Industry News

Live Nation targets Australia with new acquisition

Live Nation has expanded its presence in the booming Australian live music sector through the acquisition of a controlling stake in the company that runs two of the country’s most popular festivals.

Live Nation has spent an estimated A$30m (£17.6m/$22.3m/€21.2m) on a 51 per cent stake in Secret Sounds, which runs Australia’s largest winter festival, Splendour in the Grass, in Byron Bay, as well as Falls Festival, which takes place across four states over the New Year period.

Live Nation’s investment in Secret Sounds, which is led by co-founders and co-chief executives Jessica Ducrou and Paul Piticco, is its latest addition to a portfolio that includes 80 music festivals, including six of the world’s top 10 measured by attendance.

In Australia live music events generated A$1.4bn in ticket sales in 2015, more than combined attendances for rugby, cricket and Australian Rules Football, according to a report from Live Performance Australia.

“Splendour in the Grass and Falls are the two most iconic festivals in Australia,” said Michael Rapino, president and chief executive of Live Nation Entertainment. “Jess and Paul have created events that attract the biggest artists in the world but still feel uniquely Australian. We look forward to partnering with them to find new ways to grow our live event footprint across Australia.”

Splendour in the Grass, which launched in 2000, has attracted headliners such as Coldplay and Blur, while Falls Festival’s daily crowds of 60,000 have seen the likes of Arctic Monkeys and Kings of Leon.

Live Nation’s acquisition also includes Secret Sounds’ touring, sponsorship, PR, artist management and domestic agency businesses.

Ducrou and Piticco added: “We started Secret Sounds with the sole mission of introducing Australians to the best artists, events and music possible, and Live Nation is the perfect partner to help us take this goal to the next level.

“With their support we can continue to curate the lineups that fans love, while also experimenting with new exciting ways for fans to experience live music.”

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