Live Nation Entertainment (NYSE:LYV) is a Los Angeles-based entertainment company that operates around the world. The company was founded in 2010 following the merger of Live Nation and Ticketmaster. Live Nation promotes, operates, and manages ticket sales for live entertainment worldwide, while also owning and operating entertainment venues as well as the management of artists’ careers.
Shares of Live Nation plunged 7.81% on Thursday, May 23, 2024. This followed a report that revealed the United States Justice Department and dozens of state attorney generals had filed a major antitrust lawsuit that sought the break-up of the Ticketmaster owner. These entities allege that Live Nation possesses unlawful dominance over the concert ticket sales industry.
The lawsuit, which was filed by the DOJ and 30 state and district attorney generals in federal court in the Southern District of New York, accuses Live Nation of creating a monopoly over the live entertainment market that has brought harm to music fans, artists, and promoters around the United States through higher prices and poor consumer experiences.
In response, Live Nation released a statement that said it was “absurd to claim that Live Nation and Ticketmaster are wielding monopoly power.”
Live Nation delivered a record first quarter for fiscal 2024 on May 2, 2024. Revenue grew 21% year-over-year to $3.8 billion as adjusted operating income rose 15% to $367 million. Meanwhile, fan growth increased 21% to 23 million fans.
