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Consumers are strained by everything from high food prices to soaring rents and mortgage costs — but aren’t giving up live music.
Two years after the concert industry roared back to life in the wake of the COVID pandemic, Live Nation had another recording-setting second quarter. Revenue grew 7% to more than $6 billion while adjusted operating income (AOI) climbed 21% to $716 million. North America was particularly strong, as fan attendance climbed 17% and amphitheater attendance rose about 40%.
That followed a record first quarter in which Live Nation had revenue of $3.8 billion, up 21%, and AOI of $367 million. A notable hiccup during the second quarter was an antitrust lawsuit brought by the U.S. Department of Justice in May, although that hasn’t impacted operations and will take years to move through the courts.
During Tuesday’s earnings call, CEO Michael Rapino and president/CFO Joe Berchtold gave analysts and investors their thoughts on recent tour cancellations, expectations for the second half of 2024 and next year, and Live Nation’s long-term growth rate.
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Cancellations are “in line” with historical trends
Some recent high-profile tour cancellations and weaker-than-expected festival sales have some people wondering if the live music business bit off more than it could chew. Coachella ticket sales were slower than usual, as were those of JazzFest, Beach Life, Welcome to Rockville and Governors Ball. Live Nation had two high-profile tour cancellations in recent months: The Black Keys and Jennifer Lopez.
But Live Nation, the world’s largest promoter, isn’t seeing anything out of the ordinary, said Berchtold. Cancellation rates “historically run kind of 4%-5% of shows [and] about a percent and a half of fans,” he said, and this year’s cancellations are “[a]bsolutely in line with historical trends. I think most of the reports that we’ve seen have been efforts to take one or two data points out of a very large number of tours and shows, and we’re just not seeing anything unusual there.”
“Continued growth” in the second half of the 2024 and into 2025
Berchtold said Live Nation expects to see “continued growth” in fan attendance in the second half of the year. Year-to-date ticket sales to 2024 concerts are 118 million, according to Tuesday’s earnings release, higher than 2023. Sales for arenas, amphitheaters, theater and club shows are up double digits.
As for 2025, Live Nation expects more stadium shows than it had two years ago. This year, a slowdown in stadium shows was partly caused by the Paris Olympics causing “most of France to shut down” for a month, said Rapino. Amphitheater shows provide better margins and high per-fan spending, but more stadium shows means a surge in ticket sales in late 2024 from tour on-sales, and higher gross transaction values. “One stadium show is triple the band count and triple the average ticket price of an amphitheater show,” said Berchtold.
Pushing 10% growth over the long term
After surging in 2022 and 2023 from post-pandemic pent-up demand, Live Nation is settling into a steady, long-term growth rate of 9%-10% annually. The necessary trends are in place, said Rapino: the globalization of the market, the supply of artists, consumer demand, the fan experience and favorable economic factors. Just don’t expect the post-pandemic growth to continue. “We never predicted that the industry was going to grow at 30% a year going forward,” said Rapino.
Listeners who use Spotify’s free tier have access to more song lyrics as of Tuesday (July 30), TechCrunch reports. Spotify gave all users the ability to view real-time song lyrics in the fall of 2021. (It started testing the feature in 2019.) More recently, the platform started capping the number of song lyrics non-paying users […]
StubHub is facing a lawsuit from Washington DC’s attorney general over allegations that the ticket resale platform foists “convoluted junk fees” on concertgoers after luring them in with “deceptively low prices.”
In a complaint filed Wednesday, Attorney General Brian Schwalb accuses StubHub of violating the District’s consumer protection laws by using the “drip pricing” — an “exploitative pricing scheme” in which a company requires consumers to pay fees that weren’t advertised in the initial price.
“For years, StubHub has illegally deceived District consumers through its convoluted junk fee scheme,” Schwalb said in a statement announcing the case. “StubHub lures consumers in by advertising a deceptively low price, forces them through a burdensome purchase process, and then finally reveals a total on the checkout page that is vastly higher than the originally advertised ticket price.”
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The “hidden” fees imposed by StubHub total “upwards of 40% of the advertised ticket price,” the lawsuit claims, and DC consumers have allegedly paid $118 million in such fees since 2015.
In a statement, StubHub said the company was “committed to creating a transparent, secure and competitive marketplace” for its customers. “We are disappointed that the DC Attorney General is targeting StubHub when our user experience is consistent with the law, our competitors’ practices and the broader e-commerce sector. We strongly support federal and state solutions that enhance existing laws to empower consumers, such as requiring all-in pricing uniformly across platforms.”
Consumers have complained for years about “convenience” and “service” fees that are tacked onto the price of tickets for concerts and other live events. Laws requiring “all-in pricing” — the full, final cost, presented at the beginning of a sale — have been enacted by New York, California and other states in recent years. A federal bill (Transparency in Charges for Key Events Ticketing, or TICKET, Act) was passed by the House of Representatives in May and is awaiting a vote in the Senate.
Hidden fees are also a key accusation in the pending antitrust lawsuit against Live Nation filed by the Department of Justice earlier this year. In that case, the DOJ has argued that such fees levied by Ticketmaster on American concertgoers “far exceed” those in other countries.
“Any fan who has logged onto Ticketmaster’s website to buy a concert ticket knows the feeling of shock and frustration as the base cost of the ticket increases dramatically with the addition of fees,” the DOJ wrote in its complaint against Live Nation. “Whatever the name of the fee and however the fees are packaged and collected, they are essentially a ‘Ticketmaster Tax’ that ultimately raise the price fans pay.”
In Wednesday’s lawsuit, Schwalb argues that StubHub imposes those same fees on its customers. Calling it a “a classic bait-and-switch scheme,” the lawsuit claims the final price of a StubHub ticket is only revealed after customers have “invested time and effort clicking through an intentionally long, multi-page purchase process” — which features a countdown clock to “create a false sense of urgency.”
“StubHub designed this unfair and deceptive scheme to make more money,” Schwalb wrote. “By forcing consumers to click through over a dozen pages before they see the real price, StubHub puts consumers in the position of having to choose between either paying those unexpected fees or abandoning the time and effort they have expended.”
In addition to springing such fees at the end of a transaction, the lawsuit also accuses StubHub of choosing deceptive names for them — a claim that echoes longstanding complaints about what vaguely-named ticketing fees imposed by many companies actually cover.
“What StubHub identifies as ‘Fulfillment and Service Fees’ are in fact influenced by factors unrelated to ‘fulfillment’ or ‘service,’” the lawsuit reads. “Furthermore, the fees vary wildly, and StubHub never discloses to the consumer how those fees are calculated or what services these fees fund.”
Read the entire lawsuit against StubHub here:
A bipartisan group of U.S. senators introduced the highly anticipated NO FAKES Act on Wednesday (July 31), which aims to protect artists and others from AI deepfakes and other nonconsensual replicas of their voices, images and likenesses.
If passed, the legislation would create federal intellectual property protections for the so-called right of publicity for the first time, which restricts how someone’s name, image, likeness and voice can be used without consent. Currently, such rights are only protected at the state level, leading to a patchwork of different rules across the country.
Unlike many existing state-law systems, the federal right that the NO FAKES Act would create would not expire at death and could be controlled by a person’s heirs for 70 years after their passing. To balance personal publicity rights and the First Amendment right to free speech, the NO FAKES Act also includes specific carveouts for replicas used in news coverage, parody, historical works or criticism.
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Non-consensual AI deepfakes are of great concern to the music business, given so many of its top-billing talent have already been exploited in this way. Taylor Swift, for example, was the subject of a number of sexually-explicit AI deepfakes of her body; the late Tupac Shakur‘s voice was recently deepfaked by fellow rapper Drake in his Kendrick Lamar diss track “Taylor Made Freestyle,” which was posted, and then deleted, on social media; and Drake and The Weeknd had their own voices cloned by AI without their permission in the TikTok viral track “Heart On My Sleeve.”
The NO FAKES Act was first released as a draft bill by the same group of lawmakers — Senators Chris Coons (D-DE), Marsha Blackburn (R-TN), Amy Klobuchar (D-MN) and Thom Tillis (D-NC) — last October, and its formal introduction to the U.S. Senate continues to build on the same principles also laid out in the No AI FRAUD Act, a similar bill which was introduced to the U.S. House of Representatives earlier this year.
While the music industry is overwhelmingly supportive of the creation of a federal right of publicity, there are some detractors in other creative fields, including film/tv, which pose a threat to the passage of bills like the NO FAKES Act. In a speech during Grammy week earlier this year, National Music Publishers Association (NMPA) president/CEO David Israelite explained that “[a federal right of publicity] does not have a good chance… Within the copyright community we don’t agree. … Guess who is bigger than music? Film and TV.” Still, the introduction of the NO FAKES Act and the NO AI Fraud Act proves there is bicameral and bipartisan support for the idea.
Earlier this year, proponents for strengthened publicity rights laws celebrated a win on the state level in their fight to regulate AI deepfakes with the passage of the ELVIS Act in Tennessee. The landmark law greatly expanded protections for artists and others in the state, and explicitly protected voices for the first time.
Though it was celebrated by a who’s who of the music business — from the Recording Academy, Recording Industry Association of America (RIAA), Human Artistry Campaign, NMPA and more — the act also drew a few skeptics, like Professor Jennifer Rothman of University of Pennsylvania law school, who raised concerns that the law could have been an “overreaction” that could potentially open up tribute bands, interpolations, or sharing photos that a celebrity didn’t authorize to lawsuits.
“The Human Artistry Campaign applauds Senators Coons, Blackburn, Klobuchar and Tillis for crafting strong legislation establishing a fundamental right putting every American in control of their own voices and faces against a new onslaught of highly realistic voice clones and deepfakes,” Dr. Moiya McTier, senior advisor of the Human Artistry Campaign — a global initiative for responsible AI use, supported by 185 organizations in the music business and beyond — says of the bill. “The NO FAKES Act will help protect people, culture and art — with clear protections and exceptions for the public interest and free speech. We urge the full Senate to prioritize and pass this vital, bipartisan legislation. The abusive deepfake ecosystem online destroys more lives and generates more victims every day — Americans need these protections now.”
The introduction of the bill is also celebrated by American Federation of Musicians (AFM), ASCAP, Artist Rights Alliance (ARA), American Association of Independent Music (A2IM), Association of American Publishers, Black Music Action Coalition (BMAC), BMI, Fan Alliance, The Azoff Company co-president Susan Genco, Nashville Songwriters Association International (NSAI), National Association of Voice Actors (NAVA), National Independent Talent Organization, National Music Publishers’ Association (NMPA), Organización de Voces Unidas (OVU), Production Music Association, Recording Academy, Recording Industry Association of America (RIAA), SAG-AFTRA, SESAC Music Group, Songwriters of North America (SoNA), SoundExchange, United Talent Agency (UTA) and WME.
The new judge in Young Thug’s sprawling Atlanta gang trial has denied the rapper’s renewed request to be released from jail until a verdict is reached.
Two weeks after Judge Paige Reese Whitaker became the third judge to preside over the huge racketeering case, she rejected arguments from Thug’s attorney Brian Steel to release the rapper on bond and allow him to live under house arrest with strict monitoring.
Steel had argued that the recent turbulent events in the case — Judge Ural Glanville was ordered removed from the case over a secret meeting with prosecutors and a key witness — were the kind of “changed circumstances” that would allow her to overturn earlier rulings that kept him locked up.
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But at a hearing Tuesday, Whitaker was unswayed. “I don’t know how I would have decided the bond originally,” the judge said. “That’s not before me. These are not the kind of changed circumstances [required under precedent], so I’m not going to reconsider the bond.”
Thug — real name Jeffery Williams — and dozens of others were indicted in May 2022 over allegations that their YSL was not really a record label called Young Stoner Life but rather a violent Atlanta gang called Young Slime Life. Citing Georgia’s Racketeer Influenced and Corrupt Organizations (RICO) law, prosecutors claim the group operated a criminal enterprise that committed murders, carjackings, armed robberies, drug dealing and other crimes over the course of a decade.
