Honestly, I haven't done any research on Ticketmaster so I'll spell out my thinking more hypothetically.
Ticketmaster has a $0 marginal additional customer cost. That's great. That's the model of a tech company. The real question is where the ceiling is for scaling event offerings. I don't know if Ticketmaster has enough dominance in negotiation to basically get listings for free and 100% penetration of events. I'm sure Netflix doesn't get shows/movies for free. Most tech companies have a ceiling. Generally, that ceiling is defined by the market.
If ticketmaster already has monopolistic dominance in event tickets, there's not really a way to increase the size of the business. At that point for valuations, you start using a discounted cash flow model with some risk built in for the competition.
The reason companies like Facebook and Google show enormous multiples is because the size of their market is basically the internet. When pricing the stock, people expect Google and Facebook to continue growing. Once everyone is online, the multiples should decrease substantially.