Lollapalooza co-founder fights to keep independent music venues alive by acquiring them
Lollapalooza co-founder Marc Gieger unveiled a new plan in an attempt to save independent music venues from closing their doors forever. It’s no secret that independent music venues have been vulnerable to suffering from the current pandemic, and with a second wave of the novel coronavirus either nearing or in the process of happening in most countries, it seems as if the fate of music venues and concerts, in general, has taken two steps backward. While artists sought out different means of bringing live music back to the people by either hosting virtual concerts or drive-in shows, and festival organizers such as Insomniac and Lost Lands began to take their famed festivals online, many music venues, especially mom-and-pop or locally owned venues are left out to dry.
Marc Gieger, the co-founder of Lollapalooza announced a new plan to get help keep these special music venues afloat in times of need by founding a new company called SaveLive, an organization that will look to acquire said venues. With $75 million dollars already invested, SaveLive looks to salvage 51% of the equity in struggling venues, with the plan to eventually expand the businesses in the long-term and ultimately turn a profit in four-years time.
Local business owners need not worry, however, as Gieger proposed that he would not flip assets, and that the work that SaveLive would do would only allow him to operate as a majority business owner and that he believes SaveLive’s goal would be “to be a long-term backer, helper, grower of these businesses, and enjoy the wins”.
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