commissions, even

0:53.8

as the role of buyer's agents diminished with listings easily available online.

0:58.7

The jury agreed with plaintiffs and awarded $1.8 billion in damages, a number that could

1:04.4

go up.

1:05.4

The National Association of Realtors and at least one of the brokerages involved planned

1:09.2

to appeal.

1:10.2

I'm Novosafo, a former Marketplace.

1:12.7

Another number 50.0, the percentage of people back in the office in the last week, down

1:18.4

to half.

1:19.4

This according to an average of 10 U.S. cities served by Castle with a K, that firm that

1:24.0

does the cards and fobs that swipe you into work, it's a slight drop for the week.

...

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