Live Nation has made Latin America a central focus of its international expansion, and the concert and venue company’s latest move in that strategy came on Thursday (December 11) with the acquisition of a majority stake in an arena in Santiago, Chile.
The company has struck a partnership with BeLive Entertainment Group, operator of the 15,000-capacity Movistar Arena, under which LN will work with BeLive’s local leadership on “strengthening production capabilities and expanding opportunities for global acts and local talent performances at the venue.”
The arena hosts more than 170 shows and more than 1 million fans annually. The companies didn’t disclose the value of the transaction.
“Latin America is one of the most vibrant live music regions in the world, and Chile is a critical stop for artists touring the continent,” said Live Nation CEO and President Michael Rapino.
“Partnering with BeLive allows us to strengthen what already works, bring in more great shows, and continue growing the live experience for fans across the region.”
The announcement comes less than a year after Live Nation began operating the 15,000-seat Arena Cañaveralejo in Cali, Colombia, in partnership with concert promoters OCESA of Mexico and Grupo Páramo of Colombia. Live Nation owns majority stakes in both companies.
“Partnering with BeLive allows us to strengthen what already works, bring in more great shows, and continue growing the live experience for fans across the region.”
Michael Rapino, Live Nation
Elsewhere in the world, Live Nation recently agreed to acquire the 17,000-capacity Royal Arena in Copenhagen, Denmark, while in South Africa Live Nation has partnered with Stadium Management South Africa and Gearhouse South Africa to launch the 10,500-capacity The Dome. In Nigeria, Live Nation is one of the backers of a new $100 million arena in Lagos.
Headquartered in Santiago, Chile, BeLive Entertainment Group is an event promoter and venue operator that boasts of hosting 8 million fans annually. The company produces more than 250 events per year in Chile, Colombia, Peru, Ecuador and Uruguay. It operates the Movistar arenas in Santiago and Bogota, Colombia.
“This partnership marks an important new chapter for Movistar Arena,” BeLive Entertainment Group CEO Daniel Hiller said.
“Live Nation’s global expertise, combined with the arena’s deep connection to Chilean audiences, will help us continue delivering world-class experiences for some of the most passionate fans anywhere. This allows us to elevate our programming, expand opportunities for artists and fans, and ensure the venue remains a regional benchmark for years to come.”Music Business Worldwide
