00:02A major loss for Live Nation and Ticketmaster, a federal jury has found the company operated as an illegal monopoly.
00:10The verdict came in a civil antitrust case brought by 34 states, which accused Live Nation and its Ticketmaster unit
00:18of stifling competition, limiting choice, and driving up ticket prices for fans.
00:23The jury found Live Nation liable for anti-competitive conduct and found that Ticketmaster overcharged consumers, including concertgoers, on tickets
00:33sold from May of 2020 through 2024.
00:36In a statement, California Attorney General Rob Bonta said, quote,
00:40This verdict shows just how far states can go to protect our residents from big corporations that are using their
00:47power to illegally raise prices and rip off Americans.
00:50The case now moves back to the judge, who will decide damages, penalties, consumer restitution, and any changes the company
00:58may be forced to make.
00:59That could be costly.
01:01The jury found Ticketmaster overcharged by $1.72 per ticket, and with triple damages available under federal law, the total
01:10could reach billions of dollars.
01:12The ruling could open the door to bigger changes, including possible divestments or even a breakup of Live Nation and
01:19Ticketmaster, though any remedy will be fought over in a separate proceeding.
01:23Live Nation has long denied it is a monopoly and argued it competes legally in a crowded market.
Comments