Making good on its promise to expand operations into overseas markets, Live Nation Entertainment has decided to launch a concert promotions business in Australia, which the company says is the world’s seventh-largest live entertainment market.
The move comes after Live Nation announced a similar initiative in Germany, which is Europe’s second-largest market, but also after the company reportedly began laying off employees in North America.
The new division will be headed by two company vice presidents, Luke Hede, who will run the Pacific Rim business, and Roger Field, who was hired away from Australian promoter Michael Coppel Presents and will run the Australia and New Zealand efforts. They will report to Alan Ridgeway, CEO of Live Nation International.
“Over the last decade, Live Nation has been involved with some of the most successful tours throughout Australia and New Zealand, including: U2, The Rolling Stones, David Bowie, Prince, Nickelback, The Police, and many others,” Ridgeway said in a statement. “We now feel that the time is right to establish our own presence and further monetize our global tours in this particularly strong and growing live music market. After working closely with two of Australia’s most highly regarded promoters in Paul Dainty and Michael Coppel respectively, both Luke and Roger have vast experience and knowledge in the local market and we are thrilled to have them leading our Australian launch.”
Ticketmaster, which merged with Live Nation earlier in the year, has had ticketing locations on the continent and throughout the Pacific region for decades, which Live Nation will tap. And, Live Nation has been promoting concerts in Hong Kong, Shanghai and Singapore, however, the division’s main office will be located in Melbourne.
Since the completion of the year-long merger, Live Nation Entertainment has sought to streamline parts of its business while expanding others, and the moves seem to be paying off for Wall Street investors. The company’s stock, which trades under the symbol LYV, continues to sell at levels at or near its 52-week highs, and today, April 19, it closed at $15.15.
