Michael Rapino, chief executive of Live Nation, defended his company against monopoly allegations at a Manhattan federal court trial. The concert giant, which merged with Ticketmaster in 2010, faces accusations of using anticompetitive tactics to dominate the live entertainment industry.

Rapino testified that Live Nation's vertically integrated model—combining ticketing, promotion, and venues—represents innovation rather than monopolistic control. The company generated $25 billion in revenue last year, putting on 55,000 shows and selling 646 million tickets, dwarfing competitors.

Under questioning from states' attorney Jeffrey Kessler, Rapino rejected the 'moat' analogy for exclusive contracts and portrayed Live Nation as having created a successful business model now emulated by others. The federal government withdrew from the case after settling with Live Nation, but 30+ states continue the antitrust proceedings.