If you needed a sign that livestreaming is likely to sit side-by-side with physical concerts even once the latter return at scale, how about Live Nation buying a majority stake in a livestreaming startup?
That happened yesterday, as the live giant bought in to Veeps, the company founded by musicians Joel and Benji Madden of Good Charlotte, which has worked with the likes of Liam Payne, Brandi Carlile, Louis Tomlinson and Rufus Wainwright among the 1,000 ticketed livestreams it ran in 2020, which generated more than $10m for artists and the causes they supported.
Live Nation boss Michael Rapino outlined the strategic intent as he announced the deal. “Live streaming is a great complement to our core business, and essentially gives any show an unlimited capacity. Looking to the future live streams will continue to unlock access for fans – whether they are tuning into a sold out show in their hometown, or watching their favourite artist play in a city halfway around the world.”
The Madden brothers and co-founders Sherry Saeedi and Kyle Heller will continue running Veeps under Live Nation’s umbrella. “This partnership is a demonstration that premium, ticketed live streams have earned themselves a permanent place in the verticals of every artist business,” suggested Joel Madden. Terms for the deal are not public, but it could spark further deals, as other established live-music firms go shopping for promising livestreaming startups to blend into their own businesses.