A federal jury in Manhattan has ruled that Live Nation Entertainment and its subsidiary, Ticketmaster, operated an illegal monopoly over concert venues and live event markets. The verdict came after a five-week trial and four days of deliberations.
Key Takeaways
A federal jury ruled that Live Nation Entertainment and Ticketmaster operated an illegal monopoly over concert venues and live event markets. The verdict found they overcharged consumers by $1.72 per ticket in 22 states, potentially costing the company hundreds of millions in penalties. Live Nation plans to appeal.
The ruling found that Ticketmaster had overcharged consumers by $1.72 for each ticket in 22 states. Live Nation shares closed down 6.3% following the verdict, while shares of competitors Vivid Seats and StubHub rose by 9.3% and 3.5%, respectively.
Live Nation has denied being a monopoly and plans to renew its motion for judgment as a matter of law, stating that the jury's verdict 'is not the last word on this matter.' The company's dominance in the industry came under scrutiny after Ticketmaster canceled the general sale of tickets for Taylor Swift's Eras Tour in 2022 due to extraordinarily high demand.
The lawsuit was initially brought by the U.S. Department of Justice and dozens of individual states, with some states joining a settlement earlier this year. The case saw testimony from dozens of witnesses over the five-week trial period, including Jeffrey Kessler, an attorney representing the states, who described Live Nation as a 'monopolistic bully' that drove up prices for ticket buyers.
New York Attorney General Letitia James stated that Live Nation and Ticketmaster were breaking the law and costing consumers millions of dollars. The verdict could potentially cost Live Nation and Ticketmaster hundreds of millions of dollars in penalties, which are yet to be determined.
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