Live Nation, UMG Form Joint Venture Management Company
September 19, 2011 at 2:26 PM (PT)
LIVE NATION ENTERTAINMENT and UNIVERSAL MUSIC GROUP have formed a broad-based strategic partnership. They'll launch a joint venture management company aimed at managing and strengthening artists and their brands through a variety of worldwide sponsorships, strategic marketing campaigns and brand extension opportunities.
The partnership will be managed by FRONT LINE and will focus on developing direct-to-consumer bundling initiatives for select UMG artists in key markets around the world that bring together concert tickets and a variety of music products with artist websites. Ticketing and bundling products will be handled by LIVE NATION’s TICKETMASTER division.
"This is an unprecedented partnership that unites the world’s top music artists with the world’s leading artist management, live entertainment, event ticketing and sponsorship resources to drive innovation across our industry," LIVE NATION Exec. Chairman FRONT LINE MANAGEMENT GROUP Chairman/CEO IRVING AZOFF said. "We see tremendous opportunities to work together to create a broad range of products built on the power of music and the direct connection between artists and fans. We look forward to working closely with LUCIAN GRAINGE and the talented UMG team in this new and exciting chapter of the music industry."
"We are thrilled with the opportunity to partner with UNIVERSAL MUSIC GROUP’s incredible roster of global superstars and emerging artists," LIVE NATION Pres./CEO MICHAEL RAPINO, noted. "TICKETMASTER’s digital distribution platforms will further support artist development by reaching millions of fans worldwide."
"Together with IRVING and MICHAEL, we are creating a series of new platforms and global direct-to-consumer initiatives that will further expand the presence of our artists in this evolving marketplace while providing music fans with even more flexibility in how they consume music," UMG Chairman/CEO LUCIAN GRAINGE commented. "Our artists and their music are at the heart of everything that we do, and by leveraging our combined skills, strengths and global reach with that of LIVE NATION ENTERTAINMENT, our management companies, artists and their fans will benefit immeasurably."