Live Nation and Ticketmaster are staying together for the time being thanks to the result in their antitrust case. Per numerous reports, the entertainment company and the Department Of Justice reached a settlement agreement last Thursday. It was quite the surprise for Judge Arun Subramanian, who's to decide if this gets the green light or not.
"It shows absolute disrespect for the court, the jury and this entire process," he said in Manhattan court today. "... Absolutely unacceptable." Even though one was reached last week, Subramanian wasn't aware of it on Friday.
Lawyers representing the states involved (around 40) and the District of Columbia also voiced their frustrations over the result.
In fact, a great number of them are going to fight for a mistrial. Although, AP News reports that double-digit states are onboard with the tentative agreement. "We will keep fighting this case without the federal government so that we can secure justice for all those harmed by Live Nation’s monopoly," New York Attorney General Letitia James said per the New York Times.
But as for the agreement itself, here's what it all entails if it goes through. Firstly, Ticketmaster and partner Live Nation will have to allow its other competitors, such as SeatGeek and Eventbrite, to list tickets directly through its system.
Why Was Live Nation Being Sued?
Additionally, Live Nation's long-term exclusivity contracts, which essentially locked venues for no one else to sell at, would be set at four years. As such, these amphitheaters will be able to issue their ticket inventories to other sellers per Politico.
Furthermore, Live Nation would need to pay a hefty fine of roughly $200+ million to any states that decide to latch onto this agreement.
This antitrust lawsuit has been nearly two full years in the making, with the filing going through in May 2024. Overall, the DOJ's goal was to separate Live Nation and Ticketmaster, who have been together since 2010, to create a fairer ticket marketplace.
The Justice Department accused both entities of illegal monopolization over this particular economy. "We allege that Live Nation relies on unlawful, anticompetitive conduct to exercise its monopolistic control over the live events industry in the United States at the cost of fans, artists, smaller promoters, and venue operators.
The result is that fans pay more in fees, artists have fewer opportunities to play concerts, smaller promoters get squeezed out, and venues have fewer real choices for ticketing services. It is time to break up Live Nation-Ticketmaster," U.S. Attorney General Merrick Garland said back then.
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