Live Nation and its subsidiary, Ticketmaster, illegally operated a monopoly in the ticketing industry for live events, a jury found in a closely-watched antitrust trial.

The jury delivered the verdict in Manhattan federal court after an approximate five-week trial that included testimony from dozens of witnesses.

Witnesses featured top executives in the music and entertainment industries.

“This is a fantastic outcome for the American people,” said Omeed A. Assefi, the Acting Assistant Attorney General for the DOJ’s Antitrust Division, according to NBC News.

“DOJ and some states settled their case and got instant relief. The remaining states received a liability finding and will now move on to the next phase of a remedies trial. Everyone but Live Nation wins with this scenario,” Assefi continued.

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But fans won’t see ticket prices or fees tacked onto their bills drop anytime soon. Judge Arun Subramanian will now hold second trial to decide what remedies are warranted, including whether to grant the states’ request to break up the company or make other structural changes such as ordering the sale of businesses.

“It will be an earthquake in the industry in terms of people’s perception in feeling validated,” said Scott Grzenczyk, a lawyer with law firm Girard Sharp.

“There’s big difference between people complaining about Goliath and getting a jury verdict that Goliath was a monopolist and doing something wrong,” he added.

The Justice Department and 39 state attorneys general, including California and New York, and Washington, DC, sued Live Nation in 2024 alleging its combination with Ticketmaster and control of “virtually every aspect of the live music ecosystem” have harmed fans, artists, and venues.

“A jury found what we have long known to be true: Live Nation and Ticketmaster are breaking the law and costing consumers millions of dollars in the process,” New York Attorney General Letitia James, a Democrat, said in a statement Wednesday.

California Attorney General Rob Bonta called the verdict “a historic and resounding victory for artists, fans, and the venues that support them,” NBC News noted.

“In the face of dwindling antitrust enforcement by the Trump Administration, this verdict shows just how far states can go to protect our residents from big corporations that are using their power to illegally raise prices and rip-off Americans,” Bonta added.

“I just secured victory against Live Nation in court to end its illegal monopolization and make live events more affordable,” Texas Attorney General Ken Paxton commented.

NBC News has more:

Live Nation, which has vehemently denied acting as a monopoly, saw its stock drop over 5% on the news as investors weighed what the verdict could mean for the company’s future.

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In a statement issued on Wednesday afternoon, Live Nation said “The jury’s verdict is not the last word on this matter. Pending motions will determine whether the liability and damages rulings stand.”

The company said it plans to “renew its motion for judgment as a matter of law, which the Court deferred until after the jury returned its verdict. That motion addresses all liability theories. The Court previously noted that Live Nation’s motion raises serious issues.”

“There is also a pending motion to strike the damages testimony on which the jury’s award was based,” the statement continued. “The Court deferred ruling on that motion as well, while noting significant concerns with the damages expert’s analysis.”

In response to the jury’s award of $1.72 per ticket, Live Nation said that it “applies to a limited number of tickets—those sold at 257 venues, which represent about 20% of total tickets—and only to purchases by fans (excluding brokers) in certain states over the past five years.”

“Based on that scope, we believe the aggregate single damages figure would be below $150 million, which would be trebled,” the company said. “In connection with the DOJ settlement, Live Nation has already accrued $280 million toward state damages and civil penalty claims. Injunctive relief will be determined by the Court after the states make a remedy proposal, which we expect in the coming weeks.”

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