Live Nation and Ticketmaster Found Guilty of Illegal Monopoly by Manhattan Jury
A Manhattan jury ruled that Live Nation and its subsidiary Ticketmaster illegally monopolized the concert ticketing market. The jury sided with more than 30 states that sued the company, calling it a "monopolistic bully" that overcharged fans.
A Manhattan jury delivered a major blow to Live Nation Entertainment on Wednesday, finding that the concert giant and its Ticketmaster subsidiary illegally maintained a monopoly in the ticketing market.
The jury sided with more than 30 states in a high-stakes antitrust trial. Government lawyers argued that Live Nation monopolized ticketing at major concert venues including amphitheaters and arenas across the country.
Prosecutors said the company threatened venue operators, telling them they would lose access to Live Nation's popular concerts if they didn't use Ticketmaster exclusively. This gave the company control over where fans could buy tickets and how much they paid in fees.
Live Nation's stock price fell sharply after the verdict was announced. The company owns Ticketmaster and promotes concerts for major artists, giving it control over multiple parts of the live music business.
The case highlights growing concerns about monopolies in the entertainment industry. Critics have long complained about Ticketmaster's high fees and lack of competition in ticket sales.
This could lead to lower ticket prices and more choices for concert fans. Live Nation controls ticketing at most major venues, meaning you likely paid their fees for concerts. The ruling could force the company to change how it does business.
The court will decide what penalties Live Nation faces, which could include breaking up the company or changing its business practices.
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