LOS ANGELES, Nov. 10, 2014 /PRNewswire/ -- Live Nation Entertainment, Inc. ( NYSE: LYV) and PT. Java Festival Production today announced that they have formed a joint venture, PT Live Nation Indonesia.
Java Festival Production is the leading producer of festivals in Indonesia, having commenced with Java Jazz Festival in 2005 and subsequently adding SoulNation and Rockin'Land to its portfolio. Recent headliners have included the likes of Stevie Wonder, James Morrison, Thirty Seconds to Mars and Natalie Cole. Java Festival Production was established by Peter Gontha and is run by Dewi Gontha and Paul Dankmeyer.
Michael Rapino, Live Nation Entertainment CEO and president, said: "I am excited to be partnering with such an established player as Java Festival Production to bring Live Nation to Indonesia. With the rapid growth that Indonesia is undergoing, this is an important market to add to our global footprint."
Alan Ridgeway, Live Nation president of international & emerging markets, said: "With a population of 250 million and the fastest growing middle income segment in Asia, Indonesia is a country where we see a significant opportunity to grow the live music market—initially in Jakarta, but then into other cities across the country."
Peter Gontha said: "There is an increasing demand for live entertainment in Jakarta and the rest of Indonesia. We look forward to working with the team at Live Nation to satisfy that demand by bringing in both international and regional artists for concerts and potential new festivals."
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SOURCE Live Nation Entertainment, Inc.