Live Nation found liable
A New York federal jury concluded that Live Nation and Ticketmaster illegally monopolized the ticketing market, a verdict that was returned this week. (nytimes.com) The jury specifically found the companies held anticompetitive control over large concert venues, and Live Nation’s shares fell on the news. (abc7.com) (foxbusiness.com)
A federal jury in Manhattan found Live Nation and Ticketmaster liable for illegally maintaining monopoly power in concert ticketing and major venues on April 15. (nytimes.com) The verdict came after a five-week trial and four days of jury deliberations in a case led by New York Attorney General Letitia James and 33 other state attorneys general. Jurors found Ticketmaster monopolized ticketing services at major concert venues and found Live Nation monopolized the market for large amphitheaters. (ag.ny.gov) Jurors also found Live Nation unlawfully tied its amphitheaters to its promotion business by requiring artists who played those venues to use Live Nation promotion services. The states said that conduct shut out rival ticketing firms, venue operators, and concert promoters. (ag.ny.gov) (justice.gov) The case grew out of a May 23, 2024 civil antitrust suit filed by the United States Department of Justice and a bipartisan group of states in the Southern District of New York. The complaint asked for structural relief, including a breakup, and accused Live Nation of using its reach across promotion, venues, and ticketing to act as a gatekeeper for live music. (justice.gov) The jury did not set the final punishment. A judge will handle the remedy phase next, with possible outcomes that could include damages, changes to business practices, or forced sales of venues, according to the states and the Associated Press. (yahoo.com) (ag.ny.gov) State officials said fans in New York were overcharged by $1.72 per ticket, and the Associated Press reported that ticket buyers in 22 states were found to have paid that extra amount. Live Nation shares fell about 6% after the verdict, while Vivid Seats rose more than 9% and StubHub gained roughly 3.5%. (ag.ny.gov) (foxbusiness.com) (yahoo.com) The trial reopened complaints that exploded after Ticketmaster’s 2022 handling of Taylor Swift’s Eras Tour ticket sales. Live Nation Chief Executive Michael Rapino testified that a cyberattack contributed to that breakdown. (yahoo.com) Live Nation said the ruling “is not the last word on this matter” and signaled an appeal. The company said the eventual result may not differ much from the settlement the Department of Justice reached with it after trial began, but the states rejected that deal and kept litigating. (foxbusiness.com) (ag.ny.gov) For concertgoers, the verdict does not cut ticket prices today. It moves the fight to the judge, who now decides what changes Live Nation and Ticketmaster will have to make. (yahoo.com)
