Ticketmaster promotes Mark Yovich to global president
Ticketmaster’s international president, Mark Yovich, has been promoted to president of global business as part of the company’s shift to combine North American and international business operations, according to Billboard.
Elsewhere in the company, Jared Smith is being promoted from president to global chairman and will oversee Ticketmaster’s business across 31 international markets including North America.
While chief operating officer and president Amy Howe will step up into the role of global chief operating officer.
Ticketmaster’s promotions are part of its global expansion which recently saw the company establish a presence in Asia. In February the company launched Ticketmaster Singapore and acquired Taiwanese ticketing platform Tixcraft, bringing the company’s operations to 32 countries worldwide.
“There is tremendous opportunity for continued growth on a global basis”
“By acquiring market leaders Tixcraft in Taiwan and launching in Singapore, we have established two great bases with talented teams to support the bourgeoning live entertainment scene in Asia,” said Yovich, last year.
Last year the company’s international division sold 115 million tickets and sees “tremendous opportunity for continued growth on a global basis, particularly in the 15 markets where we promote concerts but do not yet have a substantial ticketing operation,” according to the company’s 2019 earnings report.
Ticketmaster’s shift comes as parent company, Live Nation, revealed a tough second quarter due to this year’s coronavirus crisis. The entertainment group reported a 98% drop in revenue and US$665m loss but CEO Michael Rapino remains optimistic about the future, predicting the business will return “stronger than ever”.
The loss includes refunds issued by Ticketmaster, which reimbursed money for 11m tickets across 42,000 shows and generated a loss of approximately $79m.
However, Live Nation’s share price has been on a steady incline since the end of June, increasing from $42.64 to its current value of $47.64.
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Ticketmaster expands to Singapore, Taiwan
Ticketing giant Ticketmaster is expanding into Asia, establishing a presence in Taiwan and Singapore.
The move, which sees Ticketmaster acquire Taiwanese ticketer Tixcraft and open a Singaporean branch, brings the company’s operations to 32 countries worldwide.
As a result of the expansion, Chad Phillips, former managing director for ApacTic, has been appointed to the newly created role of managing director of Ticketmaster Asia.
The launch of Ticketmaster Singapore following the company’s selection as one of three ticketing partners for Singaporean sports and entertainment complex, Sports Hub, late last year, along with TEG’s Ticketek and Sistic.
Sports Hub incorporates the 55,000 capacity National Stadium and a 12,000 capacity indoor stadium, which serve as the main venues for concerts in Singapore, hosting acts including U2 and Mayday, along with a 3,000 capacity arena and other facilities.
In Taiwan, Ticketmaster takes control of concert ticketing platform Tixcraft, which works with promoters such as Live Nation Taiwan, B’in and iMe Taiwan. Tixcraft founder and managing director KT Chiu will stay on at the company, serving as Ticketmaster Taiwan MD.
“The live entertainment industry across Asia has seen some immense growth and right now is the perfect time to welcome Ticketmaster to Taiwan and Singapore”
“By acquiring market leaders Tixcraft in Taiwan and launching in Singapore, we have established two great bases with talented teams to support the bourgeoning live entertainment scene in Asia,” comments Ticketmaster International president Mark Yovich.
“We are introducing greater levels of service and choice to event organisers across the region and can now provide fans with seamless access to our worldwide marketplace of events.”
Ticketmaster Asia MD Phillips adds: “Over recent years, the live entertainment industry across Asia has seen some immense growth and right now is the perfect time to welcome Ticketmaster to Taiwan and Singapore. I’m hugely excited to be joining the team and look forward to managing the rollout of the world’s most innovative ticketing marketplace.”
The launch of Ticketmaster in Taiwan and Singapore complements Live Nation’s existing concert promotions business across Asia Pacific.
In 2019, the company acquired Singaporean promoter One Production and PR Worldwide in Malaysia, while also making senior appointments to its growing business in China. In December last year, Live Nation Asia launched Live Nation Connects, a new creative marketing agency to connect brands to fans across Asia.
Read IQ’s analysis on consolidation within the ticketing sector here.