The concert ticket industry is broken,' justice department says as Ticketmaster trial begins

"Today, the concert ticket industry is broken, in fact the concert industry itself is broken. It is controlled by a monopolist. It is controlled by Live Nation. Ticketmaster keeps more in fees than competitors such as AXS, according to an expert's estimate cited by Jonathan Hatch, an attorney for New York state."

"Fans in the states seeking damages are estimated to have overpaid between $1.56 and $1.72 for tickets. We are talking about real money coming out of people's wallets. The trial in Manhattan could result in the US Department of Justice arguing for a breakup of Live Nation and Ticketmaster or the companies paying compensation to ticket purchasers."

"Live Nation attorney David Marriott told jurors that Ticketmaster takes about 5% of what fans pay for tickets. The company is not a monopolist and faces fierce competition across the industry. Every customer we get is a hard-fought battle in a competitive marketplace."

A Manhattan trial involves the DOJ and attorneys general from 40 states seeking damages against Live Nation and Ticketmaster for alleged monopolistic practices in the concert industry. Ticketmaster keeps significantly higher fees than competitors like AXS, with estimates suggesting fans overpaid between $1.56 and $1.72 per ticket. The DOJ argues the concert industry is controlled by a monopolist, while Ticketmaster's defense claims it captures only 5% of ticket prices and faces fierce competition. The trial could result in a company breakup or compensation to ticket purchasers. Notable witnesses expected to testify include musicians Kid Rock and Ben Lovett, along with executives from rival ticketing companies and major venues.

Read at www.theguardian.com