The ticketing business took a turn for the worse last year — ticket sales down by double digits.
Now Live Nation Entertainment and Groupon are teaming up to rev up the business with a whole new business model, launching a joint venture, called 'GrouponLive.'
The CEOs of both companies — Live Nation Entertainment's Michael Rapino and Groupon's Andrew Mason — joined me in an exclusive interview to discuss why they made this deal and what it'll mean for their businesses.
Rapino says GrouponLive aims to bring in a whole new customer, which seems necessary considering the fact that attendance at Live Nation concerts dropped 9.4 percent in 2010 from 2009. By partnering with the daily deal site LiveNation gets to put its ticket deals in front of Groupon's 70 million registered users, 31 million of which are in North America. And as Rapino explained to me off camera this is a destination site for all types of live events, even ones that aren't run by LiveNation, but by AEG or the like. So by owning a piece of this business, it expands the pool of concerts from which LiveNation can benefit.