Concert promotion behemoth Live Nation is contemplating ditching Barry Diller's Ticketmaster to start its own rival ticketing service, and the idea is registering positively with Wall Street.
Live Nation is in the midst of renegotiating its contract with Ticketmaster. The company , which is investing heavily in new digital technologies, is said to be kicking the tires on the notion of launching its own ticketing service in a bid to capture great profits from tickets and related sponsorships and marketing.
Talk of Live Nation striking out on its own comes as a growing number of tours, including Ozzfest, Bonnaroo and Lollapalloza, are bypassing deals with Ticketmaster.
Live Nation produced over 10,000 live music events last year including concerts by the Rolling Stones, Madonna, Barbara Streisand, Dave Matthews Band and Toby Keith and generated over $2.7 billion global live music revenues.
The move would come as a blow to Ticketmaster. Live Nation is its biggest client and its events account for a reported 17 percent of Ticketmaster's revenues. Ticketmaster generated over $1 billion in total revenue in 2006. (Article by Brian Garrity)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment