Local deals juggernaut Groupon and Live Nation have a formed a joint venture to develop a new online ticketing deals channel dubbed GrouponLive. The site will serve as a local resource for Live Nation events, ranging from concerts, sports, theater, arts and other live events, as well as clients of its ticketing business Ticketmaster, the companies said in a joint statement.
Visitors of the new marketplace will have access to limited-time discounts on a variety of Live Nation events, albeit limited to North America.
It isn’t clear exactly when GrouponLive will go fully live (pun intended), although the companies said they’re on schedule for the site to make its debut in time for the summer concert season.
According to the press release, the deal was struck in large part thanks to Madonna manager and angel investor Guy Oseary, who advised on the deal. Oseary is on Groupon’s advisory board, and has worked with Live Nation through his role as artist manager and event promoter.
Financial terms of the deal were not disclosed.
In 2010, Live Nation Entertainment’s concert ticket sales were down 10 percent, and for the year it reported a loss of $228.4 million on $5 billion in revenue. Last week, the company announced that the first quarter of 2011 reflected ‘improvement’ in ticket sales – Live Nation reported a 17.4 percent increase in revenue compared to Q1 2010.