Live Nation Entertainment makes it acquisition no 11, snapping up Los Angeles promoter and venue operator Spaceland
Sign up for IQ Index
The latest industry news to your inbox.
Knitting Factory Entertainment and fellow LA promoter Spaceland Presents have joined forces, with the former taking a 49% stake in Mitchell Frank's operation
By IQ on 19 Sep 2016
Knitting Factory Entertainment (KFE), a multi-faceted Los Angeles entertainment group with interests in venues, restaurants, concert tours, artist management and a number of record labels, has bought into smaller local promoter Spaceland Presents.
“The market is so difficult right now for promoters,” Knitting Factory president and chief executive Morgan Margolis tells Billboard. “There’s [sic] only so many independents left, and we felt like this was probably a good time to join forces.”
The two companies first began working together in 2014 with the opening of LA’s Regent Theater (1,100-cap.). Following the partial acquisition, which sees KFE buy 49% of Spaceland Presents, they will also co-promote (with Moon Block) the upcoming Desert Daze festival in Joshua Tree.
“You look at the amount of venues I have, what he [Spaceland Presents owner Mitchell Frank] has, the number of shows we do,” Margolis says, “you put that into one big pile, and we have the opportunity for some pretty hefty sponsorships that want to be involved in our brands.”
Knitting Factory founder Michael Dorf promoted the Music of David Bowie tribute shows at Carnegie Hall, which were live-streamed by 32,000 people worldwide.
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.