Live Nation To Acquire Majority Stake In Musictoday
July 31, 2006 at 8:24 AM (PT)
LIVE NATION announced MONDAY (7/31) that it has agreed to acquire a majority stake in MUSICTODAY. MUSICTODAY was founded in 2000 by CORAN CAPSHAW to create direct artist-to-fan e-commerce tools for artists he managed. MUSICTODAY's roster has grown to over 500 clients.
LIVE NATION CEO MICHAEL RAPINO said, "CORAN and his team at MUSICTODAY have pioneered a new business that has empowered artists by enabling them to build direct sales relationships with the music fan," said "As the global leader in concert ticket sales, our investment in MUSICTODAY will enable us to access additional revenue streams centered around the live concert experience including artist merchandise web stores, fan clubs and ticketing. This further adds complementary product lines to our core live music and venue divisions."
"Our mission is to build larger and more passionate communities of fans around our artist clients," explains CAPSHAW. "Partnering with LIVE NATION will allow us to provide the artist with a full suite of services related to the live experience. We are now in the unique position to create opportunities for artist-fan interaction both online through our platforms and offline at venues, taking fan communities beyond the virtual world to the places where artists and fans converge. Together we will offer artists unparalleled marketing reach while championing new and innovative products for their fans."