A federal jury has ruled that Live Nation and Ticketmaster operate an illegal monopoly in the ticketing market. The verdict found that Ticketmaster overcharged fans by $1.72 per ticket on average across 22 states.

The lawsuit, which saw jurors deliberate for five weeks, also determined that Live Nation has a monopoly in large amphitheaters and that it requires artists to use its event promotion services as a condition of venue usage.

Live Nation's regional director was caught boasting about gouging ticket buyers with fees for ancillary services, highlighting the extent of their alleged overcharging. Judge Arun Subramanian will now decide on potential damages and remedies.

The ruling could cost Live Nation and Ticketmaster hundreds of millions in financial penalties but may also force a structural break-up that would see them divest Ticketmaster and concert venues, potentially reshaping the music industry landscape.