(CelebrityAccess) — On Tuesday, Live Nation announced it has acquired a majority stake in Veeps, a ticketed livestreaming platform.
Created by Joel and Benji Madden of the band Good Charlotte in 2017, Veeps is designed from the ground up as a platform for ticketed live-stream events and includes features that allow engagement between artists and fans, such as chat, exclusive merch sales, social marketing, and VIP options.
As part of the acquisition, Benji and Joel Madden, alongside cofounders Sherry Saeedi and Kyle Heller, will continue in leadership roles at Veeps. As well, their existing teams will also remain in place following the transition.
Veeps is also commission-free, meaning that artists don’t have to pay up front fees, making it easier to develop an audience through live streaming.
During the past year when livestreamed concerts took the forefront amid an ongoing industry shutdown, Veeps provided a platform for numerous artists, including Brandi Carlile, Liam Payne, Pete Yorn, Louis Tomlinson, Architects, Rufus Wainwright and many more.
In all, Veeps hosted about 1,000 ticketed live events in 2020 alone, resulting in some of its highest monthly ticket sales and revenue in the second half of the year, according to Live Nation.
“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,” said Michael Rapino, President and CEO of Live Nation Entertainment. “Live streaming is a great complement to our core business, and essentially gives any show an unlimited capacity. Looking to the future live streams will continue to unlock access for fans – whether they are tuning into a sold out show in their hometown, or watching their favorite artist play in a city halfway around the world. The most critical element of live streaming is the artist on stage, and with Live Nation’s unmatched inventory feeding into Veeps, together we will help fans enjoy more live music than ever before.”
“Benji and I have worked extensively with Live Nation over the last two decades and we’re very happy to be joining a company that is such a big supporter of artists and artist-led businesses. It’s a natural fit and evolution for our business,” added Joel Madden, cofounder of Veeps. “This partnership is a demonstration that premium, ticketed live streams have earned themselves a permanent place in the verticals of every artist business. Last year Veeps live streams helped artists — both big names and new acts — make over $10 million dollars for themselves, their families, their crew and their chosen causes and we’re looking forward to helping even more artists connect with fans this year in ways that support their art and their development.”