June 15, 2024


Arts Fanatics

SaveLive to Save Small Music Venues Hurt by the Pandemic

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When it introduced in 2020 as a undertaking to bail out smaller audio venues crushed by the pandemic, SaveLive claimed it experienced lifted $75 million from buyers like its major backer, Beverly Hills-based mostly investment organization Deep Discipline Asset Management.

Now, it seems the Los Angeles-centered startup has raised a whole lot much more dry powder than beforehand known—having landed a full of $134.5 million from investors, according to an amended regulatory submitting with the Securities and Exchange Commission on Friday. The organization secured that funding from nine distinctive buyers, it reported.

SaveLive is spearheaded by songs market bigwig Marc Geiger, who co-founded the Lollapalooza alternative rock festival and previously led expertise agency William Morris Endeavor’s music division. The firm was launched with the purpose of acquiring bulk stakes in dozens of having difficulties songs clubs across the U.S. and helping them temperature the pandemic.

When SaveLive introduced, it drew praise from the likes of 9 Inch Nails frontman (and Geiger’s previous WME customer) Trent Reznor. “[Geiger] is aware of that new music really should be revered,” Reznor advised the New York Times. “It is not just an asset—it is a specific detail that deserves to be offered to people in a way that helps them find the magic.”

But the venture also raised worries among the some observers, who feared that such consolidation of unbiased music venues would inevitably make them much less impartial.

SaveLive did not reply to requests for comment. Geiger co-established the startup with his previous WME colleague John Fogelman, who is shown in filings as a co-executive officer. Deep Area Asset Management’s Jordan Moelis, the son of Wall Street banker Ken Moelis, is stated as a director. Nadia Prescher, the co-founder of audio marketplace booking and management corporation Madison Household, joined SaveLive past 12 months as its head of songs.

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