The UK’s Competition and Markets Authority (CMA) is reportedly gearing up for a major inquiry into Live Nation and the company’s power across the country’s live entertainment industry. The competition regulator has begun contacting music industry figures to arrange meetings as it considers an overall examination of the market. This outreach is the broadest stroke yet that suggests the CMA is preparing to formally investigate Live Nation.

Notably, the CMA has not confirmed the reported meetings, and no formal market study or investigation has been publicly announced. However, the regulator has confirmed that it continues to “actively consider work in the sector.”

“The CMA will submit a response to the Business and Trade Select Committee on the recommendation in its report in due course,” said a CMA spokesperson. “As set out in our written submission to the Committee’s inquiry, we are giving active and careful consideration to undertaking markets work in this area.”

It’s a statement that stops just short of confirming that an inquiry has been approved, or identifying Live Nation as the primary target of such an investigation. However, coupled with The Times’ report of industry outreach, it paints a picture of the regulator’s strong consideration having progressed beyond its public-facing statements.

“What particularly alarmed the committee was not just the scale of Live Nation’s market position across promotion, venues, and ticketing, but the climate of fear we encountered during this inquiry,” said Committee Chair Liam Byrne. “A striking number of submissions requested anonymity because people were worried about the consequences of speaking openly. That alone raises profound questions about the health of competition in the market.”

A formal investigation would put the UK’s scrutiny of Live Nation’s market practices on par with those in the United States, where the company was found to be operating a monopoly in violation of antitrust laws.

In the UK, in addition to organizing or promoting hundreds of shows a year and selling admissions via its subsidiary Ticketmaster, Live Nation owns stakes in 23 venues and 26 festivals. That includes O2 Academy sites across the country, as well as several of the region’s biggest festivals, such as Reading and Leeds, Boomtown, and Latitude.

According to Live Nation, the company controls less than 5% of festivals in the UK.