Live Nation & Universal Music Group Form New Joint Venture
Live Nation and Universal Music Group have announced a new strategic partnership, that aims to benefit artists associated with both companies.
UMG and Frontline are launching a joint venture management company, aimed at strengthening the direct-to-consumer relationship with artists signed to UMG, any of their associated management companies, or artists who are managed by Frontline.
The artists also stand to benefit from Live Nation’s myriad of holdings in the entertainment business, which includes House of Blues and Ticketmaster.
“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’s CEO Irving Azoff said in a press release. “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 [UMG Chairman/CEO] and the talented UMG team in this new and exciting chapter of the music industry.”
Rap artists like Eminem, Jay-Z, and Lil Wayne could be among the artists who may prosper from the new deal, which will also help merge concert ticket sales and other music products offerings through Ticketmaster, along with the artists websites.
Rap labels that are distributed by UMG include Island Def Jam, Cash Money Records, Eminem’s Shady Records, Interscope, and numerous others.
In 2008, Jay-Z struck a $150 million dollar deal with Live Nation, which helped create the rap star’s latest successful venture Roc Nation, which handles the careers of Rihanna, J. Cole, Wale, J. Electronica, Willow Smith and others.
As reported by AHH