After millions of loyal Taylor Swift fans waited in hours-long queues over a span of two days only to be shut out, Ticketmaster is issuing a formal apology to their customers, Friday night.

"We want to apologize to Taylor and all of her fans - especially those who had a terrible experience trying to purchase tickets. We feel we owe it to everyone to share some information to help explain what happened," Ticketmaster announced on its Twitter account.

This is a developing story. Check back for updates.