Rolling Stone Acquires Majority Stake In Las Vegas’ Life Is Lovely Music Competition – EDM.com
After forging a decade of recollections, Life Is Lovely music pageant will start its subsequent chapter with new course and possession.
Rolling Stone has introduced the acquisition of a majority stake within the downtown Las Vegas-based pageant. Based in 2013 by the late Tony Hsieh, former CEO of Zappos, Life Is Lovely has been a boon to downtown Las Vegas.
Most just lately, the pageant attracted over 170,000 attendees in 2021 with headliners comparable to Billie Eilish, Inexperienced Day, and Tame Impala. Per The Hollywood Reporter, the occasion has netted $350 million in mixture income since its founding.
Rolling Stone and their mum or dad firm, Penske Media Company, reportedly have plans to develop a broader market footprint for Life Is Lovely, although the pageant property's flagship providing will proceed to stay in Las Vegas.
The deal aligns with a broader technique on the a part of Rolling Stone to diversify additional into dwell occasions. Below the P-MRC model, the three way partnership between Penske Media Company and MRC, the corporate acquired a stake in South by Southwest. On the time of that announcement, Rolling Stone didn't pursue modifications to management or the core enterprise mannequin, and the identical seems to be to be true with their most up-to-date funding.
David Oehm, CEO of Life Is Lovely since 2019, expressed his pleasure for the long run in a press assertion. "We're thrilled to appreciate the potential of Life is Lovely in partnership with Rolling Stone," Oehm stated. "As a landmark establishment and touchstone of the music business for over 50 years, the Rolling Stone staff will assist to deepen our connection to followers of music in all places, whereas additionally championing the cultural initiatives that make Life is Lovely a lot greater than a music pageant."
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