The trial kicked off in January 2023 but has faced repeated delays and disruptions, including an unprecedented 10-month jury selection, the stabbing of another defendant and now the removal of the presiding judge. Prosecutors have only presented part of their vast list of potential witnesses, and the case is expected to run well into 2025.
Thug has been sitting in jail for more than two years while the slow-moving trial has dragged on, repeatedly denied bond by Glanville over concerns that he might intimidate witnesses. But with Glanville gone, Steel argued last week that Thug should not be “languishing in the county jail” under “tortuous” conditions when he has not be convicted of a crime.
At Tuesday’s hearing, he reiterated those pleas to Whitaker. “Mr. Williams has been in custody since the 9th day of May, 2022,” Steel said. “He has sat through unnecessary jury selection for months, bringing in over 2,000 people when the jurors were chosen from the first 511. That should not be on him. That is excess. He has now sat here for a month while the antics of Judge Glanville and [prosecutors] caused him to wander in squalor in a jail.”
Though Whitaker denied Thug’s renewed request for bond, the new judge suggested during the hearing that she would speed up the pace of the case, ordering prosecutors to better organize their planned witness testimony and evidence, saying, “It should not take another seven months.”
The judge is also still considering whether case should continue at all. Thug and three of the other YSL defendants have moved for a mistrial, citing Glanville’s conduct and other issues with the case.
At Tuesday’s hearing, Whitaker denied two of those motions, including one that had argued that a brand new judge could not possibly “make informed rulings” after missing the first 19 months of a trial in which over 100 witnesses had already testified. But she left two pending, including Steel’s accusations that Glanville’s behavior had irreparably broken the case.
“If that is the case, there will be a different ruling made that will impact this trial, that may result in a mistrial, that may result in a mistrial with prejudice,” the judge said.
The 1975 and frontman Matty Healy are facing a lawsuit from the organizers of Malaysia’s Good Vibes Festival, according to a report by Variety, filed over accusations that Healy’s on-stage protest of the country’s anti-LGBTQ laws resulted in the festival being shut down.
In a case filed in the UK’s High Court, Future Sound Asia is demanding $2.4 million over the July 2023 incident in Kuala Lumpur, during which Healy gave a profanity-laden speech criticizing Malaysia’s anti-LGBTQ laws and then kissed bandmate Ross MacDonald.
Following the incident, local authorities revoked the festival’s license and canceled the final two nights of shows. As reported by Billboard last year, sources within Future Sound said that the incident left the festival in financial ruin and could limit future concerts in Malaysia for years.
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In its lawsuit, Future Sound claims that Healy and The 1975 breached their contract with the festival, which stipulated that they would abide by local guidelines. Those rules included kissing, swearing, smoking and drinking on stage, taking off clothes, and talking about politics or religion.
The case claims that local authorities initially refused to let The 1975 play at all, citing Healy’s drug problems. But Future Sound claims that the band appealed and promised that Healy would adhere to “all local guidelines and regulations” in order to secure approval.
A rep for the band did not immediately return a request for comment on the accusations.
Healy’s kiss and statements — he said, among other things, that it was “f—ing ridiculous to tell people what they can do with that and that” — were meant as a protest against Malaysia’s strict anti-LGBTQ+ laws, which make homosexuality a crime.
But local activists have since criticized him, calling it a “publicity stunt” by a Western rock star with a “white savior complex.” He also took light criticism from Julian Casablancas of The Strokes, who had been scheduled to play before the festival was canceled, who said that people “should be knowledgable and respectful toward the culture you’re not familiar with.”
Healy addressed those critiques in October, saying he was “pissed off” about the “liberal outrage against our band for remaining consistent with our pro-LGBTQ stage show.”
Live Nation continued on its post-pandemic growth trajectory with another record-setting second quarter. Revenue grew 7% to a record $6.02 billion, and adjusted operating income (AOI) improved 21% to $716 million due to a 61% gain in the concerts segment’s AOI, the company announced Tuesday (July 30).
