Live Nation Faces Antitrust Lawsuit Over Live Music Monopoly Accusations
It is rumoured that this week, the US Department of Justice will bring an antitrust case against Live Nation, the business that owns Ticketmaster. According to insiders, the US Justice Department plans to bring the complaint as soon as this Thursday. The lawsuit will centre on Live Nation’s purported actions in unlawfully preserving a monopoly in the live music industry, according to the New York Times. Arguments concerning Live Nation’s potential to profit from its control of Ticketmaster—which has exclusive ticketing agreements with performance venues—are among them. Additionally, by allegedly controlling concert tours and venue management, Live Nation is reported to have strengthened its monopoly by charging higher fees and costs to customers.
After merging with Ticketmaster in 2010, Live Nation owns over 80% of the live music ticket market in the United States, according to a Wall Street Journal report that first referred to the case in April. Head of Corporate Affairs Dan Wall of Live Nation disputed the claims in a statement, claiming that the business faces more competition. If the lawsuit succeeds, CNN claims it may open the door for significant changes in the live event business. Live Nation has not yet released a formal statement on the most recent reports.
Live Nation said in an end-of-year report last February that 2023 was its most incredible year yet, citing record-breaking concert attendance and ticket sales. Thirteen per cent more tickets were sold by Ticketmaster this year than the previous one, totalling 620 million. To reach around $3 billion, its revenue grew by 32%. Live Nation has been the target of antitrust lawsuits before. Plaintiffs asserting that they were among the “hundreds of thousands, if not millions,” filed a class action lawsuit in 2022, calling L Live Nation a “monster [that] must be stopped.” A federal appeals court dismissed the lawsuit in February 2023 after concluding that the buyers had lost their right to file a lawsuit.
US fans of Taylor Swift sued Ticketmaster in December 2022, alleging that the company had committed fraud, price-fixing, and antitrust violations during the “verified fan” pre-sale of tickets for The Eras Tour. A year after the complaint was filed, the primary plaintiff withdrew it, citing an agreement between the parties to “continue their ongoing settlement discussions through mediation” in a court filing.
https://x.com/econliberties/status/1793639195828944993
https://x.com/RollingStone/status/1793610333614915706
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