Live Nation spends $2 million on ‘pop-up’ events
Sports and concerts are undergoing a change: there is increasing popularity around “pop-up experiences” – last minute combinations of partying fans and dedicated venues. Now, gig-booking market leader Live Nation wants in. The way it’s pursuing this goal is through investment into Block Party Suites – a company that “provides pop-up fan communities inside and outside venues.” What this effectively means is the ability to purchase a VIP party experience to fill your sports hall, theatre, or music hall.
Live Nation’s share price is up by 30% so far this year
SOURCE: Yahoo Finance
This move by Live Nation has the potential to make its business more efficient. Essentially, pop-up experiences are great ways to soak up existing enthusiasm from its customer-base that might otherwise get lost – who profits from an event that doesn’t have anywhere to exist? No one – but by partnering with Block Suite, places can be found at the last minute to house these potentially lucrative events. Live Nation’s incredible amount of experience in organizing events – in 2016 alone, the company promoted almost 26,300 gigs of one type or another – makes it an equally useful partner for the smaller company.
Adam Ward, co-founder and CEO of Block Party Suites, said: “This round, funded entirely by Live Nation, will provide us with access to a diverse network of entertainment venues, talented industry professionals, and the financial resources needed to build our vision of creating a national event hospitality brand. Closing this round is a key indicator that sport and entertainment venue operators understand the hospitality experience must extend beyond the venue walls and that our focus on customer service exceeds that expectation.”
Dominion holds Live Nation in its Global Trends Luxury Fund.
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