Mega promotion company Live Nation has officially launched their own in-house ticketing company.
Cutting business ties with Ticketmaster after 10 years, Live Nation now faces the difficulty of booking large arenas and venues.
“Anytime you have a major rollout, you hold your breath and hope there are no major glitches,” Live Nation CEO of global music Jason Garner said. “What we went live with was our own venues, and no amphitheater shows are up yet. So it was a bunch of small club shows, which in many ways is more difficult because of the volume.” (Billboard)
Ticketmaster Chief Executive Officer Sean Moriarty is skeptical about his former client’s decision and predicts the price of tickets to decrease.
“You would expect there to be some adjustment of pricing for an economy where people have less money in their pocket,” Moriarty said. “The conditions that I would expect in 2009 are going to feel like the conditions in the back half of 2008.” (Bloomberg)
Despite these initial concerns, Live Nation feels the increase in sales will come.
Chief Executive Michael Rapino said the company sold 2.91 million tickets for 1,213 shows for the year ended Dec. 15, compared with 2.95 million tickets from 1,206 shows a year earlier. Most concert tickets are sold many months in advance. (Reuters)
Renowned for their mega deals with Jay-Z and Madonna, the company recently linked with Blockbuster for future ticket distribution.
The three-year agreement will provide the rental franchise an additional outlet in roughly 500 stores by providing customers more reasons to visit the chain. (SOHH)
Select Blockbuster locations are expected to begin servicing concert tickets this month.