Thirty-six states and DC returned to the courtroom Monday. They rejected the DOJ’s settlement.
They hired a rock star of antitrust.
They are presenting evidence.
And the evidence is brutal.
Bob Roux, Live Nation’s president of US concerts, took the stand on Monday. He claimed “more competition than ever.” He denied blocking artists from non-Ticketmaster venues.
Live Nation turned down $400,000 to $500,000 in profit…to keep another promoter out of their amphitheater.
Michael Rapino’s quote: “I would not let them into our venues.”
Roux instructed a subordinate to “use the leverage of the fact that they need Live Nation.”
On the stand, he claimed, “No leverage.”
Which one is it?
The jury heard both statements.
The Senate jumps into the chat…
On Monday, Senate Democrats dropped 40 pages filled with Ticketmaster’s own documents.
Bad Bunny: After his 2021 tour, Ticketmaster calculated they could have made an extra $7 million if they’d convinced him to allow resale before the presale.
Not after the public had a chance…during.
Cool. Cool.
Dynamic Pricing: Ticketmaster pushed artists to adopt it. They called it getting artists to “see the light.”
Fan Resale: Fan-to-fan resale via TM+ had 32.2% profit margins.
Broker resale: 26.7%.
Fans were buying resale tickets at higher markups…thinking they were buying from the primary.
With no clue.
The conclusion: “It is time to break up Live Nation-Ticketmaster.”
State Power…
Before the DOJ’s settlement, the states were co-plaintiffs.
The feds drove the strategy.
Now?
The states are in charge.
I had a chance to talk with someone about the power the states hold now. I wasn’t sure.
So, I dug into the issue.
Before: the DOJ controlled settlement talks. Now: States control the case.
Before: Breakup was a possibility. Now: Breakup is the goal.
Before: $280M fine. Now: Triple damages for consumers.
California AG Rob Bonta said: “Any resolution in this case must serve consumers, the marketplace, and the law.”
Michigan AG Dana Nessel: “We can’t break monopolies by engaging in pay-to-play schemes with the nation’s wealthiest, most politically connected companies.”
Tennessee AG Jonathan Skrmetti: “Our resolve has not wavered.”
I keep coming back to a larger question: Is a breakup enough?
The secondary market tells you the answer is probably no.
Why?
The problems aren’t just structural. They’re cultural. They’re embedded in how the whole industry monetizes fandom.
Spec Tickets: Platforms still allow sellers to list tickets they don’t have.
“Not in hand” listings. Sellers who promise to deliver later.
Some do. Some don’t.
The FTC calls this deceptive. The platforms call this business.
Fan Confusion: The Senate report shows fans buying resale tickets on Ticketmaster. Under the impression these were primary sales.
They paid more. They didn’t know why.
Ticketmaster knew. They profited anyway.
Platform Incentives: Every transaction generates a fee.
The more transactions the better.
The house wins.
The $7 Million Question: Ticketmaster wanted Bad Bunny to turn resale on during the presale. To capture more revenue.
That’s not serving fans.
That’s extracting from them before they even have a chance to buy.
The States are fighting:
Break up Live Nation. Separate Ticketmaster. Force real competition.
Let’s not pretend that fixes everything.
The secondary market will remain a casino. Spec listings will still be allowed. Fans will still be confused. Platforms will profit from uncertainty.
The machine is more than one company. It is a system…built by insiders, for insiders, to extract from everyone else.
The structural argument: break up Live Nation.
The cultural argument: rein in the secondary market.
Do both? Fans might start to have a chance.
Do only one? Extraction will live on.
What now?
The trial continues. The states are presenting evidence. More documents are likely to drop.
The Senate report is public. The Slack messages are in evidence. The jury has the evidence of Live Nation turning down hundreds of thousands of dollars to keep a competitor out of a venue.
The question isn’t: do the states have a case?
The question is: will even a win go far enough?