The U.S. Department of Justice has officially filed an antitrust lawsuit against Ticketmaster and its parent company Live Nation for allegedly monopolizing the music and live entertainment industry and driving up ticket prices for fans.
The complaint, filed Thursday in the U.S. District Court for the Southern District of New York, accuses both companies of unlawfully using their power over artists, venues and promoters to thwart competition. "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," Attorney General Merrick Garland said in a statement."It is time to break up Live Nation-Ticketmaster."Why did concert tickets get so expensive? Lauren Magarino 11:56 AM, Dec 28, 2022 The lawsuit, which is backed by 29 states and Washington, D.C.
Live Nation Executive Vice President Dan Wall recently authored a blog called "The Truth About Ticket Prices," defending his company's pricing policies by arguing that supply and demand largely dictates ticket prices. The post came as federal officials have discussed implementing new rules eliminating so-called "junk fees," making companies post their"all-in" price for consumers.
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