Live Nation Entertainment, Inc. (NYSE: LYV), the world’s leading live entertainment and eCommerce company, and Universal Music Group (UMG), the world’s leading music company, today announced the formation of a broad-based strategic partnership.
Live Nation Entertainment’s Front Line Management Group division, the world’s top artist management company, and UMG will launch a joint venture management company aimed at managing and strengthening artists and their brands through a variety of worldwide sponsorships, strategic marketing campaigns and brand extension opportunities. The partnership will be managed by Front Line and will focus on developing direct-to-consumer bundling initiatives for select UMG artists in key markets around the world that bring together concert tickets and a variety of music products with artist websites. In addition, ticketing and bundling products will be handled by Live Nation Entertainment’s Ticketmaster division, the global event ticketing leader and one of the top-five eCommerce companies in the world.
Irving Azoff, Executive Chairman of Live Nation Entertainment and Chairman and CEO of Front Line Management Group, commented: “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. 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 and the talented UMG team in this new and exciting chapter of the music industry.”