Live Nation Entertainment is the world’s largest concert promoter, handling live performances for 3,300 artists, from Bruce Springsteen to Black Sabbath. This summer the company is hosting some of the industry’s highest-profile tours, including those by Beyoncé, Drake, and Guns N’ Roses, as well as popular outdoor festivals such as Bonnaroo and the U.K.’s legendary Glastonbury Festival. More than 70 million people attend Live Nation musical productions each year, and the company sells many of them tickets via Ticketmaster, which it also owns. Now, in an effort to reach consumers who never set foot in an arena, Live Nation is racing to crank out video and virtual-reality programming featuring acts whose concerts it promotes.
The company has hired MTV alum Heather Parry to build a TV-and-film production studio and has announced plans to produce programs with Vice Media, Hulu, and virtual-reality company NextVR. By letting fans experience the concert vibe at home or on the go, Live Nation hopes to draw more advertising revenue, which already brings it more profits than the low-margin concert promotion business. The company also hopes exposing TV and online viewers to videos of its acts will bolster ticket sales for future live concerts.