The ruling sets up a penalty phase that could force Live Nation to pay back overcharges and sell off some of its venues, but antitrust experts and states alike say meaningful relief for concertgoers — if it arrives — remains years away and will turn on how courts and regulators handle a case now divided between a state-won jury verdict and a federal settlement that critics say falls short.

A federal jury in New York found Wednesday that Live Nation Entertainment ran a harmful monopoly over large concert venues across the United States, handing a victory to more than 30 states that pressed ahead with an antitrust trial after the Trump administration reached a separate settlement with the company.

The jury found that Ticketmaster, Live Nation’s subsidiary, overcharged customers $1.72 per ticket in 22 states. A judge could order the company to repay those amounts, which could cost Live Nation hundreds of millions of dollars.

“The jury’s verdict is not the last word on this matter,” Live Nation said in a statement Wednesday.

No immediate relief for ticket buyers

The verdict brings no immediate relief for concertgoers. The case moves next to a remedies phase in which a judge will set financial penalties and other sanctions, which could include requiring Live Nation to sell off some of its venues.

“There might be a few extra dollars that will trickle down to consumers who bought tickets through Live Nation,” said Shubha Ghosh, a law professor at Syracuse University who focuses on technology and antitrust law. “Whether ticket prices will go down in the long run, I think it largely depends.”

Live Nation owns, controls booking for or has equity in hundreds of venues. Ticketmaster is the world’s largest ticket-seller for live events.

U.S. District Judge Arun Subramanian told attorneys to meet and deliver a joint letter by the following week proposing a schedule for next steps.

The antitrust lawsuit was initially led by the U.S. government under former President Joe Biden. Days into the trial, however, the Trump administration announced it would settle its claims against Live Nation for $280 million — a deal that still requires Judge Subramanian’s approval. Some states joined the settlement; more than 30 others continued to trial.

The federal settlement caps service fees at some amphitheaters and creates new ticket-selling options that could allow promoters and venues to use competitors such as SeatGeek, Eventbrite or AXS. The deal does not require the separation of Ticketmaster from Live Nation, which was an original goal of the Justice Department’s 2024 complaint.

The Justice Department called the settlement a “win-win for everybody.” Live Nation said it was pleased with the deal and predicted that once the remedies phase concludes and any appeals are resolved, the outcome likely won’t differ much from the federal agreement.

Senators urge scrutiny of federal deal

Six Democratic senators wrote to Judge Subramanian on Wednesday, urging him to closely scrutinize the Trump administration’s proposed settlement before considering approval. Sens. Amy Klobuchar, Elizabeth Warren, Cory Booker, Richard Blumenthal, Mazie Hirono and Peter Welch argued the deal was “negotiated under suspicious circumstances” and does not go far enough in restoring competition or protecting customers, artists and independent venues.