Irving Azoff, one of the music industry’s most influential powers, and Madison Square Garden Company have announced that they will be embarking on a new music business venture called Azoff MSG Entertainment. Azoff, CEO of Ticketmaster, former executive chairman of Live Nation and board member of Clear Channel, will be completely reshaping the way labels function with his new endeavor. It has been reported that MSG will be giving Azoff $125 million and $50 million line of credit for Azoff MSG Entertainment.
So what makes this new venture so unique? The new company will be comprised of 4 divisions; artist management, music publishing, television production, and digital branding. Combine MSG’s venues with Azoff’s all-star roster of talent (Christina Aguilera, Journey, The Eagles, Van Halen and more) and you have a recipe for success.
Azoff MSG Entertainment will be a”new-model music, media and entertainment company, at the forefront of the emerging revenue streams and groundbreaking technologies of the fast-changing 21st century.” The company will be able to provide its clients with service that completely encompasses their needs. Also, the company will notably be private. “It is not subject to the rules of a public company. It will be operated and directed by Mr. Azoff. He has no board. All he has got is me,” Chairman of MSG, James Dolan, told The Hollywood Reporter. This will allow Azoff to be “nimble and quick and flexible”, giving him the ability to adjust as he sees fit to the rapidly changing music market. The company will likely capitalize on the opportunity to profit off live performances, an area where other companies have been sluggish.
The ability of Azoff MSG Entertainment to adjust to the rapidly changing music market while cultivating talent will truly make them a game changer.