Live Nation has acquired Los Angeles’ Spaceland Presents as part of a $20 million-plus spending spree in Southern California.
Spaceland Presents, a Los Angeles-based concert promoter, owns popular small venues in the city, including Echoplex, the Echo, and the Regent.
Financial terms of the acquisition, which was officially completed on Thursday, remain undisclosed. This represents the eleventh acquisition in the Southern California region for Live Nation.
According to the global promoter, the Spaceland Presents acquisition will provide more options for musicians and bands. Ron Bension, the company’s President of Clubs & Theaters, said that offering smaller venues will allow Live Nation to “get involved with artists earlier in their careers.”
“To be able to move bands through these venues… is an advantage to the bands, fans, and to us.”
In addition to the smaller venues, the company has also acquired Spaceland’s promotions business. This business has booked performances at a number of events and big venues, including First Fridays at the L.A. Natural History Museum, Echo Park Rising, as well as concerts at the Santa Monica Pier.
Spaceland Presents President Mitchell Frank will continue in the same role following the buyout. The company will also keep its current employee headcount of 170.
In the Southern California region, Live Nation has reportedly spent $20 million to $25 million in acquisitions in the past year. The company’s local portfolio now includes venues such as The Wiltern, Palladium, Observatory, Ventura Majestic Theatre, Soma, and Fox Riverside, among others.
The acquisitions from Live Nation and AEG have also placed pressure on independent concert promoters to adequately compete in the region. Both major companies have dominated the local concert promotion business.
Hinting at the reason for the acquisition, Frank admitted it remains difficult for indie promoters to lock down larger venues without AEG or Live Nation’s help.
“I felt limited in the size and scope of shows that we could do.”
Speaking about the acquisition, Ben Weeden, COO of Live Nation Clubs and Theatres, added,
“We’re looking forward to helping [Spaceland] continue to be champions of artists on multiple fronts, ranging from marketing to performance opportunities, to help an artist grow from small 250-cap. rooms to full potential, whether it’s a 3,000-cap. venue or arena.”
Featured image by Live Nation