Lollapalooza co-founder Marc Geiger has created a new company called SaveLive, which intends to purchase a majority stake in independent venues, to help keep them afloat during the COVID-19 pandemic. He states that his goal is to purchase a 51 percent share in clubs throughout the country, and help them expand regionally once concerts reopen. Geiger claims that he has raised $75 million from investors, and states he has entered negotiations with multiple venues.
“The hope here is to create a network effect,” Geiger told the New York Times. “To be a long-term backer, helper, grower of these businesses, and enjoy the wins.”
The music executive also claims that his intent isn’t to flip the assets from these venues, but to rather network them into an independent answer to Live Nation and AEG. Both AEG and Live Nation have been accused of engaging in alleged monopolistic practices. “I believe the artist economy is going to be very big when it comes back,” Geiger elaborated in his Times interview. “Artists will want to tour to get their cash moving again, and people are going to love going out more than ever.”
According to a study recorded back in June, 90 percent of independent venues could shut down as a result of the COVID-19 pandemic. Legislation such as the Save Our Stages Act, which seeks to provide financial relief to independent music venues, recently passed through Congress. This act was brought forward by Minnesota Senator Amy Klobuchar and Texas Senator John Cornyn.
Geiger previously served as the global head of William Morris Endeavor Music Division, which underwent layoffs and took out a $260 million loan earlier this year. Back in July, the executive stated that concerts would likely not come back until 2022.
Photo Credit: Brett Padelford