The court found that Live Nation, which owns Ticketmaster, was operating with monopoly tactics by pricing tickets higher and excluding competition.
The verdict followed four days of deliberations in a 7-week trial in New York, which could have a significant impact on the music industry.
After the decision, Live Nation will likely be called to pay compensation that will be calculated based on the amount with which it was overcharging consumers ($1.72 per ticket) over a series of years. It is also possible that it will lead to a breakup of Live Nation and Ticketmaster.
Live Nation organized last year more than 55,000 concerts worldwide, attracting 159 million spectators.
It is also likely that the way will open for smaller sellers to enter the market, something that may reduce ticket prices. It could also facilitate less well-known artists to secure venues for performances.
Live Nation stated: “The jury’s verdict is not the last word for this case”. The company stated that it has submitted a request to the court to reject expert testimonies regarding the way the compensations are calculated.
Morgan Harper, director at the non-profit organization American Economic Liberties Project, pointed out on her part that the decision against Live Nation is a “historic victory for fans, artists, concert promoters and venue owners who suffered for decades under the dominance of Ticketmaster’s monopoly”.
Source: BBC
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