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HomeUSWatch Justice Department, US states sues TicketMaster, Live Nation for ‘Monopolizing Markets’,...

Watch Justice Department, US states sues TicketMaster, Live Nation for ‘Monopolizing Markets’, Live Nation shares fall 5 percent

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Washington D.C., USA – Oct 26 2023: United States Attorney General, Merrick Garland delivering a speech behind a podium with a mic

The Department of Justice and 30 states sued Live Nation Entertainment (LYV) and its subsidiary Ticketmaster LLC for monopolizing markets. According to their site, the lawsuit was filed in the U.S. District Court for the Southern District of New York on Thursday, May 2023. The lawsuit alleges that the parent and its subsidiary unlawfully used monopoly power and violated Section 2 of the Sherman Act, adversely influencing the costs web fans had to pay to watch performances by famous artists.

Attorney Merrick B Garland said that the Department of Justice alleged that fans, small promoters, promoters of venues, music artists, and others paid the price for the “unlawful, anticompetitive conduct” of Live Nation and Ticketmaster and that it was “time to break up Live Nation-Ticketmaster.”

The lawsuit listed several ways Live Nation-Ticketmaster monopolized markets and took steps to remove competition. They included its relationship with Oak View Group and its retaliation against new entrants or venues that worked with its rivals.

The lawsuit also noted how Live Nation-Ticketmaster used long-term exclusive contracts to stifle competition and blocked multiple tickets from using venues. The company also decreased competition by acquiring smaller promoters or threats that could have been competitive to the group.

The Office of Public Affairs site said that the lawsuit noted that Live Nation managed over 400 artists, controlled more than half the promotions in most of the nation’s large venues, and more.

OrganicGreek.com

Many artists, including celebrity Taylor Swift, have expressed their frustration at the control exercised by Live Nation-Ticketmaster in the past on social media. However, artists and web fans will have to wait for a long time for a resolution to the lawsuit.

XMicro.com

Live Nation-Ticketmaster has also responded to the lawsuit and described the Justice Department’s allegations as “baseless” and more. It also said that, unlike tech companies with higher profits, it had a small profit margin of 1.4 percent.

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