Jump to content

Live Nation (events promoter)

From Wikipedia, the free encyclopedia
(Redirected from Clear Channel Entertainment)
For the parent company, see Live Nation Entertainment.
Live Nation
FormerlySFX Entertainment (1996–2000)
Clear Channel Entertainment (2000–2005)
Company typeSubsidiary
IndustryEvent promotion
Founded1996; 28 years ago (1996)
FounderRobert F. X. Sillerman
Headquarters
Beverly Hills, California
,
U.S.
RevenueIncrease US$ 10.34 billion (2017)
Increase US$ 91.4 million (2017)
Decrease US$ -6 million (2017)
Total assetsIncrease US$ 7.504 billion (2017)
Total equityIncrease US$ 1.418 million (2017)
Number of employees
Full-time: 8,800
Part-time: 28,000
ParentSFX Broadcasting (1996–2000)
Clear Channel Communications (2000–2005)
Live Nation Entertainment (2010–present)
WebsiteLiveNation.com

Live Nation is an American events promoter and venue operator based in Beverly Hills, California. Founded in 1996 by Robert F. X. Sillerman as SFX Entertainment, the company's business was built around consolidating concert promoters into a national entity to counter the oversized influence of ticket behemoth Ticketmaster. In 2000, the company was sold to Clear Channel Communications for $4.4 billion and operated as Clear Channel Entertainment until 2005, when it was spun off as Live Nation. In 2010, Live Nation merged with the ticketing firm Ticketmaster to form a larger conglomerate named Live Nation Entertainment.

History

[edit]

Early years

[edit]

The company was originally established in 1996 as SFX Entertainment, a subsidiary of media executive Robert F. X. Sillerman's SFX Broadcasting.[1][2] During the late 1990s, SFX acquired a number of concert promoters, including Sunshine Promotions,[3] The Entertainment Group,[4] and Avalon Entertainment Partners.[5][1] In 2000, Sillerman sold SFX to Clear Channel Communications for $4.4 billion.[6] In 2005, Clear Channel spun off its entertainment division and named the new company Live Nation.[7][8] Michael Rapino was appointed as the company's CEO.[9]

2006 to 2009

[edit]

After spinning off from Clear Channel, Live Nation acquired companies in the music industry while selling off other lines of business.[10] The company acquired the House of Blues chain in 2006.[11] Live Nation also made several international acquisitions between 2006 and 2009, including Gamerco, a concert promoter based in Spain.[12] In January 2008, Live Nation sold its North American theatrical business (including the Broadway Across America business) to Key Brand Entertainment for $90.4 million.[13][10] Also in September 2008, Feld Entertainment acquired its motorsports division.[14]

Merger with Ticketmaster

[edit]

In February 2009, Live Nation announced that it had reached an agreement to merge with the ticket broker Ticketmaster in a $2.5 billion, all-stock deal.[15][16]

The proposal initially received regulatory approval in Norway and Turkey.[17][18] In October 2009, the United Kingdom's Competition Commission provisionally ruled against the merger with Ticketmaster.[19] The Competition Commission later cleared the merger on December 22, 2009.[17][18][20]

The United States Department of Justice approved the merger in 2010.[21] A condition of the approval, Ticketmaster agreed to license its software to rival Anschutz Entertainment Group, and to sell its subsidiary Paciolan to Comcast Spectacor, Comcast's sporting events subsidiary.[21] The company also agreed not to interfere with competition for the ten-year life of the agreement.[21]

In response to the merger, music artist Bruce Springsteen wrote in a post on his website, "the one thing that would make the current ticket situation even worse for the fan than it is now would be Ticketmaster and Live Nation coming up with a single system, thereby returning us to a near monopoly situation in music ticketing."[22] Additionally, Ticketdisaster.org, a coalition of consumer rights and anti-trust groups, released a statement opposing the merger.[23]

2011 to present

[edit]

