Live Nation and Universal Music Group are seeking to shake up the music industry with an innovative joint management company. The new entity will be "aimed at managing and strengthening artists and their brands through a variety of worldwide sponsorships, strategic marketing campaigns and brand extension opportunities," according to a press release from both companies.
The partnership will match UMG artists with Live Nation's Front Line Management Group and Ticketmaster, providing them with ticketing and direct-to-consumer marketing and sales services.
In a statement, Irving Azoff, Executive Chairman of Live Nation Entertainment and Chairman and CEO of Front Line Management Group, said the following:
"This is an unprecedented partnership that unites the world's top music artists with the world's leading artist management, live entertainment, event ticketing and sponsorship resources to drive innovation across our industry. We see tremendous opportunities to work together to create a broad range of products built on the power of music and the direct connection between artists and fans. We look forward to working closely with Lucian Grainge and the talented UMG team in this new and exciting chapter of the music industry."
Previously Live Nation had partnered with select musicians to provide similar comprehensive services, including Madonna, U2 and Jay-Z.
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