"Counsel for the states, Jeffrey Kessler, described Live Nation in closing submissions as a 'monopolistic bully' that had systematically pushed up prices for consumers. He told the court that Ticketmaster controls 86 percent of the concert market and 73 percent of the wider live events market once sport is included."
"Live Nation, which generates more than $22 billion in annual revenues, was unrepentant. Its lawyer, David Marriott, argued in his summation that the company's scale was a consequence of operational excellence rather than anti-competitive conduct."
A Manhattan federal jury found Live Nation and Ticketmaster guilty of operating an unlawful monopoly in the U.S. concert market, siding with over 30 states in a civil action. The jury determined that Ticketmaster overcharged consumers by $1.72 per ticket. The ruling is seen as a vindication for fans and smaller operators. Live Nation, generating over $22 billion annually, plans to appeal the decision, asserting that its market dominance stems from operational excellence rather than anti-competitive behavior.
Read at Business Matters
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