Blockbuster(R) and Live Nation Enter Into Three-year Exclusive Retail Ticket Distribution Deal
Dallas And Los Angeles, // PRNewswire-FirstCall // -- Blockbuster Inc. (NYSE: BBI)(NYSE: BBI.B), one of the world's largest providers of in-home movie and game entertainment, and Live Nation (NYSE: LYV), the world's largest live music company, today announced a three-year agreement that makes BLOCKBUSTER® the exclusive physical retail ticket outlet for Live Nation Ticketing, Live Nation's new in-house ticketing company, beginning with the start of the 2009 concert season. Under the agreement, Live Nation will sell its retail tickets exclusively through approximately 500 Blockbuster company-owned stores in strategically chosen markets across the country that mirror Live Nation's concert venue platform footprint, providing music fans with a convenient and familiar outlet to purchase the more than one million tickets Live Nation sells to its concerts through retail locations annually.
The selected stores will offer exclusive blocks of tickets available only at BLOCKBUSTER during the first four hours of ticket sales, as well as general ticketing as long as supplies last. Blockbuster will be responsible for managing and operating all aspects of the ticket transactional experience.
"We are delighted to be teaming up with Live Nation, the world's leader in live music entertainment. Not only will this agreement drive hundreds of thousands of customers to our stores, it represents another step in the transformation of Blockbuster into a brand that offers the most convenient access to entertainment," said Jim Keyes, Blockbuster Chairman and CEO. "We want customers to know that whatever their entertainment needs - from DVDs and games, to accessing tickets to some of the biggest concert events - they'll find those needs answered at Blockbuster. Our mission is to be the customer's one-stop entertainment destination."
"This deal with Blockbuster represents the next step in the rollout of our new ticketing system," said Nathan Hubbard, Chief Executive Officer of Live Nation Ticketing. "Our research definitively shows that the vast majority of music fans who prefer to buy their concert tickets at a retail location find Blockbuster to be the most convenient choice. In addition, Blockbuster's huge national footprint provides Live Nation with a powerful marketing partner to help drive incremental ticket sales to our events and an incredible opportunity to develop other product lines centered around music for Blockbuster customers."
Under the agreement, Blockbuster and Live Nation are committing promotional support, utilizing their comprehensive marketing assets and enormous customer bases, to drive awareness of the new ticketing relationship. Additionally, Blockbuster and Live Nation expect to offer exclusive concert products and promotions to Blockbuster customers.
Blockbuster Inc. (NYSE: BBI)(NYSE: BBI.B) is a leading global provider of in-home movie and game entertainment, with more than 7,500 stores throughout the Americas, Europe, Asia and Australia.
About Live Nation:
Live Nation's mission is to maximize the live concert experience. Our core business is producing, marketing and selling live concerts for artists via our global concert pipe. Live Nation is the largest producer of live concerts in the world, annually producing over 16,000 concerts for 1,500 artists in 57 countries. The company sells over 45 million concert tickets a year and expects to drive over 60 million unique visitors to LiveNation.com in 2008. Live Nation is transforming the concert business by expanding its concert platform into ticketing and building the industry's first artist-to-fan vertically integrated concert platform. Headquartered in Los Angeles, California, Live Nation is listed on the New York Stock Exchange, trading under the symbol "LYV."
SOURCE: Blockbuster Inc.; Live Nation