Live Nation made acquisitions following the merger with Ticketmaster. In 2011, it acquired the remaining 25% of Front Line Management Group Inc., an artist management firm that was majority owned by Ticketmaster.[24] Also in 2011, Live Nation acquired online measurement company Big Champagne.[25] In June 2013, Insomniac Events, a promoter focused on electronic dance music, announced a major "creative partnership" with Live Nation, giving the promoter access to Live Nation's resources while remaining an independent company. Live Nation did not take any ownership stake in Insomniac.[26][27]

In December 2015, Live Nation launched Live Nation Productions, a film and television division.[28] In 2018, Live Nation Productions produced A Star is Born, which starred Lady Gaga and Bradley Cooper.[29]

Live Nation has acquired a stake in a number of festivals and festival management companies, including Voodoo Music & Arts Experience[30] and Bonnaroo Music and Arts Festival.[31] In 2016, Live Nation partnered with Jägermeister to sponsor six electronic dance music festivals.[32] The company has also sponsored Music Midtown, a music festival based in Atlanta.[33] In 2017, Live Nation acquired BottleRock Napa Valley music festival.[34][35]

In late 2019, Live Nation announced "Lawn Pass", a one-time fee program for concertgoers to attend all 2020 events in the lawn section at 29 outdoor amphitheaters in the United States.[36]

The company has agreed to match a $500,000 donation by singer Lizzo to Planned Parenthood in response to the Supreme Court decision to overturn Roe vs. Wade.

Controversies

[edit]

According to a Houston Chronicle investigative report, Live Nation had been linked to at least 750 injuries and around 200 deaths at its events in seven countries since 2006.[37]

The company has been under scrutiny by federal regulators for work safety and antitrust violations.[37]

In May 2024,[38] the company confirmed rumours of a massive (1.3 TB)[39] data leak,[40] at subsidiary Ticketmaster,[41] The leak was attributed to the malicious efforts of ShinyHunters, a hacker group who allegedly targeted the company's Snowflake (cloud-based)[42] infrastructure.[43] The incident led to a class action lawsuit.[44][45]

Artists and venues

[edit]

Live Nation has an artist management division called Artist Nation.[46] In October 2007, Live Nation reached a 10-year deal with Madonna, under which the company would collaborate on several facets of her career, including touring and merchandising.[47]

In March 2008, it was confirmed that Live Nation signed a 12-year deal with U2 worth an estimated $100 million (£70 million).The parties agreed that the band would receive $25 million for 1.6 million shares of the company; as of 17 December 2008, those shares were worth only just over $6 million. It was reported on 18 December 2008 that Live Nation, honoring their financial commitment, bought back the shares at a loss of $19 million.[48]

In July 2008, Shakira signed an estimated $70–100 million contract with Live Nation.[49][50][51] The same year, Live Nation signed a 3-tour deal with Canadian rock band, Nickelback.[52] Also in 2008, a deal between Jay-Z and Live Nation for $152 million was confirmed. The deal covered financing of Jay-Z's own entertainment venture, live shows, tours and future recordings.[53] Jay-Z signed a second 10-year deal with Live Nation in 2017.[54][55]

Live Nation owns several venues and venue chains, including the House of Blues chain of clubs.[11][56][57] The company also owns amphitheaters[58] and operates several venues that it does not own.[59]

International

[edit]

Between 2011 and 2013, Live Nation acquired companies in Dubai, Australia, New Zealand, and the UK.[60]

Venues and artist promotion

[edit]

Live Nation owns and manages several international venues, including the Queen Elizabeth Olympic Park in London, England,[61] and 3Arena in Ireland.[62] It also owns Ticketmaster and MCD Productions in Ireland.[63] In March 2007 Live Nation/Gaiety bought a majority share in 10 music venues from the Academy Music Group, which owns venues including the Brixton Academy,[64] Shepherds Bush Empire, and others.

