Live Nation, the owner of Ticketmaster, has reached a surprise settlement with the US Department of Justice in its antitrust case, just one week after the trial began. The settlement, announced on Monday, includes a $280m fund for states that participated in the lawsuit and requires Ticketmaster to open parts of its platform to rival ticketing companies.
Under the agreement, Live Nation will also divest from exclusive booking agreements with 13 amphitheaters in the US and cap service fees at 15% of the ticket price. The deal additionally limits long-term exclusivity contracts used by Ticketmaster when partnering with venues.
An attorney for New York state told jurors last week that Ticketmaster keeps an average of $7.58 of the price of each ticket for events at major concert venues. The justice department had planned to argue that Live Nation holds illegal monopolies in certain ticketing and venue markets.
Live Nation's CEO Michael Rapino said the settlement marks a major step in improving the concert experience for artists and fans. However, a bipartisan group of attorneys general, including New York's Letitia James, have refused to accept the terms, arguing it does not address Live Nation's dominance and that they may pursue a new trial.
