Live Nation Entertainment

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Live Nation Entertainment, Inc.
FormerlyLive Nation, Inc.
TypePublic
IndustryEntertainment
FoundedJanuary 25, 2010; 13 years ago (2010-01-25)
Headquarters
Beverly Hills, California
,
U.S.
Area served
Worldwide
Key people
Services
RevenueDecrease US$1.861 billion (2020)[1]
Decrease US$–1.653 billion (2020)[1]
Decrease US$–1.828 billion (2020)[1]
Total assetsDecrease US$10.59 billion (2020)[1]
Total equityDecrease US$–133.8 million (2020)[1]
OwnerLiberty Media (30.62%)[2]
Number of employees
8,200 (December 2020)[1]
SubsidiariesRoc Nation
Ticketmaster
Live Nation Concerts
Front Line Management Group
Live Nation Network
C3 Presents
AC Entertainment
Live Nation Merchandise
Websitelivenationentertainment.com

Live Nation Entertainment, Inc. is an American global entertainment company that was founded in 2010 following the merger of Live Nation and Ticketmaster. The company promotes, operates, and manages ticket sales for live entertainment in the United States and internationally. It also owns and operates entertainment venues, and manages the careers of music artists.

The company has faced criticism over its role in the consolidation of the live events industry, allegations that it engages in anti-competitive practices, and injuries and deaths that have occurred at some of its events.

History

In 2009, Live Nation and Ticketmaster, a concert promotion firm and ticketing company, reached an agreement to merge. The new company received regulatory approval and was named Live Nation Entertainment.[3][4] Michael Rapino, then-CEO of Live Nation, became the new company's CEO, while Ticketmaster CEO Irving Azoff was named executive chairman.[5]

The merger was approved first in Norway and Turkey in 2009.[6] The United Kingdom's Competition Commission provisionally ruled against the merger,[7] but reversed its decision on December 22, 2009.[6]

The merger was opposed in the U.S. by some regulators, artists, fans, and competing firms, who argued it would reduce competition in the industry and increase ticket costs.[8][9] Artist Bruce Springsteen was one vocal opponent of the merger at the time.[10]

On January 25, 2010, the United States Justice Department approved the merger pending certain conditions.[11] Ticketmaster had to sell ownership of its self-ticketing company, Paciolan,[11] and license its software to Anschutz Entertainment Group (AEG), which would allow it to compete "head-to-head" with Ticketmaster for business.[12][13] AEG was given the option after five years to buy the software, replace it with something else, or partner with another ticketing company.[12] Additionally, Live Nation Entertainment was placed under a 10-year court order prohibiting it from retaliating against venues that choose to accept competing ticket contracts.[13]

Investments and growth

In 2012, the company announced a partnership with Creativeman Productions, based in Tokyo, Japan.[14]

In 2013, the company acquired the Voodoo Music + Arts Experience and announced a joint venture with Insomniac Events, a promoter focused on electronic dance music.[15][16][17] The company later acquired C3 Presents (2014),[18] Bonnaroo Music and Arts Festival (2015),[19] and Founders Entertainment (2016), the parent company of the Governors Ball Music Festival.[20]

In August 2015, Live Nation announced it would form Live Nation Germany, in partnership with German promoter Marek Lieberberg. Live Nation Germany would also have oversight over Live Nation events in Austria and Switzerland.[21] In February 2016, Live Nation acquired Canada's largest independent concert promoter, Union Events.[22] The following month in March 2016, Live Nation acquired Big Concerts International, South Africa's leading concert promoter.[23]

In October 2016, Live Nation Entertainment bought Knoxville-based AC Entertainment.[24][25] The company continued to invest in music festivals and promoters in 2017, purchasing a controlling interest in BottleRock Napa Valley Music Festival,[26] Salt Lake City-based concert promoter United Concerts,[27] and CT Touring,[28] as well as Israeli promoter Blue Stone Entertainment and the UK's Cuffe & Taylor.[25] In 2017, Live Nation Entertainment reported revenue of $10.3 billion.[29][30]

In 2018, the company acquired majority stakes in Frank Productions,[31] Emporium Presents,[32] and Red Mountain Entertainment.[33] In May 2018, Live Nation Entertainment also acquired a majority stake in Brazil's Rock in Rio festival (including from previous stakeholder SFX Entertainment, which was involved in a failed attempt at a U.S. version of the event in Las Vegas), with its founder Roberto Medina continuing to manage the festival's operations, and providing consulting to Live Nation.[34]

In April 2018, the United States Department of Justice launched an investigation following allegations by AEG that Live Nation pressured them into using Ticketmaster and intentionally avoided booking acts for AEG venues.[35] Live Nation stated that decisions in selecting venues were not punitive, and were instead based on size and management.[35]