In 2017, Live Nation acquired a majority stake in Israeli promoter Bluestone Entertainment.[65]

In Ireland, Live Nation entered into a 50/50 joint venture with Gaiety Investments in 2018, called LN-Gaiety. Gaiety owned MCD Productions. [66] LN-Gaiety has made a number of acquisitions, including the Academy Group and MAMA & Co. in 2015.[67]

The company owns several international artist and venue management firms, including former Welldone Agency & Promotions in Finland (Live Nation Finland), EMA Telstar Group in Sweden (Live Nation Sweden), Gunnar Eide Concerts in Norway (Live Nation Norway), Mojo Concerts in the Netherlands,[68][69] and Swedish EDM promoter Stureplansgruppen Live.[70]

In Australia, Live Nation Australia owns the operating rights for several live music venues, including the Palais Theatre in Melbourne, the Fortitude Music Hall in Brisbane, Hindley Street Music Hall in Adelaide, and Anita's Theatre in the regional NSW town of Thirroul.[71]

In January 2024 it was reported that Live Nation Ireland had lost €6 million in 2022.[63]

Festivals

[edit]

The company acquired several international festivals and festival management firms in 2016, including the Sweden Rock Festival;[72] Australia's Secret Sounds Group; and Union Events, an Alberta-owned festival and concert promotion company.[73][citation needed]

As of 2019 Live Nation owns a majority stake in Festival Republic, a UK concert promoter,[64] that organizes festivals such as the Reading and Leeds Festivals, Isle of Wight Festival, and Latitude.[74]

Other festivals owned by Live Nation include the Download Festival in Donington, England, the Rhythm and Vines Festival in New Zealand, and the Wireless Festival in London.[75][76] In 2019 Live Nation acquired Finland's leading urban music festival, Blockfest[77]

See also

[edit]

