Live Nation, Universal Music Announce JV To Strengthen Artist Marketing Opps
Live Nation Entertainment and Universal Music Group just announced the formation of a broad-based strategic alliance. The pact will bring together two powerful forces in the music industry- one in live entertainment and the other in distribution. The joint venture will be aimed at strengthening artist brands through worldwide sponsorships, strategic marketing campaigns and brand extension opportunities.
Managed by Front Line, the partnership 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. In addition, ticketing and bundling products will be handled by Live Nation Entertainment'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," Irving Azoff, Executive Chairman of Live Nation Entertainment and Chairman and CEO of Front Line Management Group, commented. "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."
"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," said Lucian Grainge, Chairman and CEO of UMG. "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."