In October 2020, the former music boss at talent agency WME raised $75m for a new company called SaveLive. Marc Geiger’s plan was to invest in venues and small clubs across the US, helping them ride out the Covid-19 shutdown while taking 51% ownership stakes in the process.
Now it has emerged that the company has even more money to spend on its strategy than was first thought.
Dot·LA reported on a regulatory filing revealing that SaveLive has actually raised $134.5m from nine different investors. The company itself has not commented.
At the time of its launch, SaveLive did spark a debate about whether Geiger was swooping in to buy stakes in “distressed assets”, and what his plans would be once live music came back. However, he and his financial backers have always maintained they want to support the venues for the long term.
“We don’t see this as a distressed-asset play,” one of those backers, Jordan Moelis of Deep Field Asset Management, told the New York Times in October 2020. “We see this as a business-building play, a play to be a long-term partner and to be around for a long time.”