Ticketmaster is an illegal monopoly, jury finds

A Manhattan jury has delivered a stunning verdict that could shake the very foundations of the live entertainment industry, finding Live Nation-Ticketmaster liable on three counts of monopolistic practices, including illegally monopolizing the market for live event ticketing, amphitheaters, and tying its concert promotions business with the use of its venues. The verdict, which came after several days of deliberation, has sent shockwaves through the industry and leaves the live entertainment giant open to a potential breakup. The lawsuit, which was filed several years ago, aimed to break up the company and increase competition in the market. The Impact on Consumers The implications of this verdict are far-reaching and could have a significant impact on consumers, who have long complained about the high fees and limited ticket availability that have become synonymous with Ticketmaster. With a monopoly on the market, Ticketmaster has been able to charge exorbitant fees, often exceeding 30% of the ticket price, and has limited the ability of other companies to compete. For example, a study by the Government Accountability Office found that ticket fees can add up to 27% to the cost of a ticket, resulting in billions of dollars in additional revenue for Ticketmaster each year. Background and History The history of Live Nation-Ticketmaster is complex and has been marked by controversy and criticism. The company was formed in 2010, after Live Nation, a concert promoter, merged with Ticketmaster, a ticketing company. Since then, the company has grown to become one of the largest players in the live entertainment industry, with a market share of over 80%. However, this growth has come at a cost, with many smaller companies and venues struggling to compete. For instance, a report by the American Antitrust Institute found that the merger between Live Nation and Ticketmaster resulted in a significant decrease in competition, leading to higher prices and reduced innovation. What's Next for the Industry The Future of Live Entertainment The verdict is likely to have significant implications for the live entertainment industry, with many experts predicting a potential breakup of the company. This could lead to increased competition and lower prices for consumers, as well as more opportunities for smaller companies and venues to compete. For example, a breakup could allow companies like Songkick or Eventbrite to enter the market, increasing competition and driving innovation. As the industry waits with bated breath to see what happens next, one thing is clear: the days of Ticketmaster's stranglehold on the live entertainment industry may be numbered. The verdict is a clear indication that the justice system is taking a closer look at monopolistic practices in the tech industry, and companies like Ticketmaster are being held accountable for their actions. With this verdict, the live entertainment industry is likely to become more competitive, and consumers may finally see some relief from the high fees and limited ticket availability that have plagued the industry for so long.