AEG Live has acquired an undisclosed stake in The Bowery Presents, the New York-born concert promoter which presents more than 2,500 shows each year.
AEG claims that the move makes it ‘the #1 concert promoter in New York City’.
It’s a tagline which will no doubt irritate long-time rival Live Nation, which has made no less than four acquisition announcements of its own this month – after buying seven live entertainment businesses in 2016.
The Bowery Presents has worked with artists such as My Morning Jacket, Mumford & Sons (pictured), Sam Smith, and LCD Soundsystem, and also owns venues in New York, Philadelphia, Boston, Maine and Alabama.
The firm’s principal partners Jim Glancy and John Moore, along with AEG Live’s Senior Vice President of the Northeast Region Mark Shulman, will oversee all of The Bowery Presents’ operations from now on.
These include new venue, Brooklyn Steel, located in East Williamsburg, Brooklyn, as well as venues from the Gulf Coast to Maine, such as Terminal 5 and Music Hall of Williamsburg in New York City, The Sinclair in Boston and Union Transfer in Philadelphia.
Jay Marciano, Chairman and CEO of AEG Live, said, “The Bowery Presents and AEG Live share a passion and commitment to delivering the best music experiences to fans. Jim and John have built an incredibly respected organization with a proven track record of success and we are pleased that they chose to partner with us.
“Jim and John have built an incredibly respected organization with a proven track record of success and we are pleased that they chose to partner with us.”
Jay Marciano, AEG Live
“We look forward to working closely with them to further grow The Bowery Presents brand.”
“We are proud to have built this company based on our love of live music and passion for both the fan and artist experiences,” said John Moore, partner at The Bowery Presents.
“The Bowery Presents is excited about all of the opportunities to grow and evolve as a company with our new partners at AEG Live. Brooklyn Steel is a perfect example of the type of venue and concert experience we will continue to deliver to fans and artists under our partnership.”
“We are excited to join forces with the like-minded innovators that make up the AEG Live family,” said Jim Glancy, partner at The Bowery Presents.
“When we started looking at how AEG Live has partnered with other independent promoters, it gave us the confidence that AEG Live will allow us to not only run The Bowery Presents autonomously and stay true to our entrepreneurial spirit, but increase our reach within our existing markets and expand our horizons for future growth.
“Bands and audiences can continue to expect the same music-first experience we’re known for providing.”
AEG Live operates in North America, Europe and Asia through 16 regional offices that support its tours which include such artists as Taylor Swift, Paul McCartney, The Rolling Stones, Justin Bieber, Katy Perry and Kenny Chesney.
It also produces or supports over 25 music festivals, including the Coachella Valley Music & Arts Festival; and owns, manages or books more than 60 clubs and theaters.Music Business Worldwide