A billboard is seen at Live Nation NYC headquarters on May 23, 2024 in New York City.
Michael M. Santiago | Getty Images
live nation entertainment The parties announced Monday that they have reached a settlement with the Department of Justice over antitrust concerns surrounding the Ticketmaster platform.
The settlement allows Ticketmaster to terminate some of its exclusive contracts with music artists and exposes the ticketing industry to greater competition. It still needs approval from the more than 20 states and courts that filed the lawsuit.
As part of the settlement, Ticketmaster agreed to pay approximately $280 million in civil penalties and will provide standalone third-party ticketing systems so that other companies, such as SeatGeek, can take advantage of its technology.
The proposed settlement also requires Live Nation to terminate 13 exclusive booking agreements with amphitheaters across the country.
“We have never relied on exclusivity to drive our ticketing business. That was simply a result of having the best products, services and people in the industry,” Live Nation CEO Michael Rapinoe said in a statement. “We are pleased to take even greater steps to empower artists and venues with their ticketing decisions, and are confident we will continue to succeed in the quality of what we offer.”
Live Nation stock rose 5% on Monday.
Ticketmaster has long faced criticism that its dominance in the live events and ticketing space drives up prices for consumers. The company has come under intense scrutiny in recent years from fans who say tickets to coveted events are becoming increasingly difficult and expensive to obtain.
In 2022, the company sparked a backlash when it improperly sold tickets for Taylor Swift’s Ellas tour, leading to an investigation into the company. Then, in 2024, the Justice Department, along with more than 20 states, filed a lawsuit seeking to break up Live Nation and Ticketmaster, which merged in 2010.
Live Nation was separately sued by the Federal Trade Commission in September over what the agency called “unlawful” ticket resale tactics. According to the FTC, Ticketmaster controls about 80% of ticketing for major concert venues.
New York Attorney General Letitia James said in a statement Monday that her office will continue to fight Live Nation’s monopoly allegations even after the agreement with the Justice Department.
“The recently announced settlement with the U.S. Department of Justice fails to address the monopoly issues at the heart of this case and benefits Live Nation at the expense of consumers. We cannot agree to that,” said James, who was joined by attorneys general from more than 20 other states.
—CNBC’s Julia Boorstin and Stephen Desaulniers contributed to this report.
