Concert Promotion War About To Go Nuclear
February 29, 2008 at 5:28 AM (PT)
The multi-platform consolidation train may be reaching breakneck speed ... outside of radio. Now that concert promotion firm LIVE NATION has launched a label, by signing MADONNA, and started setting up its own ticket agency, TICKETMASTER has decided to round up some new vertical partners. IDOLATOR.COM reports that the ticket agency and CABLEVISION are talking about a co-venture where they acquire 49% of concert promotion firm AEG. AEG, the second largest concert promotion firm in the country, grossed $742 million last year on tours by HANNAH MONTANA and BON JOVI, among others.
The partnership between TICKETMASTER and CABLEVISION adds another platform to the mix: CABLEVISION owns the FUSE music video cable channel. Sources in the story expect FUSE to be "aggressively re-branded" to suit their needs. Also, combining CABLEVISION with AEG gives the new firm two of the largest indoor stadiums -- MADISON SQUARE GARDEN and STAPLES CENTER -- under one umbrella, along with the COACHELLA and ALL POINTS WEST music festivals.
Read more about this here.