Live Nation, parent company of infamous live event ticket platform Ticketmaster, has violated federal and state antitrust laws in its dominance of the market, a federal jury ruled Wednesday.
A judge will choose what remedy fits the crime, which could include forcing a breakup of Live Nation and Ticketmaster, the New York Times reported. Live Nation will be ordered to pay monetary damages, as well.
The industry has been waiting for this decision for years, following the federal government's 2024 filing alleging the company uses "unlawful, anticompetitive conduct," including long-term exclusive contracts with venues and threats of financial retribution against venues and artists, to retain a "monopolistic control" over the live entertainment market.
"The result is that fans pay more in fees, artists have fewer opportunities to play concerts, smaller promoters get squeezed out, and venues have fewer real choices for ticketing services. It is time to break up Live Nation-Ticketmaster," the initial filing read.
The move was partially inspired by extremely high ticket prices for popular, international tours and an outcry from the artists themselves, including Taylor Swift and her army of legally adept fans. Music industry giants, including Pearl Jam, have for decades attempted to break up Ticketmaster's control over live entertainment.
Live Nation has faced several legal battles related to its alleged market monopoly, including a lawsuit filed by the Federal Trade Commission (FTC) in September, which alleged that the company made billions off of deceptive ticket resale practices.
The Justice Department settled with Live Nation last month, a move that has been scrutinized by congressional leaders. But 34 states remained on the case, and their recent win may profoundly shift the industry.
from Mashable https://ift.tt/DIsRbat
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