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LN and Veeps add turnkey livestreaming to US venues

Live Nation and Veeps, the ticketed livestreaming platform developed by Joel and Benji Madden, are equipping more than 60 venues around the US with a permanent livestreaming setup.

The Fillmore in San Francisco and Philadelphia, House of Blues in Chicago and New Orleans, The Wiltern in Los Angeles, and a raft of amphitheatres including Shoreline Amphitheater in California and The Gorge in Washington will be the first to go live with the turnkey livestreaming.

The Wiltern has already announced a livestream series, From the Wiltern, which will kick off on 7 May.

Artists who perform at one of the 60+ venues that are being kitted out will have the opportunity to add the element of livestreaming to their concert and ‘double down on revenue’, says Live Nation.

“Amongst artists, it’s often said that the one side of our careers that truly belongs to us is touring,” says Joel Madden, cofounder, Veeps.

“Now, with the flip of a switch, every artist playing in these venues can make their show a global event”

“To help an entirely new touring vertical become readily available to artists is such a huge win for our community and we couldn’t be happier. It’s the exact type of thing that shows what our partnership with Live Nation can really mean for artists.”

“Now, with the flip of a switch, every artist playing in these venues can make their show a global event. We’ve already seen how livestream shows drive engagement across every other area of an artist’s business and the added ticket revenue will allow them to re-invest in their art and make what they’re offering their fans even better. It’s a real dream come true for us at Veeps and our mission to help empower artists in their careers.”

Michael Rapino, president and CEO, Live Nation Entertainment says: “Artists and fans are eager to get back to shows, and livestreams will continue to unlock opportunities for them to connect more than ever before.

“Veeps is the best at what they do, with Benji and Joel tapping into their own experience as artists to help other artists thrive, and we look forward to bringing this innovative idea to life in these iconic venues.”

Earlier this year, Live Nation acquired a majority stake in Veeps, which in 2020 alone hosted around 1,000 paid livestreamed shows by artists including Liam Payne, Pete Yorn, Brandi Carlile, Louis Tomlinson, Architects and Rufus Wainwright.

 


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Live Nation’s share price reaches all-time high

The share price of live entertainment behemoth Live Nation has scaled new heights this week, despite the fact the vast majority of live shows have not been able to take place for the past 10 months.

On Tuesday (19 January), Live Nation’s share price hit an all-time high of US$76.54 – which has more than doubled since its slump to $29.50 in March last year, amid the cancellations and postponements of live shows.

The record-high share price comes after the company acquired a majority stake in Veeps, a ticketed livestreaming platform developed by Good Charlotte’s Joel and Benji Madden.

Veeps is Live Nation’s first major acquisition since the pre-Covid-19 era and a strong indication that livestreamed concerts are here to stay.

Live Nation’s share price hit an all-time high of $76.54 after the live entertainment giant acquired a majority stake in Veeps

“Livestreaming is a great complement to our core business, and essentially gives any show an unlimited capacity,” said Live Nation CEO, Michael Rapino.

“Looking to the future, live streams will continue to unlock access for fans – whether they are tuning into a sold-out show in their hometown, or watching their favourite artist play in a city halfway around the world. The most critical element of live streaming is the artist on stage, and with Live Nation’s unmatched inventory feeding into Veeps, together we will help fans enjoy more live music than ever before.”

Live Nation’s stock has steadily climbed after its 52-week low in March 2020, with the company offering drive-in shows, live streams, and new content through its Live From Home virtual music hub throughout the pandemic.

In November last year, following early results from the world’s first effective coronavirus vaccine, Live Nation share price soared by 22%.

Prior to that, Live Nation-owned Ticketmaster unveiled SmartEvent, a new suite of technology will equip event organisers to meet the evolving needs of capacity, distancing and other logistics.

Live Nation’s share price stood at $74.59 yesterday (21 January).

 


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Live Nation acquires livestreaming service Veeps

Live Nation has acquired a majority stake in Veeps, a ticketed livestreaming platform developed by Good Charlotte’s Joel and Benji Madden.

Established by the Maddens in 2017, Veeps has in 2020 alone hosted around 1,000 paid livestreamed shows by artists including Liam Payne, Pete Yorn, Brandi Carlile, Louis Tomlinson, Architects and Rufus Wainwright.

The brothers – along with co-founders Sherry Saeedi and Kyle Heller and the entire Veeps team – will remain in place following the acquisition, terms of which were not disclosed.

According to Live Nation president and CEO Michael Rapino, the Veeps platform – which, in addition to commission-free ticketed live streams, offers functionality for merch sales, VIP offerings, social-media marketing, and chat between artists and fans – stood out in the increasingly crowded livestreaming marketplace.

“Livestreaming is a great complement to our core business, and essentially gives any show an unlimited capacity”

“We are impressed with what Benji and Joel have created with Veeps, and their platform will create new ways to enjoy thousands of Live Nation concerts,” comments Rapino. “Livestreaming is a great complement to our core business, and essentially gives any show an unlimited capacity.

“Looking to the future, livestreams will continue to unlock access for fans – whether they are tuning into a sold-out show in their hometown, or watching their favourite artist play in a city halfway around the world. The most critical element of live streaming is the artist on stage, and with Live Nation’s unmatched inventory feeding into Veeps, together we will help fans enjoy more live music than ever before.”

“Benji and I have worked extensively with Live Nation over the last two decades, and we’re very happy to be joining a company that is such a big supporter of artists and artist-led businesses. It’s a natural fit and evolution for our business,” says Joel Madden. “This partnership is a demonstration that premium, ticketed live streams have earned themselves a permanent place in the verticals of every artist business.

“Last year Veeps live streams helped artists, both big names and new acts, make over [US]$10 million for themselves, their families, their crew and their chosen causes, and we’re looking forward to helping even more artists connect with fans this year in ways that support their art and their development.”

“Last year Veeps live streams helped artists, both big names and new acts, make over $10m”

Veeps marks only the second merger or takeover for traditionally acquisitive Live Nation since the tail end of 2019, when it wrapped up the decade by acquiring a controlling interest in Malaysia’s PR Worldwide, its 20th of the year. It managed just two in 2020 – Taiwan’s Tixcraft (via Ticketmaster) and Norway’s Bergen Live – before the pandemic hit and it embarked on a near-US$1 billion programme of cost-cutting.

According to Live Nation, Veeps will act as a complement to in-person concerts when they return later this year, offering “exclusive content, new vantage points, sold-out shows and unparallelled access” to LN events in the real world.

“We’ve always believed that taking an art-first approach to livestream shows helps artists create the kind of performance they can be proud of and an experience that fans love,” comments Benji Madden. “This means applying as much creativity and thoughtfulness as you would with any in-person show.

“We will only see this platform get more innovative as concerts return and we layer into shows in even more ways. We’re incredibly grateful for our team, who continue to hustle non-stop, and we look forward to amazing things ahead alongside Live Nation.”

 


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