Need to Know
- Events promoter Live Nation is wiring more than 60 of its concert venues for livestreaming as the COVID-19 pandemic continues to prevent in-person events.
- Live Nation is undertaking the initiative with Veeps, the livestreaming platform it acquired earlier this year.
- Veeps, which was co-founded by Good Charlotte’s Benji and Joel Madden, earned ticket proceeds of more than $10 million in 2020.
Live Nation is betting that livestreamed concerts will outlive the COVID-19 pandemic.
The events promoter announced that it would be wiring more than 60 of its venues for livestreamed events, in partnership with Veeps, the livestreaming platform it acquired earlier this year. Live Nation will first wire the Wiltern Theater in Los Angeles for livestreamed events, which will begin on May 7. Tickets for the events, which will include performances from artists including Young Thug and Freddie Gibbs, will cost $15 apiece.
Other venues set to be wired into livestreaming include The Fillmore in San Francisco and Philadelphia, House of Blues in Chicago and New Orleans, The Wiltern in Los Angeles, the Shoreline Amphitheater in California, and The Gorge in Washington.
Veeps had huge success in 2020, as live events were almost entirely supplanted by livestreams and digital events due to the coronavirus pandemic. The company, which was founded in 2017, earned ticket proceeds of more than $10 million last year; Live Nation, meanwhile, saw its revenue drop a whopping 98% when the pandemic first hit, leading to its latest pivot.
“With the flip of a switch, every artist playing in these venues can make their show a global event,” cofounder Joel Madden said of the new Live Nation-Veeps initiative. “We’ve already seen how livestream shows drive engagement, and the added ticket revenue will allow them to make what they’re offering their fans even better.”
Indeed, the low ticket price may motivate more fans than ever to access live events, while eliminating physical accessibility barriers for individuals who might have otherwise found it difficult to attend concerts.
“Artists and fans are eager to get back to shows, and livestreams will continue to unlock opportunities for them to connect more than ever before,” said Michael Rapino, president and CEO of Live Nation Entertainment. “Veeps is the best at what they do, with Benji and Joel tapping into their own experience as artists to help other artists thrive, and we look forward to bringing this innovative idea to life in these iconic venues.”
Live Nation is not the first company to enter the livestreaming business in earnest in the wake of COVID-19 events restrictions. In May 2020, Coca-Cola partnered with #BeApp to launch a 60-day virtual performance series, Coke Studio Sessions, which featured musicians including Katy Perry, Miguel, Steve Aoki, and DJ Khaled.