Live Nation to open Ticketmaster to other sellers
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The DOJ has accused the live-entertainment giant of wielding outsized control over the industry, but the company’s lawyers claim it “did not have monopoly power” during opening statements
The Guardian reported that Ticketmaster collects an average of $7.58 per ticket sold at major venues. According to an analysis cited by Jonathan Hatch, a New York attorney, fans in the states seeking damages may have overpaid between $1.56 and $1.72 per ticket.
John Abbamondi, former CEO of the Barclays Center in Brooklyn, said his venue paid dearly for dropping Ticketmaster for SeatGeek.
The DOJ argued Live Nation was a monopoly controlling the concert industry, needing to be broken up. Instead, the billionaires win again.
A U.S. Justice Department lawyer said Ticketmaster and Live Nation Entertainment monopolized the market, but the companies say the government is wrong.
FILE - In this May 11, 2009 file photo, Ticketmaster tickets and gift cards are shown at a box office in San Jose, Calif. Live Nation is investigating a data breach at its Ticketmaster subsidiary, which dominates ticketing for live events in the United States.
A Justice Department lawyer has told a New York jury at the start of an antitrust trial that the concert ticket industry is broken because Ticketmaster and its parent company Live Nation Entertainment have monopolized the market,