Live Nation CEO: More Acquisitions Likely
"We'd love to consolidate and continue to grow," Michael Rapino said Thursday
Live Nation said Thursday its Ticketmaster unit has acquired Eventjoy for an undisclosed sum, and Live Nation CEO Michael Rapino touted the purchase at an investor conference in New York, where he also said more acquisitions are likely.
"On a global basis, there's obviously companies still out there that are in our space — ticketing and concerts on a global basis. We'd love to consolidate and continue to grow," Rapino said Thursday at the Goldman Sachs 23rd Annual Communacopia Conference.
He added, though, that he's not looking for anything overly dramatic. "There's no AOL-Time Warner deals here. We don't need to do anything outside of our core lane to grow our business."
Eventjoy offers a mobile ticketing platform, analytics and social-media marketing for "do-it-yourself" event organizers, as well as such user tools as real-time notifications and venue maps on phones.
"We were looking for an easy entry into the do-it-yourself platform," Rapino said. "You may want to go on there and put on your own show, your own birthday party, and sell 100 tickets to your friends ... but eventually Eventjoy gets to list that product at the Ticketmaster page and give you bigger eyeballs and bigger access."
Rapino said Live Nation has 60 million customers and that advertising to them is a growth opportunity. "When we started, we were a little concert company," he said. "Eight years ago, we had a couple of sponsors; today we have 800."
The company has been selling ads not only at live shows, but also for its online streaming of concerts via a deal with Yahoo.
"Artists love it because we're paying them," he said. "An example would be Justin Timberlake. When we shot him live from Iceland, we had over a million viewers watching that live show."
He said Live Nation has 400 ad-sales and sponsorship employees.
"If you're a big brand, a media buyer, and you want to spend some dollars against a music-based customer, three years ago you went to MTV, Vevo, the traditional video reach, and we were still in the little leagues," he said. "Now that we have a top five digital presence with all of our web traffic [and] a staff that can build content for you, let us enter a new league of sponsorship deals and CPMs."