Live Nation invests in festival platform Everfest
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Live Nation invests in festival platform Everfest

Everfest is a festival editorial and membership platform – likened, by co-founder Jay Manickam, to a TripAdvisor for the festival scene. So it is unsurprising that Live Nation – a premier ticket selling company for concerts and festivals – has taken part in Everfest’s latest funding round, pumping $3.6 million into the platform. According to Manickam, Live Nation is “a perfect partner to work with,” and the digital festival space he hopes to create in tandem with them is “an intriguing category with plenty of room for growth.”

Live Nation’s share price has risen by 33% so far this year

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SOURCE: Yahoo Finance

Currently, Everfest’s platform consists of an online magazine highlighting the festival world, and a database that contains information on 15,000 festival around the globe. Mackinam says of the service: “this is really geared towards super fans who go to five or six festivals a year. It’s great value and the idea of belonging to a club that brings all these great events together really resonates with festival goers.”

Over the past decade, music festival attendance and ticket prices have both skyrocketed, and the sector continues to grow fast. This is partly down to the Millennial generation’s preference for experiences over ‘things’, and it is also a reflection of the dwindling value of album sales, which have been sorely impacted by legal streaming sites and online piracy.

Disclosure

Dominion holds Live Nation in its Global Trends Luxury Fund.


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The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.