Live Nation has joined forces with Parallel Contemporary Music in a new joint venture, Live Nation Marketing Partnerships Asia Limited aimed at driving music marketing deals with local brands in increasingly important Asian markets.
Parallel Contemporary Music Chairman David Ciclitira has been tapped to lead the new venture. Ciclitira has been working with major brands in Asia for 20 years and in the last year alone has been instrumental in linking sponsors with several major artists across the region.
Mr. Ciclitira will also remain as chairman to Parallel Media Group PLC, a public relations and marketing company specializing in sport, entertainment and media and the prime recipient of the economic benefits of PCM. Prior to Parallel, Ciclitira was a founding partner in the of the World Music Video Awards and the creation of Broadcast Innovations, the sponsorship shop that brokered sponsorship deals with artists such as the Spice Girls, Michael Jackson and Madonna.
Michael Rapino, Live Nation Entertainment CEO and president said: "Having successfully grown our attendance figures in Asia, we now have the opportunity to develop high margin sponsorship opportunities in line with our established businesses in North America and Europe."
Sponsorship is a big part of Live Nation's business, generating revenue of $110.2 million in the company's third fiscal quarter, up 15% from the same period in 2012 and showing the most growth of any of their business operations outside of concerts.
Asia also has become an increasingly important part of the global touring market and over the past two years, Live Nation has promoted approximately 180 shows and sold 1.2 million tickets. The company has been expanding their footprint in the region and currently has five offices up and running in Hong Kong, Beijing, Shanghai, Seoul and Tokyo and has begun to experiment with regional flavors such Korean pop when they promoted k-pop group Big Bang's international tour earlier this year. - via CelebrityAccess