UK festival Boomtown Fair’s stake sale to Live Nation and others generates mixed reactions
UK festival Boomtown Fair‘s recent stake sale to three major UK concert promoters has left some people feeling uncertain about its future. Read more
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Agents Respond Back to Live Nation Booking Policy Changes, Including Artist Pay Reduction
In a recent company memo, Live Nation announced they’re cutting artist pay as they begin to plan future festivals. The global entertainment company is a major player in the live music industry, especially in the electronic music space. In 2013, Live Nation and Insomniac Events, an electronic music event promoter, formed a partnership where Insomniac would retain creative oversight of their branded events. Insomniac has a strong foothold in live music events as it’s behind one of the biggest electronic music events Electric Daisy Carnival (EDC) Las Vegas. The joint venture between two leading giants left little room for competition, but even they have felt COVID-19’s impact.
Live Nation Stock Purchase by Saudi Arabia, Human Rights and Artist Integrity
This month’s most-talked-about music business news was certainly the $500 million purchase of a 5.7% stake in Live Nation by the Saudi Arabian Public Investment Fund (PIF) on Monday, April 27th. It has been impossible to not raise an eyebrow over the Live Nation stock purchase, considering just how much the entertainment industry has shunned Saudi Arabia since the murder of journalist Jamal Khashoggi at the Saudi consulate in Istanbul last October.
The gruesome murder was allegedly ordered by Saudi Prince Mohammed bin Salman, according to reports by U.S. and Turkish intelligence agencies — charges that Salman denied. The murder led Endeavor chairman Ari Emanuel to cancel a $400 million investment into his talent agency and content company and caused many in Hollywood to sour on the prince who had billed himself as a reformer in the powerful Arab country.
Live Nation Being Investigated for Antitrust Violations
Live Nation, the world’s largest concert promoter and ticket provider, has come under fire after the Justice Department launched an investigation on its alleged antitrust business practices.
The investigation was initiated after the Justice Department received a number of complaints alleging that Live Nation was using its control over concert tours to pressure venues into contracting its subsidiary, Ticketmaster for ticket sales. One of the allegations comes from Live Nation’s competitor AEG, which told the officials that its venues would stand to lose valuable shows if Ticketmaster was not used as a vendor.
