Having Started Lollapalooza, Marc Geiger knows the music industry well.
Marc Geiger understands that music careers begin with performances in small local venues with his new organization SaveLive. And so he wants to help save such venues nationwide by putting $75 million in capital raised from investors into small clubs and the building of a new indie touring network.
And small local venues are all hurting due to the Corona Virus shutdowns.
Geiger would assume 51% ownership in the individual clubs and theaters.
A former chief of music at the talent agency WME and a cofounder of the Lollapalooza festival, Marc Geiger knows music well.
The 58 year old music mogul and son of a Hungarian Holocaust survivor discussed his plans in an interview with the New York Times.
“One of my favorite things in the world is to go to a club, be treated well and see an incredible band,” Geiger explained. “So I thought, ‘OK, I’m going to raise a bunch of money and I’m going to backstop all these clubs. I’m going to be a bailout solution for them, and I’m going to call the company SaveLive.’”
“The hope here is to create a network effect,” Geiger said. “To be a long-term backer, helper, grower of these businesses, and enjoy the wins.”
The new organization states: “From stages and venues to musicians and performers and most importantly the 12 million people who are working behind the scenes to bring shows to life, there is a massive ecosystem that has been brought to a halt without any shows currently taking place. Saving our stages is one component of what our industry needs. We also need to save the people who power live events so that they can bring music, theater, comedy and all kinds of culture back when the show can go on once again.”
The organization’s website lists the following facts about how the year 2020 has crippled the music industry:
95% of all events in 2020 have been cancelled
97% of contract workers in live events have lost their income
77% of people in the live events industry have lost 100% of their income
70-80% reduction in staff and crew due to pause in live events
62% of American artists across all disciplines are now unemployed