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
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.
Dominion holds Live Nation in its Global Trends Luxury Fund.
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