A New York jury delivered a major blow to the entertainment industry giant Live Nation on Wednesday, determining that the company and its Ticketmaster division unlawfully controlled portions of the live entertainment market, according to New York Attorney General Letitia James.
The verdict sent Live Nation’s stock tumbling 6.3% during afternoon trading, while rival companies saw their shares climb. Vivid Seats jumped 9.3% and StubHub increased 3.5% following news of the decision, which was initially reported by Bloomberg News.
As the globe’s biggest live entertainment corporation, Live Nation now faces additional court proceedings to determine what steps must be implemented to restore fair competition in the marketplace. The company has drawn sustained backlash from concert-goers and politicians regarding excessive ticketing fees and questionable resale policies.
While Live Nation reached an agreement with federal authorities last month through a Department of Justice settlement, Wednesday’s jury decision represents a significant victory for New York and several other states that chose to pursue their case independently.
“This is a landmark victory to protect New Yorkers from harmful monopolies,” James declared in a statement posted on social media platform X.
Representatives from Live Nation did not provide an immediate response when contacted for comment regarding the jury’s decision.
