VNUE to acquire livestreaming company Stageit
Music technology company VNUE will acquire livestreaming platform StageIt in a deal that will allegedly add over $9 million in revenue and access to performers and creators.
The companies expect to close within 60 days, pending the completion of diligence and the required financial audit. Stageit will become a wholly-owned subsidiary of VNUE. Further terms of the deal were not disclosed.
According to the announcement, StageIt, launched by musician Evan Lowenstein in 2010, hosted 6,280 shows in 2020 and paid out over $7m to artists. The platform has over 58,000 performers and over 900,000 users from 135 countries.
The platform is complimentary with VNUE’s set.fm ‘instant live‘ mobile and web service, and the company will add a feature that allows fans to enjoy a livestream and purchase the audio of the performance immediately afterwards.
“The addition of StageIt will enable the first full monetisation suite for venues, festivals and events”
Zach Bair, CEO of VNUE, says: “The acquisition of StageIt represents the first step in a multi-pronged plan to grow the business and enhance shareholder value, as I have committed to since day one.
“The company will pursue both organic and inorganic opportunities that are synergistic, and with StageIt, we have incredible synergy not just with the StageIt platform and how we can integrate with our existing content platforms such as set.fm, but with the incredible leadership and talent pool that we will now have access to in order to move our Soundstr technology forward.”
Stephen White, Stageit’s CEO since 2020, says: “VNUE, as their name suggests, has been creating a platform for artists, labels, rights holders and venue operators that enhances revenue and helps resolve complex rights compliance.
“The addition of StageIt will enable the first full monetisation suite for venues, festivals and events that will make it simple for our clients and operators to generate more revenue and embrace the hybrid future that livestreaming provides. We couldn’t be more excited to join Zach and the VNUE team and to help push this vision forward.”
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.