Yesterday (April 15), a jury found that Live Nation has been operating as a monopoly in the live events and ticketing industry, per the New York Times. The verdict was reached after a trial that lasted over a month in New York federal court. The trial included testimony from high-ranking executives in the music and entertainment industries. Jury deliberation began on Friday.
Following the verdict, Live Nation released a statement, making it clear that the company is not ready to back down.
"The jury’s verdict is not the last word on this matter. Pending motions will determine whether the liability and damages rulings stand," it begins. "Live Nation will soon renew its motion for judgment as a matter of law, which the Court deferred until after the jury returned its verdict. That motion addresses all liability theories. The Court previously noted that Live Nation’s motion raises serious issues."
Live Nation Addresses Trial Loss
"There is also a pending motion to strike the damages testimony on which the jury’s award was based," the statement continues. "The Court deferred ruling on that motion as well, while noting significant concerns with the damages expert’s analysis. Of course, Live Nation can and will appeal any unfavorable rulings on these motions."
"Injunctive relief will be determined by the Court after the states make a remedy proposal, which we expect in the coming weeks," Live Nation concludes. "In the meantime, the Tunney Act proceedings regarding the DOJ settlement will continue. We remain confident that the ultimate outcome of the States’ case will not be materially different than what is envisioned by the DOJ settlement."
The verdict confirms countless music fans' long-held beliefs, but currently, the implications of it remain to be seen. Judge Arun Subramanian will now hold a second trial, which will determine what the actual damages are. This includes whether or not the states' request to break up or make other structural changes to the company will be granted.
For now, concertgoers won't see any immediate relief. In the long run, however, this could result in lower ticket prices for fans of hip-hop and beyond.
