Evaluate and Provide Solutions to Advance the Brand of Live Nation Entertainment
Live Nation Entertainment is one of the biggest producers of live entertainment in the concert and event promotion industry. Since the merger of Live Nation and Ticketmaster Entertainment, Live Nation Entertainment has produced and coordinated thousands of concerts and events all over the United States as well as internationally. Live Nation currently holds over 160 venues across North America, South America, and Europe.
The company’s chief executive officer, Michael Rapino, is attempting to adapt Live Nation to be a perfect meeting place for artists and fans. However it does not stop there, Rapino wanted much more than live music, he wanted the actual artists themselves. He started signing artists to record deals in 2008 that included Madonna, Jay-Z, and Shakira.
Live Nation is divided into five segments: concerts (concert promotion and venue operations), sponsorship, ticketing, e-commerce and Artist Nation (artist management). In this report I will address the current state of the brand, recent investments for the future, and challenges that currently face Live Nation. I will conclude by adding solutions to improve the company and the brand.
Live Nation: Leading Force in Concert Industry
The Live Nation brand connects people from all over the globe to their favorite artists at a convenient location. This has not been more prominent in this industry until today.
Hard Times for the Industry
The concert and event promotion industry relies heavily on real household disposable income. This can vary due to interest rates, wages, taxes, and employment growth. Therefore, the better the economy is the more real household disposable income, and the greater the demand for concerts and events. In 2009 and 2010, Live Nation struggled to sell tickets due to the harsh economic downturn as revenue dropped in 2009 (refer to chart below). Experts said the cause of this slump was due to the high average ticket price for high-level artists such as the Jonas
The company’s chief executive officer, Michael Rapino, is attempting to adapt Live Nation to be a perfect meeting place for artists and fans. However it does not stop there, Rapino wanted much more than live music, he wanted the actual artists themselves. He started signing artists to record deals in 2008 that included Madonna, Jay-Z, and Shakira.
Live Nation is divided into five segments: concerts (concert promotion and venue operations), sponsorship, ticketing, e-commerce and Artist Nation (artist management). In this report I will address the current state of the brand, recent investments for the future, and challenges that currently face Live Nation. I will conclude by adding solutions to improve the company and the brand.
Live Nation: Leading Force in Concert Industry
The Live Nation brand connects people from all over the globe to their favorite artists at a convenient location. This has not been more prominent in this industry until today.
Hard Times for the Industry
The concert and event promotion industry relies heavily on real household disposable income. This can vary due to interest rates, wages, taxes, and employment growth. Therefore, the better the economy is the more real household disposable income, and the greater the demand for concerts and events. In 2009 and 2010, Live Nation struggled to sell tickets due to the harsh economic downturn as revenue dropped in 2009 (refer to chart below). Experts said the cause of this slump was due to the high average ticket price for high-level artists such as the Jonas