A leading ticketing company and concert venue owner is getting into the non-fungible token business in a move that could help the company diversify its revenue as it recovers from the impacts of the COVID-19 pandemic.
What Happened: Live Nation Entertainment LYV announced the launch of Live Stubs. The company will offer digital collectible NFT ticket stubs to fans.
“In an industry first, Live Nation’s Live Stubs digital collectible NFTs will mirror the unique section, row and seat of each ticker purchased, allowing fans to collect ticket stubs once again — this time with more capabilities,” the company said.
The company’s first NFTs under the Live Stubs brand will coincide with the Swedish House Mafia: Paradise Again tour, the band’s first tour in 10 years.
The Swedish House Mafia tickets went on sale Oct. 29 and include a free Live Stubs NFT for each ticket from a tour stop promoted by Live Nation and venues that are powered by the Ticketmaster digital ticketing platform.
Fans can view, share, sell and trade their NFTs on Livenation.com. The NFTs will not allow access to the concert and act only as a collectible.
“Our Live Stubs product brings back the nostalgia of collecting ticket stubs while also giving artists a new tool to deepen that relationship with their fans and we can’t wait to see what the creativity of this community dreams up as it grows,” Live National CEO Michael Rapino said.
Related Link: Is Live Nation The Ultimate Reopening And NFT Play?
Why It’s Important: The move from Live Nation shouldn’t come as a huge surprise as more companies enter the NFT space. Benzinga reported that Live Nation could be a NFT winner in a March article.
The company hints that there will be more NFTs coming with a range of benefits for ticket holders.
“Live Nation’s Live Stubs offers artists a turnkey solution to share NFTs at scale on a platform that naturally celebrates their most loyal fans,” the company said.
Live Nation will work artists to customize NFTs with special experiences and rewards in the future.
The company reported revenue of $1.9 billion in fiscal 2020 compared to $11.5 billion in fiscal 2019. The company’s main business lines of concerts, tickets and sponsorships/advertising saw huge declines due to the pandemic.
Live nation is the largest concert and ticketing company in the world selling over 500 million tickets per year and hosting over 40,000 concerts and festivals around the world.
LYV Price Action: LYV shares gained 2.86% to $104.04 in Monday's trading session.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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