References

[edit]
  • [78] Paul Sloan, Fortune Magazine, November 30, 2007. Accessed July 2008
  • [79] CCE Spinco, Inc. Common Stock Issue. At Us Government Archives. Accessed July 2008
  • [80] Live Nation Entertainment
  • [81] Seeking Alpha
  • [82] Variety
  • [83] Live Nation Takes Over
  • [84] History of SFX Entertainment
  1. ^ a b Harrington, Richard (28 August 1998). "A CONCERT PROMOTER OUT TO STEAL THE SHOW?". Retrieved 5 December 2019.
  2. ^ Hull, Geoffrey P.; Hutchison, Thomas; Strasser, Richard (2011-06-23). The Music Business and Recording Industry. Routledge. ISBN 9781136911118.
  3. ^ "Sfx Broadcasting Buying Sunshine for $50 Million". The New York Times. 12 March 1997.
  4. ^ Morgan, Richard (12 January 1999). "SFX lands in Chicago".
  5. ^ MATZER, MARLA (19 March 1998). "SFX Entertainment to Buy L.A. Concert Promoter Avalon" – via Los Angeles Times.
  6. ^ "Sale of Promoter AEG Would Radically Alter Concert Business". 2012-09-21. Retrieved 17 April 2013.
  7. ^ Sisario, Ben (26 February 2013). "SFX Entertainment Buys Electronic Dance Music Site". Media Decoder. The New York Times. Retrieved 16 April 2013.
  8. ^ "Clear Channel Communications, Form 8-K, Current Report, Filing Date Dec 23, 2005" (PDF). SEC Database. Retrieved Mar 27, 2013.
  9. ^ "Clear Channel Gives Details on Spinoff Of Live Nation Unit". Wall Street Journal. 2005-12-15. ISSN 0099-9660. Retrieved 2019-12-05.
  10. ^ a b Cox, Gordon (2008-01-24). "Live Nation sells off theater division". Variety. Retrieved 2019-12-05.
  11. ^ a b Duhigg, Charles (2006-07-06). "House of Blues Sold to Live Nation". Los Angeles Times. ISSN 0458-3035. Retrieved 2018-02-01.
  12. ^ "Live Nation to expand into Spain, France". The Hollywood Reporter. 20 December 2006. Retrieved 2019-12-05.
  13. ^ Jones, Kenneth (January 24, 2008). "Key Brand Entertainment Acquires Live Nation Tour Markets". Playbill. Archived from the original on May 31, 2008. Retrieved 2008-07-21.
  14. ^ Plumb, Tierney (September 11, 2009). "Feld Entertainment enters motor sports business". Washington Business Journal. Retrieved May 11, 2013.
  15. ^ Hendrickson, Mark. "TicketMaster and Live Nation Agree to $2.5 Billion Merger". TechCrunch. Retrieved 2018-02-01.
  16. ^ Segal, David (2010-04-24). "Ticketmaster Joins Live Nation, and an Industry Quakes". The New York Times. ISSN 0362-4331. Retrieved 2018-02-01.
  17. ^ a b "MEDIA STATEMENT: Ticketmaster and Live Nation Welcome Competition Commission Ruling on Merger" (PDF). files.shareholder.com. April 9, 2014. Archived from the original (PDF) on April 9, 2014. Retrieved April 9, 2014.
  18. ^ a b Kreps, Daniel (2009-12-22). "Live Nation-Ticketmaster Merger Approved in U.K." Rolling Stone. Retrieved 2019-12-05.
  19. ^ Van Buskirk, Eliot (October 12, 2009). "Live Nation/Ticketmaster Merger Faces Obstacles Here and Abroad". Wired. Retrieved 2009-10-19.
  20. ^ Wearden, Graeme; Clark, Andrew (2009-12-22). "Ticketmaster and Live Nation merger given go-ahead". The Guardian. ISSN 0261-3077. Retrieved 2019-12-05.
  21. ^ a b c Chmielewski, Dawn C.; Fritz, Ben; Lewis, Randy (January 26, 2010). "Ticketmaster-Live Nation merger gets Justice Department's approval". Los Angeles Times. Archived from the original on January 29, 2010. Retrieved January 26, 2010.
  22. ^ "Bruce Springsteen "Furious" At Ticketmaster, Rails Against Live Nation Merger". February 4, 2009. Archived from the original on February 7, 2009. Retrieved 2009-10-19.
  23. ^ Sisario, Ben (2010-01-25). "Justice Dept. Clears Ticketmaster-Live Nation Merger". The New York Times. ISSN 0362-4331. Retrieved 2019-12-05.
  24. ^ Stynes, Tess (2011-02-07). "Live Nation Buys Artist Agency". The Wall Street Journal. ISSN 0099-9660. Retrieved 2019-12-05.
  25. ^ "Live Nation acquires BigChampagne". Los Angeles Times Blogs - Company Town. 2011-12-14. Retrieved 2019-12-05.