In October 2019, Live Nation acquired a majority stake in David Grutman's Groot Hospitality, which includes several nightclubs and restaurants in the Miami area.[36]

In 2020, Live Nation was hit particularly hard by the COVID-19 pandemic, with essentially all concerts and sporting events around the world on hold. The company has been sued as it has been reluctant to offer full refunds to customers, though it has since amended its refund rules to address those complaints. On February 25, 2021, Live Nation released its full-year 2020 financial results, of which the company saw revenues fall by 84%.[37]

In April 2020, it was disclosed that the Saudi Arabian Public Investment Fund (PIF) had recently acquired a 5.7% stake in Live Nation, as of April 28, 2020, the investment was valued at just shy of $500 million. The transaction, performed on the open market, made the PIF Live Nation's third-largest shareholder.[38][39]

In 2021, Live Nation acquired a majority stake in streaming entertainment company Veeps.[40] On April 25, 2022, Live Nation acquired the Filipino promoter Music Management International (MMI) to create its local branch.[41]

Operating divisions

Live Nation Entertainment's business segments are concerts, ticketing, and sponsorship and advertising.[29] The company promotes and operates live music events and manages artists under its concerts division Live Nation Concerts.[29] Live Nation Entertainment's artist management arm, called Artist Nation, is included within its concerts division[42][29] and also includes Front Line Management and Roc Nation.[43] Live Nation Entertainment owns and operates venues, including the House of Blues.[44] The company sells tickets to live events through Ticketmaster.[29]

Legal issues

The company has faced various lawsuits alleging ticket price fixing, hidden fees and anti-competitive practices.[45][46][47] Live Nation has been linked to at least 200 deaths and 750 injuries at its events in seven countries since 2006. From 2016 to 2019, they had also been cited for at least ten OSHA violations, fined for several more serious incidents, and sued civilly at least once for a concert incident.[48][49]

Destiny's Child manager Mathew Knowles unsuccessfully sued Live Nation in 2011, asserting that the company had spread false information about his business dealings with Beyoncé.[50]

In June 2013, Live Nation was charged with violating Ontario health and safety laws following a stage collapse at a Radiohead concert that killed one crew member.[51][52] A 2019 inquest returned a verdict of accidental death.[53]

In November 2021, a crowd crushing incident occurred at Astroworld Festival[54]—a concert event in Houston organized and headlined by rapper Travis Scott and promoted by Live Nation—which resulted in 10 fatalities[55][56] and nearly 5,000 injuries.[57] Live Nation, Scott, and other parties involved have been named in over 387 lawsuits related to the incident, which in January 2022 were combined down into a single case.[58][59][60] In December 2021, the United States Congress House Oversight Committee announced a bipartisan investigation into Live Nation's role in the incident.[61][62]

In May 2022, Representative for New Jersey's 9th congressional district Bill Pascrell stated that he had issued letters to the Federal Trade Commission and U.S. Department of Justice calling for Live Nation to be unwound and broken up, citing its safety record and other factors.[63]

References

  1. ^ a b c d e f "2020 FORM 10-K, LIVE NATION ENTERTAINMENT, INC" (PDF). Retrieved 21 October 2021.
  2. ^ "Live Nation Entertainment, Inc. 2022 Proxy statement". Retrieved 2022-07-02.
  3. ^ Nicholson, Chris V. (22 December 2009). "British Regulator Supports Live Nation-Ticketmaster Merger". The New York Times.
  4. ^ "Live Nation, Ticketmaster merger official". The Hollywood Reporter. 10 February 2009. Retrieved 2019-07-16.
  5. ^ "Live Nation to buy Ticketmaster". Reuters. 2009-02-10. Retrieved 2019-07-16.
  6. ^ a b Kreps, Daniel (2009-12-22). "Live Nation-Ticketmaster Merger Approved in U.K." Rolling Stone. Retrieved 2019-07-16.
  7. ^ Van Buskirk, Eliot (October 12, 2009). "Live Nation/Ticketmaster Merger Faces Obstacles Here and Abroad". Wired. Retrieved 2009-10-19.
  8. ^ Kreps, Daniel (2009-02-04). "Bruce Springsteen "Furious" At Ticketmaster, Rails Against Live Nation Merger". Rolling Stone. Retrieved 2019-07-16.
  9. ^ Branch, Alfred Jr. (January 19, 2010). "Ticketmaster / Live Nation merger: 25,000 contact DOJ to oppose the deal". TicketNews. Archived from the original on January 22, 2010. Retrieved January 26, 2010.
  10. ^ "Bruce Springsteen "Furious" At Ticketmaster, Rails Against Live Nation Merger". Rolling Stone. February 4, 2009. Archived from the original on February 7, 2009. Retrieved 2009-10-19.
  11. ^ a b Chmielewski, Dawn C. and Fritz, Ben and Lewis, Randy (January 26, 2010). "Ticketmaster-Live Nation merger gets Justice Department's approval". The Los Angeles Times. Archived from the original on January 29, 2010. Retrieved January 26, 2010.{{cite news}}: CS1 maint: multiple names: authors list (link)
  12. ^ a b Van Buskirk, Eliot (January 25, 2010). "DOJ Approves Modified Ticketmaster, Live Nation Merger". Wired News. Retrieved January 26, 2010.
  13. ^ a b Sisario, Ben (2010-01-25). "Justice Dept. Clears Ticketmaster-Live Nation Merger". The New York Times. ISSN 0362-4331. Retrieved 2019-07-16.
  14. ^ "Live Nation Shrinks Loss, Announces Asian Partnership | Los Angeles Business Journal". labusinessjournal.com. 23 February 2012. Retrieved 2019-07-17.
  15. ^ "Electronic Daisy Chain". Spin. Retrieved 2018-08-11.
  16. ^ "Live Nation Teams With Insomniac Events in 'Creative Partnership'". Billboard. Retrieved 2018-08-11.
  17. ^ "Live Nation Acquires Voodoo Music & Arts Experience in New Orleans". Billboard. Retrieved 2018-10-15.
  18. ^ "Live Nation Completes Deal for C3 Presents". Billboard. Retrieved 2017-10-28.
  19. ^ Faughnder, Ryan (28 April 2015). "Live Nation Entertainment buys controlling stake in Bonnaroo festival". Los Angeles Times. Retrieved 2019-07-17.
  20. ^ Sisario, Ben (11 April 2016). "Live Nation Adds Governors Ball to Its Music Festival Lineup". The New York Times. Retrieved 2018-10-15.
  21. ^ "Live Nation Launches German Arm, Appoints Respected Promoter Marek Lieberberg to Lead". Billboard. Retrieved 2018-10-15.
  22. ^ "LLive Nation Canada Acquires Union Events". fyimusicnews. Retrieved 2022-01-11.
  23. ^ "Live Nation acquires leading South Africa concert promoter". BizJournals. Retrieved 2018-10-15.
  24. ^ "Live Nation buys AC Entertainment". The Tennessean. Retrieved 2016-11-16.
  25. ^ a b "Live Nation acquires majority stake in Israel's Bluestone Entertainment - Music Business Worldwide". Music Business Worldwide. 2017-02-07. Retrieved 2017-12-12.
  26. ^ "Live Nation acquires major stake in BottleRock festival". SF Chronicle. Retrieved 2018-08-11.
  27. ^ Fox, Doug. "Live Nation acquires Salt Lake's United Concerts". Daily Herald. Retrieved 2019-07-17.
  28. ^ "Live Nation acquires CT Touring". IQ Magazine. 2017-01-20. Retrieved 2019-07-17.
  29. ^ a b c d e "Live Nation Vertically Integrates to Corner the Live Events Industry". The Motley Fool. 2018-09-13. Retrieved 2019-07-16.
  30. ^ "Live Nation Reports Over $10 Billion in Revenue in 2017 Financial Earnings". Amplify. 2018-02-27. Retrieved 2019-07-17.
  31. ^ "Live Nation Acquires Frank Productions: Exclusive". Billboard. 11 January 2018. Retrieved 2019-07-17.
  32. ^ "Live Nation Acquires Emporium Presents". Billboard. Retrieved 2018-12-12.
  33. ^ Colurso, Mary (2018-06-27). "Live Nation buys Red Mountain Entertainment, Birmingham's largest concert promoter". al.com. Retrieved 2019-07-17.
  34. ^ "Live Nation Acquires Rock in Rio Festival". Billboard. 2 May 2018. Retrieved 2018-12-11.
