Live Nation is looking to build a content platform to connect its audience and engage with its users on a broader scale.
In a blog post today, Live Nation CEO and co-founder Eric Schulze said that Live Nation was launching a platform that will “help connect consumers with their favorite music, entertainment, and sports content from brands and publishers across the globe”.
The company also announced that it has hired a new CEO who will focus on content acquisition and monetization.
Live Nation has been looking to become a more relevant and compelling alternative to Spotify and Apple Music, which both compete for listeners.
It also announced a $5.4 billion funding round that will give it a valuation of more than $10 billion.
The company has said it aims to monetize its platform through partnerships with existing publishers, and is targeting revenue of between $1 billion and $1.5 billion annually from digital content and advertising.
It is also working to make its platform a more sustainable model, according to Schulz.
Schulzes goal is to make Live Nation the number one place for live entertainment in the world, and will use his new role to create a platform for artists to reach fans and monetize their content, Schulzing wrote.
The company also revealed that it is working on a music and video app for Android and iOS devices.
This will allow artists to monetise their content by showing the amount of people who have listened to their music and/or watched their videos.
The app will also allow users to subscribe to other artists, which is a move that Spotify is also considering, but Schulza said that it will be “long before” it is ready to launch.
LiveNation is looking at launching its platform with content partners in the US and Europe.
“We’re a music platform with a social mission, and we’re going to do that with the highest quality music and entertainment on the planet,” Schulzi wrote.
“Our first app is going to be an app that can connect listeners with artists.
It’s a platform where people can connect with each other, and engage in their own social lives with each others content.”
The platform will allow users who are passionate about music to engage with others by providing a place for people to share and connect, according.
“It will make our music and music-centric communities much more compelling,” Schilze wrote.
LiveNations content will also include exclusive content from major artists.
“In a world where there are so many content creators, you can’t have everyone be a content creator,” Schilez wrote.