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On April 15, a federal jury found that Live Nation, the concert and entertainment company that includes Ticketmaster, violated federal and state antitrust laws in acting as a monopoly. The ruling came after four days of jury deliberation. The Justice Department sued Live Nation two years ago with hopes of splitting up Ticketmaster and Live Nation, born out of continued frustration of concertgoers at ballooning ticket prices, as seen with artists like Taylor Swift, Beyoncé, and, most recently, Harry Styles. The DoJ claimed at the time of the filing that Live Nation and Ticketmaster were violating five different parts of the Sherman Antitrust Act, including requiring artists to partner with Live Nation and having a monopoly on large venues and amphitheaters. In March of this year, Live Nation reached a settlement deal with the DoJ that would allow third-party companies to use its technology to issue tickets. Additionally, Ticketmaster’s contracts with venues would be capped at four years. The ruling today, however, will lead to both significant divestments (if not a separation between Live Nation and Ticketmaster) and some degree of monetary damages due to the 34 states that brought this lawsuit.
The jury did find that Ticketmaster overcharged customers by a little less than $2, which … looking at my bank account doesn’t exactly seem quite right, but that’s probably an average. Does this mean concert-ticket prices are going to come down? Probably not anytime soon, but they can’t get worse … right?
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