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SMG is the world's leading venue management company, and it operates/manages dozens of convention centers, exhibition halls and trade centers, arenas, stadiums, performing arts centers, theaters, and specific-use venues.
The company was founded in 1977 when it first began managing the Louisiana Super Dome. Since then, the Pennsylvania-based company has signed deals with venues all over the world with a concentration on North America.
In the fall of 2008, the company signed a five-year partnership deal with Live Nation to allow the entertainment giant's burgeoning ticketing operation to be the exclusive ticket seller for SMG's North American venues.
Live Nation signs concessions deal SMG-SAVOR and ARAMARK
"SMG and ARAMARK Join Forces to Manage $100 Million Concession Business in Live Nation's North American Amphitheaters"
LOS ANGELES, CA (PRNewswire-FirstCall) October 27, 2008 -- Live Nation announced today a unique five-year agreement that unites SMG-SAVOR, the foodservice division of global event management giant SMG, and ARAMARK, a world leader in professional services, to manage food and beverage concessions at 34 of Live Nation's North American amphitheaters. In 2007 alone, concession sales in the venues included in the deal generated approximately $100 million in revenue.
Under the terms of the agreement, SMG-SAVOR/ARAMARK will manage food and beverage concessions for the more than eight million music fans who attend concerts at the 34 amphitheaters annually. The partnership between SMG-SAVOR and ARAMARK brings together the best the industry has to offer in facilities and event management, catering and concessions. Working with Live Nation they will create a world-class hospitality experience for music fans across the country.
Analysts: Live Nation is winning the battle with Ticketmaster after SMG deal
The announcement this week that Live Nation inked a five-year ticketing deal with venue operator giant SMG sent shockwaves through the ticket industry, and had some financial analysts saying that Ticketmaster could be in trouble if it doesn't reassert itself quickly and decisively.
At the end of yesterday, Thursday, September 11, Ticketmaster's shares, which trade under the symbol TKTM, closed at $15.45, down $3.32 from the previous day's close. As of 1pm EST today, shares had fallen further to $14.86. By contrast, Live Nation's stock, which trades under the symbol LYV, closed at $16.90 yesterday, up $1.03 from the previous day. It has since gone down a bit and was trading at $16.57 as of 1pm.
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Live Nation signs extensive ticketing deal with SMG for dozens of venues
In a major blow to rival Ticketmaster, Live Nation has signed a ticketing deal with venue operations giant SMG that calls for Live Nation to sell tickets for SMG's North American facilities over five years.
The deal begins in 2009 when Live Nation officially launches its new ticketing operation, and it marks another disappointment for Ticketmaster, which last month lost a lucrative ticketing deal in Germany to Live Nation ticketing partner CTS Eventim. CTS is supplying Live Nation with the backbone for its ticketing operation.
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