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Joe has always been intricately involved in our financial 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. Live Nation entertainment served as one of the organizer's for Travis Scotts Astroworld music festival that resulted in the death of eight people and hundreds more being injured. The committee asked Live Nation to provide information regarding the roles and responsibilities for Astroworld Festival, security planning for the event and the steps Live Nation Entertainment took after being made aware that law enforcement had declared the event a mass casualty event by January 7. [5] A 2002 Guns N' Roses concert tour was reportedly shaken by promoter Clear Channel Communications's cancellation of multiple concert dates, due to the band's second failure to appear. Exclusive: Scooter Braun wanted to sell Taylor Swift her masters. About Live Nation EntertainmentLive Nation Entertainment (NYSE: LYV) is the worlds leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts and Live Nation Media & Sponsorship. Finally, and most telling is the way Live Nation has handled refunds compared with some of its competition. The return of live events with full venues in the control of governments, medical science, and an unpredictable mutating virus. joining the company in 2011. WebMichael Rapino is a Canadian-American business executive and the Chief Executive Officer and President of Live Nation Entertainment, Inc, which was formed in 2010 following the 2023 Live Nation Worldwide, Inc. All rights reserved. He also will receive a $6 million signing bonus, and several time-based RSUs. In 2000, his team was prompted to cancel Diana Ross's Return to Love Tour mid-stride, reportedly due to a failure of financial negotiations with artists, high ticket prices, and low attendance. We invited a million and a half on that day to come and buy those tickets, but its kind of like having a party. Its a function of Taylor Swift. WebHow to watch the Premier League and more this week. The letter cited reports that suggested security and medical staff were inexperienced or ill-prepared, and placement of the barricades made it difficult to escape the crowd surge. finances for the worlds largest live entertainment, ticketing and eCommerce company. [4] He manages egos, saying "I had this sense of how to interact with artists. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Willard started her career with Arthur Andersen Companies who fail to hear the whispers emanating from social media and print press will find themselves losing market share to those who lead the migration. Doing the right thing always is what defines character. Latest football news and gossip | Football News | Sky Sports Michael Rapino - Wikipedia Maffei is President and Chief Executive Officer of Liberty Media Corporation and has served on the Live Nation Board of Directors since February of 2011. Live Nation has chosen to lead out of the crisis by adopting new social justice-based practices now, which better align with the shift in consumer expectations. A Division of NBCUniversal. See additional information. The rapper was also reported to have attended an after-party at Dave & Busters once the show had ended, and it was there that he began to hear of the casualties and immediately left. Insiders Sound Off, Ariana Madix to Release New Cocktail Book Single AF Cocktails: Drinks for Bad B-tches, L.A. Galaxy Match, Dodgers Game and More Postponed as Hurricane Hilary Approaches Southern California, Ron Cephas Jones, Emmy-Winning This Is Us Actor, Dies at 66, Artists Behind 'The White Lotus,' 'The Last of Us' Opening Credits Reveal Hidden Easter Eggs. I am generally attending a live event or consulting for the industry. MBW does not and will not share your data with any third-parties. The company donated to the Equal Justice Institute and published an open letter to its employees promising to continue to support diversity across their global operation:livenation.com/diversity, Similarly, the Women Nation Fund is an early-stage fund Live Nation established to improve gender equity. [3], In 1995, Fogel became president of The Next Adventure (TNA), a global touring company, and was responsible for the global touring division as the company was acquired first by SFX, then by Clear Channel Communications. He started his career in various marketing and entertainment roles at Labatt Breweries of Canada. Opinions expressed by Forbes Contributors are their own. Marc Morial: Im Ambitious For The Nation We are dedicated to doing everything we can to get the families and fans the answers and support they deserve., Many families are dealing with the unimaginable right now and my heart goes out to them and the entire Astroworld community. Despite layoffs and furloughs, Live Nation weathered the pandemic remarkably well for a company based on large public gatherings, due in no small part to Rapinos strong leadership. Live Nation chief Michael Rapino corroborated Maffeis claims, saying: Theres no nice way to tell 10 million Swifties, Theres no tickets.. Live Nation Starting next year, Rapino will also be eligible for an annual grant of restricted shares valued at no less than $10 million. It exists to provide capital and resources for female entrepreneurs. In a letter sent to Michael Rapino, president and CEO of Live Nation, members of the House Oversight Committee asked for information from the company, and cited WebMike Rapino is President/CEO at Live Nation Entertainment Inc. See Mike Rapino's compensation, career history, education, & memberships. You may opt-out by. Before any tickets can be refunded, promoters must return to Live Nation the funds they received. "[3] He has actively responded to crises outside of his control. Momentum has picked up for all of our businesses over the course of the first quarter, and as a result, we delivered financial performance that greatly surpassed our previous expectations, Rapino said when announcing the results. As the Chief Financial Officer & Executive Vice President for By continuing past this page, you agree to our terms of use. She covers pop culture, social justice issues, and trending topics. (Photo by Kevin Mazur/Getty Images for Live Nation). Live Nation is making a smart bet to establish themselves in front of this change. Corporate Governance :: Live Nation Entertainment (LYV) I think Live Nation will stay steady and