After weeks of trials that began on March 2, a New York federal jury on Wednesday found that the company was operating an illegal monopoly over large entertainment venues.
The jury also found that Ticketmaster overcharged $1.72 per ticket in 21 states and in D.C. because of Live Nation’s anticompetitive practices.
Omeed Assefi, acting assistant attorney general for the Justice Department’s antitrust division, called the jury verdict “a fantastic outcome for the American people” in a statement sent to the media: “DOJ and some states settled their case and got instant relief. The remaining states received a liability finding and will now move on to the next phase of a remedies trial. Everyone but Live Nation wins with this scenario.”
Following the verdict, the judge told both sides’ attorneys to meet and jointly deliver a letter proposing a schedule for next steps, including addressing remedies, according to the Associated Press.
Live Nation has insisted throughout the trial that it’s not a monopoly, and it is also not backing down on the case after the verdict. In a statement, the company said that the jury’s verdict “is not the last word on this matter,” citing pending motions, including one for judgment of law, which could determine whether rulings on liability and damages stand. The company also claimed that it should pay no more than $450 million for damages.
What factors go into ticket prices
Ticketmaster is considered the world’s largest primary ticketer of live events.
The extent of Live Nation’s control is the bedrock of the states’ argument: they claim Ticketmaster can pressure venues to charge higher fees without worrying that venues can switch to other providers of ticketing services.
But ticket prices have also largely ballooned in the past few decades. Bloomberg reports that as streaming became a less lucrative source of revenue for musicians, artists have turned to touring and charge a higher base cost. -pandemic live events boom also contributed to the increase.
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