By Mike Crisolago & Chase Kell
As Live Nation Entertainment [NYSE: LYV] continues its fight to overturn a federal jury’s April verdict that found the company acted as an illegal monopoly, its financial records indicate that business has never been better.
According to a statement from Michael Rapino, Live Nation’s president and CEO, fans of live entertainment have propelled the company into a record-setting quarter, with revenues from Q3 2026 hitting $10.1 billion. That’s up 19% year over year. Fan attendance, which hit 61 million in Q3, is also up 19%, while fee-bearing ticket sales reached 98 million, a 10% increase from last year’s third quarter.
“In a world of endless screens and AI-generated everything, the one thing that can’t be replicated is being there,” Rapino said in a statement, according to Music Ally. “Through October, we’ve sold 170 million tickets, up 13% and already ahead of all of last year. We now expect to welcome nearly 180 million fans in 2026.”
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In terms of global sales, Live Nation’s international growth resulted in a 29% spike in fan attendance and a 20% boost in fee-bearing ticket sales. In his statement, Rapino added that “year-to-date, international markets surpassed the U.S. in both concert attendance and sponsorship revenue.”
For anyone who’s purchased tickets to a live event in recent years, this news may not come as a surprise. Ticket prices have steadily increased since the Covid-19 pandemic, and other factors like high service fees, dynamic pricing and the controversial retail market certainly haven’t hurt Live Nation’s sales.
But what may come as a surprise are the comments that two Live Nation executives once made when chatting about their customers.
‘These people are so stupid’
Back in March, when Live Nation was in court defending itself against allegations that it operates as a monopoly, private messages between Ben Baker and Jeff Weinhold, both Live Nation regional ticketing directors at the time, were made public.
In these messages, which were exchanged on Slack in 2022, the two gloated about fleecing customers, with Baker admitting “I gouge them on ancil [ancillary] prices,” including how he charges “$50 to park in the grass … $60 for closer grass.” He added “robbing them blind, baby … that’s how we do it,” to which Weinhold laughed, Bloomberg reports.
Weinhold also boasted about raising prices, including VIP parking at one particular event, which charged $250. “These people are so stupid,” Baker quipped. “I almost feel bad taking advantage of them.”
The messages imply that the perceived price gouging is deliberate, even celebrated, while fans are left holding the increasingly hefty bill — an issue so pervasive that the Federal Trade Commission used it as one of the key points in a 2025 lawsuit against Live Nation and Ticketmaster, which is owned by the former.
Prosecutors sought to enter the private Slack messages into evidence in the court case, which aimed to break up the company’s “monopoly power” over live events. They also hoped to compel Baker — who’s since been promoted to head of amphitheater ticketing, according to Pollstar — to testify. But Baker evaded that fate, at least for now, after the Department of Justice (DOJ) settled its antitrust lawsuit against Live Nation and Ticketmaster.
That said, despite the antitrust settlement, numerous state attorneys general plan to continue the fight — which means there could be justice for frustrated fans on the horizon.
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The Live Nation settlement and what it means for fans
The antitrust suit, launched in 2024 by the DOJ and a coalition of state attorneys general, aimed to undo the 2010 Live Nation and Ticketmaster merger. The New York Times reported that the union gave Live Nation “global reach and a sprawling business model unmatched by any rival” — a $25 billion revenue generator in 2025 alone, and that includes control over hundreds of venues and artists.
The DOJ, however, shocked everyone — including presiding Manhattan Judge Arun Subramanian — by announcing it had reached a tentative settlement with Live Nation.
The settlement essentially states Live Nation must allow unaffiliated sellers 50% of their tickets to shows at venues they own, put a 15% cap on services fees and make a portion of its tickets available to third-party sellers. It must also relinquish 13 amphitheaters, pay $280 million in damages and agree to an eight-year extension of DOJ oversight.
The government touted the settlement as a consumer win, but critics disagree.
Syracuse University’s Bill Werde said it’s “generous to call that fine a slap on the wrist.” Meanwhile, Stephen Parker of the National Independent Venue Association told the Associated Press that the settlement “does not appear to include any specific and explicit protections for fans, artists or independent venues.” And former DOJ antitrust attorney John Newman warned that ending the lawsuit means “carte blanche” for Live Nation and Ticketmaster to “keep jacking up prices, keep cutting out competition,” according to NBC News.
That’s a huge disappointment for fans who’ve decried Live Nation and Ticketmaster’s practices for years — including a highly-publicized 2022 lawsuit by Taylor Swift fans for price fixing, fraud and other complaints related to the sale of tickets for her Eras tour.
The settlement, however, can’t stand without Judge Subramanian’s approval, the same judge who called it “absolutely unacceptable.” Judge Subramania has not yet signed off on the deal. And even if the DOJ settlement gets approved, nearly 30 states, from New York to Utah, plan to continue the legal battle against Live Nation — meaning Baker and Weinhold’s words could still come back to haunt them in court.
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Mike Crisolago is a Sr. Staff Reporter at Moneywise with nearly 20 years of experience working as a journalist, editor, content strategist and podcast host. He specializes in personal finance writing related to the 50-plus demographic and retirement, as well as politics and lifestyle content.
