Signs are seen at the Live Nation NYC headquarters on May 23, 2024 in New York City.
Michael M. Santiago | Getty Images
Live Nation Entertainment has reached a settlement with the Department of Justice over antitrust concerns surrounding its Ticketmaster platform, the parties said Monday.
The settlement would see Ticketmaster unwind some of its exclusivity agreements with musical artists and open up the ticketing industry to greater competition. It still needs approval by more than 20 states that had filed suit and by the court.
As part of the settlement, Ticketmaster has agreed to pay roughly $280 million in civil penalties and will offer a standalone third-party ticketing system for other companies like SeatGeek to use its technology.
The settlement also calls for Live Nation to unwind 13 exclusive booking agreements with amphitheaters across the country.
“We have never relied on exclusivity to drive our ticketing business, it has simply been the result of having the best products, services and people in the industry,” Live Nation CEO Michael Rapino said in a statement. “We are happy to take greater steps to empower artists and venues in their ticketing decisions, and are confident we will continue to succeed on the quality of what we deliver.”
Shares of Live Nation rose 5% Monday.
Ticketmaster has long faced criticism that its dominance in the live events and ticketing space pushes up prices for consumers. The company has come under heightened scrutiny in recent years from fans who argue that it’s become harder and pricier to snag coveted event tickets.
In 2022, the backlash boiled over when the rollout of tickets for Taylor Swift’s Eras Tour was mishandled, leading to a probe of the company. And in 2024, the DOJ — along with more than two dozen states — sued to break up Live Nation and Ticketmaster, which merged in 2010.
In September, Live Nation was separately sued by the Federal Trade Commission over what the agency called “illegal” ticket resale tactics. The FTC said Ticketmaster controls roughly 80% of major concert venues’ ticketing.
In a Monday statement, New York Attorney General Letitia James said her office would continue to fight against Live Nation’s alleged monopoly even after its agreement with the DOJ.
“The settlement recently announced with the U.S. Department of Justice fails to address the monopoly at the center of this case, and would benefit Live Nation at the expense of consumers. We cannot agree to it,” said James, who is joined by the attorneys general of more than 20 other states.
— CNBC’s Julia Boorstin and Stephen Desaulniers contributed to this report.