Despite occasional news about canceled tours and festivals, Live Nation’s results suggest fan demand is strong enough to meet the supply of artists on tour. Cancellation rates for North American concerts are tracking lower than they were in 2023, according to the company, and Live Nation hosted 39 million fans globally in the quarter, up 5% from the prior-year quarter. As tours shifted from stadiums to smaller venues, the total number of concerts increased 23.2% in North America and rose 19.9% overall.
Through the first six months of 2024, total revenue grew 12% to $9.8 billion and AOI improved 19% to $1.08 billion. The number of events grew 16.9% to 25,881, while the number of fans at Live Nation concerts and festivals rose 10.4% to 61.8 million.
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“We continue to see strong demand globally, with a growing variety of shows attracting both casual and diehard fans who are buying tickets at all price points, which speaks to the unique experience only live concerts can provide,” CEO Michael Rapino said in a statement.
With fewer stadium shows than the prior year, Live Nation is leaning on arenas and high-margin amphitheaters in 2024. Arena attendance was up by double digits globally, theater and club attendance rose 15% and amphitheater attendance was up about 40%. Amphitheaters in particular are good for Live Nation’s bottom line. Almost a third of Live Nation’s amphitheaters have been updated since 2022 — including with new bar designs and upgraded VIP boxes — and have produced an aggregate return of over 30%, according to the company.
In the ticketing division, revenue was up 3% to $731 million and AOI was flat at $293 million, and the quarter ranked among the company’s top five in terms of transacted and reported ticket sales. Ticketmaster sold 78 million fee-bearing tickets in the quarter, about the same as the prior-year quarter. Fee-bearing gross transaction value was even at $8.4 billion.
Sponsorships and advertising revenue grew 3% to $312 million and AOI rose 10% to $223 million. Live Nation secured a multi-year, multi-festival partnership with Coca-Cola and an extension with video streaming service Hulu to be the official streaming destination for Bonnaroo, Lollapalooza and Austin City Limits.
The latest numbers show the extent to which Live Nation has grown since the touring business returned from pandemic-era shutdowns in 2020 and 2021. Second-quarter revenue was 36% greater than the $4.43 billion the company saw in the second quarter of 2022, and AOI was 49% above Live Nation’s $480 million of AOI in the same period in 2022. What’s more, the business is considerably larger than it was before the pandemic. Second-quarter revenue and AOI were up 90.8% and 124.4%, respectively, from the same quarter in 2019.
Topline results for Q2:
Total revenue of $6.02 billion, up 7%, driven by an 8% increase in concert revenue.
Adjusted operating income of $716.2 million, up 21%, driven by a 61% increase in concerts AOI.
Total attendance rose 4.9% to 38.9 million.
The number of concerts rose 19.9% to 14,678.
French music streamer Deezer reported a nearly 15% increase in revenue for the first half of 2024 and raised a key financial target for the year, according to earnings results filed on Tuesday (July 30).
The Paris-based company generated 268 million euros ($287 million) for the six months ending June 30 — up $35 million from the year-ago period — as average revenue per user (ARPU) improved for both direct subscribers and business-to-business subscribers by 6% and 3.5%, respectively.
Deezer executives called it a strong financial performance and said the company is on track to become profitable, as it was free-cash-flow positive in the first half of the year, with around 65 million euros ($70.4 million) at the end of June.
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“These positive results are [due to] strong performance throughout Deezer,” Stu Bergen, interim CEO of Deezer, said in a statement. “Deezer occupies a distinctive position within the music ecosystem,supporting artists, songwriters and rightsholders alike through initiatives focused on transparency, fairness, and innovation.”
Available in more than 180 markets, Deezer’s roughly 10.5 million subscribers was flat from the prior quarter.
The company raised its target for adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to a 10 million euro deficit, compared to Deezer’s previous expected deficit of 15 million euros for 2024, and reiterated its target to grow revenue by 10% for the year. Deezer generated 485 million euros ($525 million) of revenue in 2023, a 7.4% increase from 2022.
