Lollapalooza co-founder plans to save live music by acquiring independent venues
As the fight to keep independent venues afloat continues, Lollapalooza co-founder Marc Geiger is hatching a plan to save the events industry. The former global music chief of WME’s initiative comes in the form of a new company, SaveLive. Having already secured $75 million, Geiger looks to acquire at least 51 percent of equity in at-risk clubs and venues and work towards expanding business once the live sector has returned.
“The hope here is to create a network effect. To be a long-term backer, helper, grower of these businesses, and enjoy the wins,” stated Geiger.
The music executive has insisted that the venue deals would be partnerships and that as a majority shareholder, he would not flip assets. The Lollapalooza entrepreneur projects that SaveLive would be profitable in four years’ time, its business model relying on an extensive network of indie venues to gain economics of scale and favorable sponsorship deals.
Via: New York Times