Lawmakers set to tackle funflation as Taylor Swift tour puts spotlight on growing entertainment costs [Video]

(CNN) – Taylor Swift’s latest album, “The Tortured Poets Department,” which dropped on Friday, became the most-streamed album on its first day across Spotify, Amazon Music and Apple Music.

The superstar continues to break record after record. Last summer’s “Eras” tour was the highest-grossing concert tour of all time. Swift’s live success, along with Beyonce’s blockbuster tour, jolted the entire U.S. economy, but fans willing to shell out big bucks to be a part of the magic were plagued by ticketing troubles and inflation.

“This is a significant amount of spending that people are still funneling towards entertainment and concerts,” said Elizabeth Renter, data analyst for NerdWallet.

The phenomenon of “funflation” is raising red flags in Washington.

The U.S. Justice Department is planning to sue Live Nation & Entertainment, the country’s largest concert promoter and parent company of Ticketmaster, for breaking America’s antitrust laws, according to reporting from the Wall …