focus on social justice and the needs of their partners and customers. Business Administration with the highest honors from the University of Oklahoma For additional information, visitwww.livenationentertainment.com. of the entire team, I want to thank her for her remarkable dedication and The Liberty Media chief also hit back at a tweet Rep. Alexandria Ocasio-Cortez (D-N.Y.) posted, claiming that Live Nation and Ticketmaster should be broken up. allow Joe to take on our CFO role and together, we will continue to focus on That's what a pandemic will do. I am proud of the work we have done to position the company for future financial success, and as we return to live shows, I know Joe will do an excellent job leading the companys finances during one of the most important times in the companys history.. and is a Certified Public Accountant. [3][9], Bono of U2 called Fogel "clearly the most important person in the live music world" in a documentary movie titled Who the F**k Is Arthur Fogel,[10] which was screened at the Canadian Music Week Film Fest of 2013. Delivered for FREE, direct to your inbox each day. Houston Police and Fire officials have said they did not have the authority to stop the show, while representatives for Scott said he also couldnt have stopped it, leading many of the parties to trade blame with each other. In a letter sent to Michael Rapino, president and CEO of Live Nation, members of the House Oversight Committee asked for information from the company, and cited reports that raise serious concerns about whether the company adequately protected concertgoers. Data is a real-time snapshot *Data is delayed at least 15 minutes. Maffei added on CNBC that ticket demand for Taylor Swifts tour could have filled 900 stadiums.. I look forward to taking a deeper focus on our financial operations and continuing to lead Live Nation alongside Michael and our incredible global executive team.. Follow her on Instagram. "There has to be a purpose in your work and that purpose has to go beyond you." Rapino can still receive the full balance of his exit package if he quits for good reason or was fired without cause.. and Loeb Fellow. CEO Michael Rapino declined to take any salary while other of Live Nation's executive team's salaries remain reduced. Chief Executive Michael Rapinos exit package is worth $168 million, including accelerated stock option awards, medical benefits, and more than $40 million in severance. women in the music industry, offering guidance and mentorship to help others While the industry is hardly back to its pre-pandemic levels many lower-level tours and festivals are showing lower-than-hoped-for attendance, due partially to Covid caution but possibly more to the challenging economic climate: Ticket prices are as high as ever, to the benefit of Ticketmaster, which is owned by Live Nation. In 1998, Rapino returned to music, co-founding Core Audience Entertainment. She was also known for being a champion of When Ticketmaster merged with Live Nation in 2010, it was subject to an antitrust consent decree that prohibited it from abusing its market position, wrote Klobuchar in an open letter addressed to Rapino. That's very different from companies like StubHub who face ongoing consumer complaints and litigation because they refuse to refund any money. He graduated from Ashbury College and obtained a Bachelor of Arts degree from McMaster University. Rapino has been CEO since he launched Live Nation in 2005, after Clear Channel sold off the concert and sports units it had acquired from SFX founder Robert Sillerman (who had also acquired Rapinos concert promotion company) five years earlier. Ottawa, Ontario. Described by MTV News as a riot, the event suffered fighting and mayhem amid the audience, and between the audience and the attending riot police. Astonishing level of ticket sales confirmed by Michael Rapino following British government announcing roadmap to re-opening, Live Nation Entertainment survived through the worst year in its history in 2020 and remains optimistic for its prospects in 2021, as Covid-19 restrictions begin to lift in major markets. Leadership is more than making just decisions. 10 people ranging in age from 9 to 27 died from asphyxiation during a crowd surge at the November 5 concert headlined by rapper Travis Scott, the Houston medical examiner said last week. Live Nations Role In Astroworld Festival Under Investigation From The former CEO of Ticketmaster, Irving Azoff, was named Executive Chairman of Live Nation Entertainment. Scott has since announced that he will pay all funeral expenses for the victims, as well as launching a partnership with BetterHelp to offer attendees one month free of online therapy, although that move is being widely criticized. Given live entertainment essentially shut down in the middle of March this year, let's discuss Live Nation's current second quarter compared to Q2 in 2019. Follow it. Green Nation, a global "green" sustainability drive at events worldwide. Often, Live Nation itself is the promoter, which makes the recovery of funds a bookkeeping matter rather than one of collection. leadership on strategy, operations, and innovation than ever before. Michael Rapino, CEO of Live Nation, is accelerating his company's commitments to social causes. Live Nationhas re-upped longtime CEO Michael Rapino to a new five-year contract that will see him earn $30 million year if he and the company meet performance metrics, according to documents filed with the SEC. in 1988, where she worked in audit for five years before beginning her But what about when your money comes from the relationships you've built with your partners and consumers? WebLive Nation Entertainment (NYSE: LYV) is the world's leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation All Rights Reserved. More than a dozen lawsuits have been filed against the organizers of the music festival, including Live Nation and Travis Scott. All Rights Reserved. Doing it in difficult times is what sets up the prospect of accelerating growth during the recovery. That same year, CCC separated and rebranded its entertainment unit as Live Nation. Given this scenario, what is the best course to steer one of the world's largest live entertainment companies? The content produced by YourTango is for informational and educational purposes only. Michael Rapino, CEO of Live Nation, is accelerating his company's commitments to social causes.