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Live Nation Settles Antitrust Case
Scalped // Illustration by Kate Walker
The Justice Department and Live Nation have reached a surprise tentative settlement in the antitrust case against the music giant, allowing the company to stay together.
The Big Picture: The Justice Department was initially looking to separate Live Nation from Ticketmaster, which it acquired in 2010, alleging the company operates as an illegal monopoly. Such a move would have reshaped the ticketing and touring landscape, especially since Live Nation controls 80% of “major concert venues” and is, arguably, the de facto gatekeeper for most of the biggest acts. Keeping Live Nation intact ensures it remains the king of the music industry.
Behind The Curtain: Just because Live Nation is staying united doesn’t mean it won’t have to make some concessions.
Live Nation will need to “abandon the exclusive booking arrangements it has with some amphitheaters and allow other promoters to put on shows in those venues,” per The NYT.
It’ll need to offer venues a tech platform that allows them to use multiple ticketing systems if they choose,” such as SeatGeek or AXS.
It’ll also “allow touring artists to use other promoters when performing in its amphitheaters.” This will apply to 50% of the tickets offered, with a max service fee of 15%.
The company will also need to pay $280 million in damages to the states that were part of the lawsuit.
Encore: There’s a lot of drama surrounding this proposed settlement. A trial was already underway in Manhattan, and both the judge and 39 other states (and DC) were blindsided by the deal. The judge will still need to approve it, but New York AG Letitia James said that NY and 25 other states will continue their legal action without the DOJ.
In other words, this case hasn’t hit the final note yet.
Next Gig: With Live Nation allowed to stay big, some rivals may look to merge in an effort to compete.
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Today’s email was written by David Vendrell.
Edited, Polled, and Copy-edited by Kait Cunniff.
Published by Darline Salazar.