Last week, Deezer announced that ex-Walmart executive and consumer goods company founder Alexis Lanternier would become the streaming company’s next CEO, taking over from Bergen, who served as interim CEO after the previous CEO, Jeronimo Folgueira, left the company in February following a nearly three-year run in the role.
Lanternier co-founded and developed Branded, a digital-first consumer goods company, and was previously an executive vp at Walmart Canada.
This is The Legal Beat, a weekly newsletter about music law from Billboard Pro, offering you a one-stop cheat sheet of big new cases, important rulings and all the fun stuff in between.
This week: Martin Shkreli argues he wasn’t required to turn over personal copies of a rare of Wu-Tang Clan album to prosecutors; a litigious rock photographer sues Warner Records in the latest of more than 50 copyright lawsuits; the new judge in Young Thug’s gang trial faces a flood of new motions; and more.
THE BIG STORY: The Plot Thickens In Wu-Tang Album Case
When Martin Shkreli was convicted of securities fraud and ordered to forfeit his copy of Wu-Tang Clan’s Once Upon a Time in Shaolin to federal prosecutors, was he allowed to retain personal copies? PleasrDAO — a digital art collective that bought the one-of-a-kind album from the government in 2021 —certainly thinks he wasn’t. The group sued Shkreli in federal court last month, accusing him of violating that forfeiture order by retaining copies and then threatening to leak them to the public, a move it says would destroy the value of the rare album. But in a new response last week, Shkreli’s attorneys told a very different story. Everyone knows that when the disgraced “Pharma Bro” bought the only copy of Wu-Tang’s album in 2014, the deal came with bizarre contractual requirements — namely, that he couldn’t release it to the general public until 2103. But Shkreli’s lawyers say the deal did allow him to make personal copies for private use. And when he turned over the physical CD to the government, his lawyers say he wasn’t required to hand over those private copies: “Defendant continues to have the right to use them to this day.” A month into the lawsuit, two dueling visions are coming into view. Pleasr is leaning on the forfeiture order, citing a passage that banned Shkreli from taking any action that would “affect the availability, marketability or value” of the album. Defense lawyers, on the other hand, point to the government’s sale to Pleasr, arguing that the feds made no assurances that the original CD was the only copy of Shaolin in existence. “Plaintiff was well aware that its purchase of assets from did not include any promise or expectation of ‘exclusivity’ or ‘uniqueness,’” Shkreli’s lawyers wrote. “It bought a copy of a musical work that it knew was not unique, and cannot now claim to be irreparably harmed by the existence of its non-uniqueness.” For more, go read our full story on the Shaolin case — and stay tuned for a looming ruling from the judge on whether to impose a preliminary injunction against Shkreli.
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Other top stories this week…
LEGAL EXPOSURE? – Neil Zlozower, a veteran rock photographer who’s snapped images of Led Zeppelin, The Rolling Stones and many other bands, filed a copyright infringement lawsuit against Warner Records, accusing the label of using his photo of Tom Petty in a Facebook post without permission. It turns out the case is hardly the first for Zlozower, who has filed a whopping 57 copyright lawsuits since 2016, targeting Universal Music Group, Spotify, Ticketmaster, Mötley Crüe and many others over alleged unauthorized use of his images.CONCERT MELEE – Chris Brown and Live Nation were sued again over an alleged melee that took place backstage at a concert in Fort Worth last week, this time by a security guard who says he was “brutally and severely” beaten when he tried to break up the fight. The lawsuit, which cites Brown’s high-profile 2009 attack on his then-girlfriend Rihanna that led to a felony conviction, comes after the alleged victims themselves filed their own separate case.YSL CASE UPDATE – The new judge in Young Thug’s sprawling Atlanta gang trial, Judge Paige Reese Whitaker, has been greeted by a flood of new motions, including a renewed demand to release the rapper from the “torturous conditions” he’s faced while sitting in jail for more than two years. Judge Ural Glanville, who was removed from the case earlier this month after revelations of a secret meeting with prosecutors and a key witness, had repeatedly denied such requests. SHOOTING ARRESTS – Three men were arrested in Jacksonville in connection with the deadly shooting of rapper Julio Foolio last month. Sean Gathright, 18, Alicia Andrews, 21, and Isaiah Chance Jr., 21, were each charged with premeditated first degree murder with a firearm, among other charges, over the June 23 killing.
