Live Nation To Launch Tickets Business In '09
January 14, 2008 at 8:36 AM (PT)
LIVE NATION said on FRIDAY it will launch its own ticketing business next year after it ends a relationship with TICKETMASTER. The announcement is part of a strategy shift by LIVE NATION to provide a complete pipeline of marketing, ticketing and merchandising services for artists and events, creating new competition for TICKETMASTER and music labels alike.
It will sell tickets for its own concerts and for third-party events. "We will have a fully operational new ticketing company and reach a new milestone in this journey," LIVE NATION CEO MICHAEL TRAPINO said on a conference call. "We expect to sell more than 20 million tickets annually."
LIVE NATION estimates the new business will add at least $17 million in operating income in 2010, and that contribution could even double as the company cultivates sponsorships and other opportunities.