Platforms offering ticketed live streams became a much-needed source of income in 2020 for artists unable to play concerts due to the global pandemic.
One such platform is Los Angeles-based Veeps, which was established in 2017 by Joel and Benji Madden of the band Good Charlotte.
According to Joel Madden, in 2020 alone, 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”.
Today (January 19), we learn that Live Nation Entertainment has acquired a majority stake in the company for an undisclosed sum.
Benji and Joel Madden, alongside co-founders Sherry Saeedi and Kyle Heller, will remain at the helm of Veeps, with their full team staying on to continue with all operations of the business.
Veeps offers engagement between artists and fans with features like chat and exclusive merch purchases. It also supports social marketing and VIP offerings.
The platform is commission-free, which means artists don’t pay hefty fees to stream using Veeps.
Veeps has featured performances from emerging artists to established acts, including Brandi Carlile, Liam Payne (pictured), Pete Yorn, Louis Tomlinson, Architects, Rufus Wainwright and many others.
The platform hosted around 1,000 ticketed live stream shows in 2020 alone, and reports to have delivered some of its highest monthly ticket sales and revenue in the back half of the year.
In a press release announcing the deal, Veeps states that it plans to continue delivering its core experiences, while also “tapping into Live Nation’s network” when in-person concerts return this year.
“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, Live Nation Entertainment
“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.”
“This partnership is a demonstration that premium, ticketed live streams have earned themselves a permanent place in the verticals of every artist business.”
Joel Madden, cofounder of Veeps, added: “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.
“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.”
“We will only see this platform get more innovative as concerts return and we layer into shows in even more ways.”
Benji Madden, cofounder of Veeps added: “We’ve always believed that taking an art-first approach to live stream shows helps artists create the kind of performance they can be proud of, and an experience that fans love.
“This means applying as much creativity and thoughtfulness as you would with any in-person show.
Added Madden: “We will only see this platform get more innovative as concerts return and we layer into shows in even more ways.
“We’re incredibly grateful for our team who continues to hustle non-stop and we look forward to amazing things ahead alongside Live Nation.”
Today’s news follows Live Nation Entertainment announcement last month of its plan to boost its liquidity by an additional $500 million via a secured note sale.
In Q3 2020 – i.e. the period ended September 30 – Live Nation generated revenues of $184 million, marking a 95% year-over-year decline compared with the $3.77 billion it generated in Q3 2019 from concerts, ticketing and sponsorship.Music Business Worldwide