- A Manhattan jury found Live Nation liable for violating antitrust laws.
- The DOJ and nearly 40 states initially sued to split the Ticketmaster parent company two years ago.
- The verdict could pave the way for a breakup of the company.
Ticketmaster parent company Live Nation holds an illegal monopoly over the concert and live event industry, a Manhattan federal jury found on Wednesday.
The entertainment giant was found liable for violating antitrust laws following a roughly six-week civil trial. The jury's verdict, which came on the fourth day of deliberations, could pave the way for steep monetary penalties — or a court-ordered breakup of the company.
Jurors determined that Live Nation's monopoly led to fans being overcharged $1.72 per ticket sold through Ticketmaster from May 2020 to 2024.
The judge overseeing the case, US District Judge Arun Subramanian, is set to schedule proceedings to determine the total amount in damages and other penalties. A breakup of the company is among the possible remedies.
The Department of Justice, plus 39 states and the District of Columbia, sued Live Nation about two years ago to force a split from Ticketmaster, alleging that the company's market dominance drove up ticket prices for fans of live music, sports events, and theater.
The plaintiffs have argued that Live Nation controls 78% of the large amphitheaters used by artists and, through Ticketmaster, 86% of primary ticketing at major concert venues — meaning the initial sale of tickets.
Days into the trial in March, the Justice Department and Live Nation agreed to a settlement that would allow the company to remain intact. Several states also signed on to the deal, which still needs approval from US District Judge Arun Subramanian.
A senior Justice Department official told reporters last month that the DOJ was "confident" it would have won at trial, but that its goal was to get American concertgoers "relief as fast as possible."
The remaining 30-plus plaintiff states moved forward with the court fight against Live Nation as attorneys general bashed the settlement terms, saying they favored the company over consumers.
"This is a historic and resounding victory for artists, fans, and the venues that support them," California Attorney General Rob Bonta said after the verdict was reached. "This verdict shows just how far states can go to protect our residents from big corporations that are using their power to illegally raise prices and rip-off Americans."
Live Nation, which merged with Ticketmaster in 2010, has maintained that it does not have a monopoly and that concert ticket prices are relatively low, especially compared to those for sporting events.
The entertainment company did not immediately respond to a request for comment by Business Insider on Wednesday.
