Since the CMA merger investigation in 2010, evidence suggests that vertically integrated companies have built and maintained a dominant position in the UK’s live music market. We conclude that the evidence gathered through our work on the live music industry, including evidence to this report, has sufficiently demonstrated that Live Nation and other vertically integrated companies in the UK live music industry are able to behave outside of normal competition constraints. This has harmed competition in the live music industry in the UK and warrants further investigation. (Conclusion, Paragraph 25)