Event promoter and ticket vendor Live Nation is getting into the live stream industry by purchasing a majority stake in Veep, a platform started by Good Charlotte members Joel and Benji Madden. Veeps allows performers to set up their own ticketed live streams, which reportedly made $20 million last year.
This purchase was made for an undisclosed sum, however the Madden brothers, alongside co-founders Sherry Saeedi and Kyle Heller, will remain at the helm of the platform. Their full team is also reportedly staying on to help continue Veeps’ business operations.
“We are impressed with what Benji and Joel have created with Veeps and their platform will create new ways to enjoy thousands of Live Nation concerts,” Michael Rapino, President and CEO of Live Nation Entertainment said in a statement to Music Business Worldwide. “Live streaming is a great complement to our core business, and essentially gives any show an unlimited capacity.”
Veeps has been one of the most successful live stream concert platforms during the last year, hosting over 1,000 live stream ticketed shows in 2020 alone. The platform held concerts from the likes of Brandi Carlile, Liam Payne, Pete Yorn, Louis Tomlinson, Architects and Rufus Wainwright.
The commission-free nature of the service allows artists to put on their shows without having to pay a heft fee ahead of time. Some of the features on the platform include chat, exclusive merch purchases, social marketing and VIP offerings. This purchase comes at a crucial time for Live Nation, which has been selling off debt caused by the COVID-19 pandemic.