A federal jury in New York found that Live Nation Entertainment and its Ticketmaster subsidiary operated an illegal monopoly over the live entertainment industry, Florida Attorney General James Uthmeier's office announced, citing a verdict returned after four days of deliberation in the Southern District of New York.
The jury concluded consumers were overcharged by an estimated $1.72 per ticket, which the company could be ordered to pay back in addition to potential further penalties, according to the AG's office.
"Live Nation merged with Ticketmaster and monopolized the ticket industry, forcing venues into restrictive contracts and raising ticket prices—all while mocking Florida consumers," Uthmeier said in a statement.
The AG's office said the complaint accused Live Nation of breaking antitrust laws by illegally dominating the live entertainment industry. Live Nation, which acquired Ticketmaster in 2010, calls itself the "largest live entertainment company in the world" and owns, manages, and contracts with hundreds of venues across the United States, according to the release.
The lawsuit alleged the company wielded its power to control concert promotion, artist management, venue operations, and ticketing services to block competitors, the AG's office said. Those practices limited consumer choice and drove up ticket prices through excessive hidden fees, according to the release.
"Our victory in court will allow the free market to determine how much you pay for tickets, rather than a mega corporation that used the threat of financial ruin against venues to stifle competition," Uthmeier said. "It's a big win for Florida consumers!"