Live Nation’s top two in-house attorneys will not be allowed to access “highly confidential” documents produced by competitors like AEG Presents and SeatGeek in the antitrust lawsuit filed against the touring giant by the Department of Justice, though it will be granted access to less sensitive “confidential” documents under strict conditions limiting how the information is used and shared, according to a protective court order signed Monday (July 29) in the Southern District of New York.
A federal judge overseeing the case agreed to establish the two-tiered system for dealing with non-public documents the DOJ subpoenaed from Live Nation competitors as part of its ongoing investigation. For the last six weeks, DOJ antitrust lead trial counsel Bonny Sweeney has been in talks with Live Nation, which is accused of operating its ticketing and concert promotion businesses as a monopoly, about restricting access for the company’s in-house lawyers — executive vp of corporate and regulatory affairs Dan Wall and senior vp of litigation Kimberly Tobias — to confidential information handed over by competitors. Attorneys for Live Nation have argued that granting Wall and Tobias access to confidential information is vital in helping the company prepare its defense.
“Mr. Wall and Ms. Tobias are litigation counsel in good standing and officers of the court,” Live Nation outside counsel Alfred C. Pfeiffer wrote in a letter to New York federal judge Arun Subramanian. “Both have been bound by numerous protective orders and never been accused of violating those orders. Their access to confidential information in no way puts such information at risk.”
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Government lawyers counter that even if Wall and Tobias “pledge not to use any information they receive other than for this case, they can’t unsee what they have seen,” Subramanian wrote in a July 23 court order trying to resolve the confidentiality access question. Two days after that, attorneys for SeatGeek, AEG and ASM Global filed letters asking Subramanian to prevent Wall and Tobias from viewing any sensitive documents produced by the companies.
The files SeatGeek produced for the government “include documents that a company would never want to fall into the hands of any competitor,” SeatGeek attorney William Kalema wrote to the court.
“SeatGeek hears on at least a weekly basis from venues that are reluctant even to meet with SeatGeek for fear of retaliation from Defendants,” the letter continued. “If the market were to learn that venues’ contracts and other communications with Ticketmaster’s competitors were made available to Defendants’ senior management, SeatGeek’s ability to market its product would be hindered even further.”
Attorneys for AEG said they had produced “hundreds of thousands of documents” for the DOJ, including the company’s “most sensitive and competitively significant materials.” AEG attorney Justin Bernick took particular issue with Wall over past statements Wall has made in the media and on Live Nation’s blog, arguing that Wall has often acted as the company’s spokesperson rather than its lawyer.
After a brief hearing, Subramanian ruled that Wall and Tobias would not be allowed to view documents marked as highly confidential — meaning those involving trade secrets, customer lists, current or future financial and strategic information, private contract terms, personnel files, planning documents, and anything deemed sensitive by the courts — and that those documents can only be viewed by Live Nation’s outside attorneys. Wall and Tobias can, however, view confidential information — defined as previously non-public financial information, material related to ownership of non-public companies, business plans and marketing campaign documents related to product development.
In order to view confidential court files, Wall and Tobias must agree not to participate or advise Live Nation on “competitive decision-making” or litigation against AEG or SeatGeek — except for litigation tied to the DOJ lawsuit — for two years after the final confidential documents are reviewed.
The “highly confidential” and “confidential” designations will be determined by those producing the documents, Subramanian wrote in the earlier July 23 opinion, noting that “if it turns out that vast swaths of the record are improperly designated highly confidential, the Court will step in” and require “a page-by-page review of documents by the producing party on a tight timeframe or appropriate modifications to the protective order.”
Billboard has reached out to Live Nation for comment on this story. The trial for USA v. Live Nation Entertainment is scheduled to begin March 2, 2026.