JIM CARROLLon music
Live Nation is in the mood for dancing
Live Nation is about to go raving. As reported by Digital Music News this week, the giant music company hopes to grab a slice of the US dance music event market with its new Electronic Nation division.
It’s a smart move. Last year was a bad one for Live Nation (and pretty much everyone else in the live music business stateside). The company spent the early part of this year trimming costs, selling plenty of tickets for Prince, Lady Gaga and U2 and installing lower ticket prices (which might be the cause of a 10 per cent year-on-year jump in ticket sales between 2010 and 2011).
Expanding into the growing market for dance events could also pay dividends. The stats for events such as Electric Daisy Carnival, Ultra and Monster Massive are impressive.
Aside from its main event in Las Vegas, which will attract 120,000 for Tiësto, David Guetta and Swedish House Mafia, Electric Daisy Carnival also has festivals planned for the coming months in Orlando, Puerto Rico, Dallas and Denver. That’s a lot of kerching for promoter Insomniac, which has obviously caught the eye of Live Nation.
Per the Digital Music News report, Live Nation intends to compete aggressively with the existing players rather than buy them out.
It’s good news for the artists and DJs, and not just because competition will drive up fees. In order to attain exclusivity, Live Nation may well offer deals that could also cover record sales and other revenue streams.
The signing-on fees might not be in the same league as those received by Jay-Z or Madonna, but it’s a good pay day nonetheless.
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