Groupon and Live Nation Entertainment Form Joint Venture to Launch New Online Ticketing Deals Marketplace
CHICAGO and LOS ANGELES, May 9, 2011 /PRNewswire/ -- Groupon and Live Nation Entertainment, Inc. (NYSE: LYV) today announced that they have a formed a joint venture to develop a new online ticketing deals channel, GrouponLive.
GrouponLive will serve as a local resource for Live Nation events and clients of its global ticketing business, Ticketmaster. The site will be a groundbreaking resource for consumers to find high-value tickets to concerts, sports, theater, arts and other live events, while serving as a timely and effective way for merchants to sell more tickets. Financial terms of the deal were not disclosed. Launch is planned in time for the summer concert season.
"With unprecedented access to Live Nation's expansive roster of performers and events, GrouponLive will be the destination for exclusive live event deals," said Andrew Mason, founder and CEO, Groupon. "We're excited to work with Live Nation to further deliver on our commitment to offer amazing local experiences to our subscribers."
"GrouponLive represents a new channel to drive value for fans, while helping artists and others to reach ever larger audiences," said Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. "By adding this channel to our ticketing platform, we will also provide our venue partners with another option for driving ticket sales across a wide range of events. Our success is based on selling tickets and filling seats and GrouponLive gives us another platform to achieve this."
Both Groupon and Live Nation would like to thank Guy Oseary who advised on the deal and was instrumental in helping develop the partnership. Mr. Oseary is on Groupon's Advisory Board, and has worked with Live Nation through his role as artist manager and event promoter.
Users of GrouponLive will have access to limited-time deals on a variety of events across North America. The site will update offers as new events become available. To be notified when GrouponLive launches, visit www.grouponlive.com.
Groupon, launched in November 2008 in Chicago, features a daily deal on the best stuff to do, eat, see and buy in more than 500 markets around the world. Groupon uses collective buying power to offer unbeatable prices and provide a win-win for businesses and consumers, delivering more than 900 daily deals globally. To subscribe for the best deals in your city, visit http://www.groupon.com. To learn how to become a featured business, visit http://www.grouponworks.com.
About Live Nation Entertainment:
Live Nation Entertainment is the world's leading live entertainment and eCommerce company, comprised of four market leaders: Ticketmaster.com, Live Nation Concerts, Front Line Management Group and Live Nation Network. Ticketmaster.com is the global event ticketing leader and one of the world's top five eCommerce sites, with over 26 million monthly unique visitors. Live Nation Concerts produces over 20,000 shows annually for more than 2,000 artists globally. Front Line is the world's top artist management company, representing over 250 artists. These businesses power Live Nation Network, the leading provider of entertainment marketing solutions, enabling over 800 advertisers to tap into the 200 million consumers Live Nation delivers annually through its live event and digital platforms. For additional information, visit www.livenation.com/investors.
SOURCE Live Nation Entertainment
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