  35. ^ a b Sisario, Ben; Bowley, Graham (1 April 2018). "Live Nation Rules Music Ticketing, Some Say With Threats". The New York Times. Retrieved 10 June 2019.
  36. ^ "Live Nation Acquires David Grutman's Groot Hospitality". Billboard. Retrieved 2019-10-21.
  37. ^ Staff, Source of the Spring (2021-02-26). "Live Nation Revenues Dropped Nearly 85% in 2020; CEO 'Excited' About Company's Future". Source of the Spring. Retrieved 2021-02-26.
  38. ^ Littleton, Jem Aswad,Cynthia; Aswad, Jem; Littleton, Cynthia (2020-04-27). "Saudi Arabia's Public Investment Fund Acquires $500 Million Stake in Live Nation". Variety. Retrieved 2021-01-13.
  39. ^ Turak, Natasha (2020-04-27). "Saudi Arabia buys $500 million stake in coronavirus-hit Live Nation, stock jumps nearly 10%". CNBC. Retrieved 2021-01-13.
  40. ^ Aswad, Jem (2021-01-19). "Live Nation Acquires Majority Stake in Livestream Platform Veeps". Variety. Retrieved 2022-01-25.
  41. ^ "Live Nation launches in PH with acquisition of Music Management Int'l". ABS-CBN News. 2022-04-25. Retrieved 2022-04-25.
  42. ^ "Live Nation companies now manage over 500 artists worldwide". Music Business Worldwide. 2017-02-27. Retrieved 2019-07-16.
  43. ^ "Jay Z, Live Nation Enter Into New Long Term Deal, Continue Roc Nation Partnership: Exclusive". Billboard. 21 April 2017. Retrieved 2019-07-17.
  44. ^ Leeds, Jeff (2006-07-06). "Big Promoter of Concerts to Acquire House of Blues". The New York Times. ISSN 0362-4331. Retrieved 2019-07-17.
  45. ^ "NJ man sues concert promoter over ticket pricing". Chicago Defender. July 8, 2009.
  46. ^ Smith, Van (February 20, 2015). "I.M.P. loses long-fought antitrust suit against Live Nation". Baltimore Sun.
  47. ^ Nuss, Jeanne (March 8, 2012). "Ark. court hears arguments in Ticketmaster case". Yahoo News.
  48. ^ Banks, Gabrielle (November 6, 2021). "Astroworld promoters oversaw other events where concertgoers trampled fellow fans, broke barricades". Houston Chronicle. Archived from the original on November 6, 2021. Retrieved December 8, 2021.
  49. ^ Jenkins, Craig (November 10, 2021). "There Won't Be Easy Answers for This". Vulture. New York Media. Archived from the original on November 11, 2021. Retrieved November 11, 2021.
  50. ^ "Beyoncé fired father Mathew Knowles after Live Nation accused him of theft, he alleges in lawsuit". Los Angeles Times. July 12, 2011.
  51. ^ "'I feel so let down by Canada': Radiohead and drum tech's parents demand answers in his Toronto death". CBC News. Retrieved 2017-11-30.
  52. ^ "Live Nation, engineer charged in Radiohead stage collapse". CBC News. 7 June 2013. Retrieved 8 June 2013.
  53. ^ "Radiohead stage death inquest ends". 2019-04-11. Retrieved 2019-07-17.
  54. ^ "Lawsuit filed against Travis Scott, Live Nation and others following Astroworld Festival tragedy". CNN. November 8, 2021.
  55. ^ Chris Willman (November 14, 2021). "9-Year-Old Boy Dies From Astroworld Injuries, Pushing Death Toll to 10". Variety. Archived from the original on November 15, 2021. Retrieved November 15, 2021.
  56. ^ Villarreal, Alexandra (November 6, 2021). "Astroworld festival concert crush leaves at least eight dead". The Guardian. Archived from the original on November 6, 2021. Retrieved November 6, 2021.
  57. ^ "Nearly 5,000 people injured in Astroworld tragedy, new filing says". NME. 2022-05-11. Retrieved 2022-05-15.
  58. ^ González, David (March 1, 2022). "Judge separates Astroworld Festival lawsuit plaintiffs into four categories". KHOU. Retrieved March 1, 2022.
  59. ^ Donahue, Bill (January 31, 2022). "Hundreds Of Astroworld Lawsuits Formally Combined Into Single Giant Case". Billboard. Retrieved February 4, 2022.{{cite magazine}}: CS1 maint: url-status (link)
  60. ^ Shay, Miya (February 22, 2022). "Cone of silence: Gag order issued for Astroworld civil cases". KTRK-TV. Retrieved February 23, 2022.{{cite news}}: CS1 maint: url-status (link)
  61. ^ Watts, Amanda; LeBlanc, Paul (December 23, 2021). "Congressional panel will investigate Live Nation's role in Astroworld tragedy". CNN Politics. Retrieved December 31, 2021.
  62. ^ Brown, August (December 22, 2021). "Congress launches probe into Live Nation's deadly Astroworld festival". Los Angeles Times. Retrieved December 31, 2021.
  63. ^ Haring, Bruce (2022-05-08). "Live Nation Should Be Broken Up, Says New Jersey Congressman, Citing Safety Record". Deadline. Retrieved 2022-05-15.

External links

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