A Manhattan federal jury found Wednesday that Live Nation and its subsidiary, Ticketmaster, illegally monopolized the market for concert tickets. The verdict concludes a high stakes trial where jurors determined the entertainment giant used pressure and leverage to protect its dominant position and stifle competition.
The jury concluded that the companies represent an illegal monopoly that made it difficult for rivals to enter the market. During the five week trial, the court heard testimony from Live Nation CEO Michael Rapino and industry figures like Ben Lovett of Mumford and Sons. According to ABC, the jury specifically determined that Ticketmaster overcharged consumers by $1.72 per ticket across 22 states, a finding that could lead to hundreds of millions of dollars in damages.
While Live Nation and the federal government reached a surprise settlement last month, over 30 states pressed forward with their claims. They argued that Ticketmaster dominated major venues and kept prices artificially high through anticompetitive practices. A federal judge will now decide the final penalties and whether Live Nation must divest certain assets. Live Nation, which operates in over 50 countries, maintains that its market share is a result of industry excellence rather than illegal tactics.