In a verdict delivered at the Manhattan federal court on Wednesday, a jury found that Live Nation and its subsidiary, Ticketmaster, illegally maintained monopoly in the ticketing market.

A group of jurors delivered the verdict after five weeks of trial which featured testimonies from dozens of witnesses in the high-stakes antitrust trial.

The complaint, initially brought by the Justice Department and the dozens of state attorneys general in 2024, claimed that Live Nation monopolised the industry by controlling ticketing, concert booking, venues and promotions.

The lawsuit accused the company of engaging in “anticompetitive conduct,” resulting in fans paying higher fees, artistes having fewer options for touring, and venues coerced to use Ticketmaster.

On Wednesday, the jury found that Ticketmaster overcharged concertgoers in the plaintiff state by $1.72 per ticket at “major concert venues” as a result of its anticompetitive behavior. 

Live Nation’s stock dropped over 5% after the news broke on Wednesday. The company had vehemently denied acting as a monopoly, but it has not responded to Wednesday’s verdict. 

Following the decision of the jury, Jeffrey Kessler, an attorney for the 34 states, said, “It’s a great day for antitrust law. It’s a great day for consumers. This case is a tribute to the 34 states and the District of Columbia who carried this case forward and it was my great honor to be working with them together on this.”

New York Attorney General, Letitia James and California Attorney General, Rob Bonta, praised the verdict in separate statements issued on Wednesday.

“A jury found what we have long known to be true: Live Nation and Ticketmaster are breaking the law and costing consumers millions of dollars in the process,” Mr James said.

Mr Bonta described the verdict as “a historic and resounding victory for artists, fans, and the venues that support them.”

The U.S.’ federal government struck a deal with the company in March after a face-to-face meeting between Live Nation CEO Michael Rapino and Omeed Assefi, the acting assistant attorney general for the Antitrust Division.