  26. ^ "Electric Daisy Chain: Insomniac and Dick Clark Prod. Plan 2014 EDM Awards". Spin. 2013-06-21. Retrieved 20 July 2013.
  27. ^ "Live Nation Teams With Insomniac Events in 'Creative Partnership'". Billboard.biz. 20 June 2013. Retrieved 20 July 2013.
  28. ^ Aswad, Jem (2018-10-30). "Heather Parry's Live Nation Productions Is Booming With 'A Star Is Born,' 'Believer,' More". Variety. Retrieved 2019-12-05.
  29. ^ Steele, Anne (30 October 2018). "With 'A Star Is Born,' Live Nation Gains Hollywood Clout". The Wall Street Journal. Retrieved 2019-12-05.
  30. ^ "Live Nation Teams With Insomniac Events in 'Creative Partnership'". Billboard. 20 June 2013. Retrieved 2019-12-05.
  31. ^ "Live Nation Entertainment buys controlling stake in Bonnaroo festival". Los Angeles Times. 2015-04-28. Retrieved 2019-12-05.
  32. ^ Birkner, Christine. "Jagermeister Cleans Up Its Act for Summer With a Crazy Treehouse-Inspired Installation". www.adweek.com. Retrieved 2019-12-05.
  33. ^ "Music Midtown is an urban balancing act". SaportaReport. 2018-09-18. Retrieved 2019-12-05.
  34. ^ "Live Nation acquires BottleRock Napa Valley". The Mercury News. 2017-01-13. Retrieved 2019-12-05.
  35. ^ "Live Nation Acquires Utah Promoter United Concerts". Billboard. 4 October 2017. Retrieved 2019-12-05.
  36. ^ "Live Nation Announces Return of Unlimited Concert Access 'Lawn Pass'". Billboard. 5 December 2019.
  37. ^ a b Banks, Gabrielle (2021-11-06). "Astroworld promoters oversaw other events where concertgoers burst through a barricade, trampled fellow fans". Houston Chronicle. Retrieved 2021-11-07.
  38. ^ MUKHERJEE, AMRITANSHU. "From 'The Eras Tour' Debacle To A Data Breach, Decoding The Live Nation-Ticketmaster Controversy". August Man. Retrieved 8 June 2024.
  39. ^ Ikeda, Scott. "560 Million Ticketmaster Customers Impacted by Recent Data Breach, Includes Financial Information". CPO Magazine. Retrieved 8 June 2024.
  40. ^ Jackson, Ashleigh. "Ticketmaster data breach? Hackers claim over 500 million users compromised". The Hill. Retrieved 8 June 2024.
  41. ^ Hewson, Georgie. "Home Affairs Department confirms cyber incident impacting Ticketmaster customers". ABC News. Retrieved 8 June 2024.
  42. ^ Seals, Tara. "Ticketmaster Confirms Cloud Breach, Amid Murky Details". Dark Reading. Retrieved 8 June 2024.
  43. ^ McGowran, Leigh. "Ticketmaster breach linked to growing Snowflake attack". Silicon Republic. Retrieved 8 June 2024.
  44. ^ Schappert, Stefanie. "Ticketmaster hit with class action suit over massive data breach". Cybernews. Retrieved 8 June 2024.
  45. ^ Penn, Saffire. "560 million Ticketmaster customers' personal details allegedly stolen by hacker group". Jurist. Retrieved 8 June 2024.
  46. ^ "Live Nation companies now manage over 500 artists worldwide". Music Business Worldwide. 2017-02-27. Retrieved 2019-12-05.
  47. ^ "Madonna Deal Done: Material Mom Signs With Live Nation". Rolling Stone. 2007-10-16. Retrieved 2019-12-05.
  48. ^ Kamalakaran, Ajay (December 18, 2008). "UPDATE 1-Live Nation takes $19 mln hit on U2 buyback deal". Reuters. Archived from the original on December 21, 2008.
  49. ^ "Van Halen, Shakira, Seal Support Live Nation/Ticketmaster Merger". Rolling Stone. 24 February 2009. Retrieved 31 May 2011.
  50. ^ "Businesswoman Shakira mesmerises with new album". Emirates 24/7. 16 October 2009. Retrieved 31 May 2011.
  51. ^ "Singer Shakira joins Live Nation". BBC Online. 3 July 2008. Retrieved 31 May 2011.
  52. ^ Kreps, Daniel (2008-07-08). "Nickelback Sign 360 Deal with Live Nation". Rolling Stone. Retrieved 2019-12-05.
  53. ^ Jay-Z to sign deal with Live Nation Rosie Swash, The Guardian, April 3, 2008. Accessed July 2008
  54. ^ Makarechi, Kia (9 April 2013). "Jay-Z & Universal Ink Deal To Move Roc Nation Over From Sony" – via Huff Post.
