Jury rules Live Nation held an illegal ticketing monopoly

A New York jury ruled that Live Nation and its subsidiary, Ticketmaster, held an illegal monopoly over major concert venues, siding with dozens of states in a high-profile antitrust case.

Jurors found that Ticketmaster’s practices forced fans in 22 states to pay about $1.72 extra per ticket. Internal messages revealed that Live Nation employees called the prices “outrageous.”

While the decision will not immediately lower prices, it could cost the companies hundreds of millions of dollars.

The ruling could push total damages beyond $150 million, with a judge set to decide final penalties and remedies.

The trial lasted five weeks and revealed that Ticketmaster controls about 86% of concert ticket sales. Executives also faced questions over the 2022 ticketing issues during Taylor Swift’s tour.

Live Nation denied wrongdoing and said it plans to appeal. The company argued that artists and venues—not Ticketmaster—set ticket prices. The company’s stock also fell by more than 5%.