Ticketmaster and Live Nation found Guilty of anticompetitive venue monopoly
6 hours ago
- #Live Nation
- #Ticketmaster
- #Antitrust
- A jury found Live Nation and Ticketmaster have an anticompetitive monopoly over big concert venues, harming consumers.
- The trial revealed internal messages from a Live Nation employee criticizing high prices and calling customers 'stupid'.
- Live Nation controls 86% of the concert market and 73% including sports events, according to the lawsuit.
- The companies could face hundreds of millions in damages for overcharging, plus penalties and possible divestiture orders.
- The case was brought by over 30 states and D.C., continuing after a partial federal settlement that didn't split Ticketmaster from Live Nation.
- Live Nation's CEO testified, blaming a cyberattack for the Taylor Swift ticket issues, and the company denied being a monopoly.