Filmed concerts come to iTunes in Live Nation deal
NEW YORK, Nov 24 (Reuters) - Live Nation (LYV.N) hopes to gain a new revenue stream on Tuesday when Apple Inc's (AAPL.O) iTunes begins to feature downloads of some of the live concerts it promotes.
Apple's iTunes will have a section featuring the concerts of about 20 artists ranging from Jesse McCartney to Ziggy Marley, when the service begins, the companies said in a statement. They expect hundreds of more shows in the coming months. Prices will start at about $7.99.
Los Angeles-based Live Nation will produce most of the offerings from the more than 20,000 concerts it promotes each year. The company has reached licensing rights deals for live performances with major label owners and artists to enable a smooth launch of the service, it said.
Digital technology has made it significantly more cost-effective to produce and distribute concert recordings through online services like iTunes or Amazon.com (AMZN.O).
Live Nation did not disclose any financial terms of the agreement, nor did it estimate how much revenue it expects to gain from the venture. But the company's investment risk is expected to be relatively small as it already records many of the show it promotes. (Reporting by Yinka Adegoke; Editing by Lisa Von Ahn) ((yinka.adegoke@thomsonreuters.com Reuters Messaging: Yinka.adegoke.reuters.com@reuters.net; +1 646 223 6081)) ((Click here to see Reuters MediaFile blog))
