Verizon Communications Inc (NYSE: VZ) on Monday partnered with Live Nation Entertainment Inc (NYSE: LYV) to offer presale ticket access and exclusive live music streaming to its “Up” members.
What’s in it for Live Nation Entertainment
The multi-year deal will see Verizon bring 5G to Live Nation’s venues across North America. On CNBC’s “TechCheck”, Live Nation CEO Michael Rapino said the partnership will help market events with more convenience.
If you’re on the first Harry Styles concert in NY and 20,000 people are posting about it using 5G and I’ve still got 80 shows to sell throughout the world, that momentum every night of IG, TikTok all the ways those fans are helping spreading the word, is incredibly valuable marketing to us.
Despite a 3.0% increase in the stock price on Monday, shares of Live Nation are still down more than 10% from their high in late February.
What the partnership means for Verizon
Verizon CEO Hans Vestberg expects the “First Access” programme and immersive virtual experiences to help drive subscriber growth. On the same CNBC interview, he said:
It’s a trend we’re seeing in the market; going direct-to-consumer. We will offer millions of tickets to more than a million customers we have as First Access which is a great opportunity. We’ve already launched the first batch of it and seen enormous demand from our customers.
The news comes roughly two months after Verizon reported its financial results for the fourth quarter that beat Wall Street expectations.
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