  55. ^ Greenburg, Zack O'Malley. "Jay Z's New 10-Year Live Nation Deal Is Worth $200 Million". Forbes. Retrieved 2019-12-05.
  56. ^ Leeds, Jeff (2006-07-06). "Big Promoter of Concerts to Acquire House of Blues". The New York Times. ISSN 0362-4331. Retrieved 2019-12-05.
  57. ^ "Live Nation Unveils Plans for New Fillmore Venue in New Orleans". Billboard. Retrieved 2019-12-05.
  58. ^ "Live Nation Announces First-Ever Lawn Pass for Season-Long Entry to 29 Amphitheaters: Exclusive". Billboard. 30 November 2018. Retrieved 2019-12-05.
  59. ^ "Live Nation Acquires Red Mountain Entertainment". Billboard. 27 June 2018. Retrieved 2019-12-05.
  60. ^ "Download Festival Rocks Melbourne, Prepares to Expand in 2019". Billboard. 29 March 2018. Retrieved 2019-12-05.
  61. ^ Vincent, Alice (2013-01-22). "Olympic Park to host Live Nation concerts and festivals from July". Daily Telegraph. ISSN 0307-1235. Retrieved 2019-12-05.
  62. ^ Paul, Mark (11 Oct 2016). "Live Nation records big jump in Dublin 3Arena profits". The Irish Times. Retrieved 2019-12-05.
  63. ^ a b O'Halloran, Barry (16 January 2024). "Live Nation's Irish holding company loses €6.3m in 2022". The Irish Times. Retrieved 19 February 2024.
  64. ^ a b "LN-Gaiety MCD Productions Merger Probed In Ireland". Pollstar. 1 April 2019. Retrieved 2019-12-05.
  65. ^ "Live Nation Acquires Majority Stake in Tel Aviv's Bluestone, Launches Ticketmaster Israel". Billboard. 7 February 2017. Retrieved 2019-12-05.
  66. ^ "Live Nation UK President/COO Paul Latham Announces Retirement". Billboard. 16 August 2018. Retrieved 2019-12-05.
  67. ^ "The MAMA of all takeovers". Irish Times. Archived from the original on 2019-12-05. Retrieved 2019-12-05.
  68. ^ "Subsidiaries of the Company". www.sec.gov. Retrieved 2019-12-05.
  69. ^ "Evago acquires Mojo Barriers". IQ Magazine. 2017-01-18. Retrieved 2019-12-05.
  70. ^ "Live Nation acquires majority stake in Sweden's SPG Live". Music Business Worldwide. 2015-03-05. Retrieved 2019-12-05.
  71. ^ Brandle, Lars (18 July 2022). "Anita's Theatre Becomes Live Nation's First Regional Venue: Exclusive". The Music Network. Retrieved 19 February 2024.
  72. ^ "Live Nation Acquires Sweden Rock Festival". Billboard. 23 November 2016. Retrieved 2019-12-05.
  73. ^ Griwkowsky, Fish (2016-02-17). "Alberta's Union Events purchased by American concert promoter Live Nation | Edmonton Journal". Retrieved 2019-12-05.
  74. ^ "Melvin Benn, Promoter Behind Reading and Leeds Fests, on Fest Economics, Bringing Lolla to Europe". Billboard. 13 January 2015. Retrieved 2019-12-05.
  75. ^ "Live Nation Acquires New Zealand's Rhythm and Vines Festival". Billboard. 23 April 2018. Retrieved 2019-12-05.
  76. ^ Gelder, Sam (9 January 2019). "Wireless Festival promoter Live Nation withdraws appeal over licensing restrictions after deal struck with Haringey". Islington Gazette. Retrieved 2019-12-05.
  77. ^ "Live Nation Acquires Finland's Leading Urban Music Festival, Blockfest". Live Nation Entertainment. 15 February 2019. Retrieved 7 May 2023.
  78. ^ "e8vk". www.sec.gov. Retrieved 2019-12-05.
  79. ^ "Freed from Clear Channel, Live Nation masters the Internet". money.cnn.com. November 30, 2007. Retrieved 2019-12-05.
  80. ^ "LIVE NATION ENTERTAINMENT, INC. : Shareholders Board Members Managers and Company Profile". MarketScreener. Retrieved 2019-12-05.
  81. ^ "Live Nation Entertainment (LYV) Q4 2017 Results - Earnings Call Transcript". Seeking Alpha. 2018-02-28. Retrieved 2019-12-05.
  82. ^ "Live Nation Reports a Record 2017 in Year-End Results". Variety. 2018-02-27. Retrieved 2019-12-05.
  83. ^ Edgers, Geoff (2006-01-25). "Live Nation takes over Clear Channel's concerts". Boston.com. Retrieved 2019-12-05.
  84. ^ "History of SFX Entertainment, Inc". FundingUniverse. Retrieved 2019-12-05.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=Live_Nation_(events_promoter)&oldid=1245416319"