Bogotá, Colombia. Photo Credit: Random Institute
A little less than four months after purchasing Hong Kong-based concert and festival organizer Clockenflap, Live Nation has announced a deal for “a majority stake in” Colombia’s Páramo Presenta.
The Ticketmaster parent company formally revealed its newest buyout today, via a release that was emailed to Digital Music News. Executed specifically via Mexico City-headquartered Ocesa Entertainment (in which Live Nation took a majority interest roughly 19 months ago), the acquisition will afford the leading promoter an interest in Páramo Presenta’s “flagship event,” Estereo Picnic.
Spanning four days, the happening’s 2023 edition is said to have attracted “crowds of over 100,000” when it took place in Bogotá this past March. Also organized by Páramo Presenta are the Baum Festival (which likewise occurs in Bogotá) and the Colombia edition of Knotfest.
Moving forward, Páramo Presenta is set to ticket “all future events” via Eticket, or “OCESA’s Colombian ticketing entity,” according to Live Nation. Meanwhile, not short on revenue or confidence, the latter company’s president and CEO, Michael Rapino, made clear his plans to continue “working with our new partners at Páramo and longtime partners OCESA as we continue our expansion across Latin America.”
In remarks of his own, Páramo Presenta CEO Gabriel García added in part: “[W]e celebrate this historic merge with Live Nation and OCESA, two of the most important entertainment companies in the world, with the firm conviction that it will propel us to new heights and provide even more unforgettable moments between artists and fans, becoming a key part of the country’s growth and strengthening our market to be increasingly competitive on the global stage of live entertainment.”
Live Nation’s latest play (in October, the company scooped up a “significant equity stake” in Washington, D.C.’s Broccoli City Festival) has entered the media spotlight amid continued music industry growth throughout South America – and particularly in Brazil, where TikTok Music is now available.
On the artist side, Warner Music Asia and G.E.M. today dropped Revelación, a “fresh take” on 2022’s Revelation, rendering the Shanghai-born act “the first Mandopop artist to release a full-length Spanish album,” according to the involved parties. Prior to this effort, the singer-songwriter’s Mandarin-language Revelation had become “highly popular in South America,” per Warner Music.
Last week, Live Nation debuted a “Mindful Nation” meditation app, after committing to all-in pricing during a White House event in June. When the market closed this afternoon, the promoter’s stock (NYSE: LYV) was worth $92.03 per share, a slight increase from Friday but about 7.5 percent higher than LYV’s value one month back.