fbpx
x

The latest industry news to your inbox.

    

I'd like to hear about marketing opportunities

    

I accept IQ Magazine's Terms and Conditions and Privacy Policy

news

D2F platform Musictoday files for bankruptcy

Just over two years after its acquisition from Live Nation, the direct-to-fan merch store is up for sale, along with buyer and parent company Delivery Agent

By IQ on 26 Sep 2016

Mike Fitzsimmons, Musictoday, Delivery Agent

image © J. Walter Thompson Intelligence

Delivery Agent, the parent company of direct-to-fan ecommerce site Musictoday, has gone into administration.

The San Francisco-based company’s founder and CEO, Mike Fitzsimmons, describes the move – which, like SFX Entertainment, sees it file for chapter-11 bankruptcy protection in the US bankruptcy court of Delaware – as a “very positive development for our company and our customers”.

“Through these proceedings we’re initiating a process that preserves company value, allows the company to reorganise its business affairs and establishes a necessary foundation for future growth and profitability,” adds Fitzsimmons (pictured). The company will continue to trade as normal until a buyer is found.

“Through these proceedings we’re initiating a process that preserves company value, allows the company to reorganise its business affairs and establishes a necessary foundation for future growth and profitability”

In addition to merch marketplace Musictoday, which Delivery Agent purchased from Live Nation in August 2014, also for sale are promotional marketing company Clean Fun and T-commerce platform Shop the Shows (trading as ShopTV).

In a statement, Delivery Agent – represented by financial advisors Matthew English and Howard Bailey, of Arch + Beam, and financial advisors Keller & Benvenutti and Pachulski, Stang, Ziehl & Jones – affirms its commitment to “maximising value for all stakeholders” and says it expects the sale to be completed “before the end of the year”.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.