Live Nation has acquired a majority stake in Veeps, a ticketed livestream platform custom-built for artists.
The platform, which was created by Joel and Benji Madden of the band Good Charlotte, has an artist-centric mentality, which it claims sets it apart from others in the space, especially in terms of execution and monetisation.
Veeps is designed for ticketed livestreams, and facilitates enhanced engagement between artists and fans with features like chat and exclusive merch purchases, while also supporting broad social marketing and intimate VIP offerings.
Michael Rapino, president and chief executive of Live Nation Entertainment, said: “We are impressed with what Benji and Joel have created with Veeps and their platform will create new ways to enjoy thousands of Live Nation concerts
“Livestreaming is a great compliment to our core business, and essentially gives any show an unlimited capacity. Looking to the future live streams will continue to unlock access for fans – whether they are tuning into a sold out show in their hometown, or watching their favourite artist play in a city halfway around the world. The most critical element of live streaming is the artist on stage, and with Live Nation’s unmatched inventory feeding into Veeps, together we will help fans enjoy more live music than ever before.”
Veeps, established in 2017, is commission-free, which means artists are not forced to pay large fees to use the platform and can more easily grow their careers through live streaming.
Veeps has worked with artists including Brandi Carlile, Liam Payne, and Pete Yorn, among others. The platform hosted around 1,000 ticketed live stream shows in 2020 alone, delivering some of its highest monthly ticket sales and revenue in the back half of the year.
Joel Madden, co-founder of Veeps, added: “Benji and I have worked extensively with Live Nation over the last two decades and we’re very happy to be joining a company that is such a big supporter of artists and artist-led businesses. It’s a natural fit and evolution for our business.
“This partnership is a demonstration that premium, ticketed live streams have earned themselves a permanent place in the verticals of every artist business. Last year Veeps live streams helped artists — both big names and new acts — make over $10m for themselves, their families, their crew and their chosen causes and we’re looking forward to helping even more artists connect with fans this year in ways that support their art and their development.”
As in-person concerts return in 2021, Veeps said it will continue delivering its core experiences while also tapping into Live Nation’s network to connect fans with exclusive content, new vantage points, sold out shows, and access to events all around the world.
The Madden brothers, alongside cofounders Sherry Saeedi and Kyle Heller, will remain at the helm of Veeps, with their full team staying on to continue with all operations of the business.
Benji Madden, co-founder of Veeps, said: “We’ve always believed that taking an art-first approach to live stream shows helps artists create the kind of performance they can be proud of, and an experience that fans love. This means applying as much creativity and thoughtfulness as you would with any in-person show.
“We will only see this platform get more innovative as concerts return and we layer into shows in even more ways. We’re incredibly grateful for our team who continues to hustle non-stop and we look forward to amazing things ahead alongside Live Nation.”
Image: Live Nation