NEW YORK (RTW News) — In a decisive verdict, a Manhattan federal jury has ruled against concert behemoth Live Nation and its subsidiary Ticketmaster, deeming them responsible for maintaining a harmful monopoly over major concert venues. This judgment, reached after four days of deliberations, comes as part of a lawsuit backed by numerous U.S. states and the District of Columbia.

Attorney Jeffrey Kessler, representing the states, expressed elation outside the courthouse, stating, It’s a great day for antitrust law. The judge has since instructed the involved parties to collaborate with the government to map out the next steps regarding motions and potential remedies.

The trial featured testimonies from CEO Michael Rapino, who addressed issues stemming from the notorious Taylor Swift ticketing incident. During this time, internal messages from an employee surfaced, labeling certain ticket prices as outrageous and referring to customers as so stupid, further painting the company's practices in a negative light.

As the parent company of Ticketmaster, Live Nation holds vast control over ticket sales for live events, occupying a staggering 86% share of the concert market. Jurors found them liable for overcharging consumers by $1.72 per ticket across 22 states, suggesting a potential financial hit in the hundreds of millions for the company.

In the wake of the verdict, states are expected to pursue significant penalties, including possible divestitures of certain venues. New Jersey Attorney General Jennifer Davenport emphasized that the ruling confirms the detrimental impact of Live Nation's monopoly, while New York Attorney General Letitia James hailed it as a critical win against monopolies.

Looking ahead, the next phase of the litigation will involve determining the consequences for Live Nation and Ticketmaster, with the anticipation of further testimonies and hearings.