SaveLive was formed in 2020 by Lollapalooza co-founder Marc Geiger, a former executive at Beverly Hills-based talent agency William Morris Endeavor.
SaveLive, a Los Angeles-based investment group, has purchased an equity stake in Chicago-based Jam Productions, both organizations announced today. The amount of the stake was not disclosed. Jerry Mickelson, co-founder of Jam, retains control of and makes all operational decisions for Jam, Mickelson said.
Jam Productions is the second-largest concert promoter in Chicago, next to Live Nation. The company is in its 50th year and owns and operates several midsize venues in the Chicago market. including the Riviera Theatre and Park West. The company, which also operates The Palace in St. Paul, Minn., purchased the Uptown Theatre in 2008 for $3.2 million at a court-ordered foreclosure sale.
In a release, Jam is described “as a crown jewel in the SaveLive network,” which includes venues like the Beer City Music Hall in Oklahoma City, Hammerjacks in Baltimore and The Alibi in Palm Springs, Calif. Before the Jam acquisition, SaveLive’s biggest presence was in Oklahoma City and San Antonio.
SaveLive formed in 2020 and, since then, raised $135 million in is first round of financing. Investors include Breyer Capital, Deep Field Asset Management, Raptor Group and Shamrock Capital.
Save Live founder and CEO Marc Geiger co-founded Lollapalooza. He is a former worldwide head of music at Beverly Hills-based talent agency William Morris Endeavor but exited in June 2020 in the wake of struggles the concert industry endured from the COVID-19 pandemic.
In late 2020 Geiger told The New York Times that SaveLive would represent a consortium of venues that would together form “an indie touring network.” He will maintain 51% ownership of all the venues involved with the company.
Representatives of Jam and SaveLive would not respond to details questions about how the deal affects Jam’s employee headcount in Chicago.
In a statement, Mickelson said, “It has been obvious that for Jam’s business to grow, it needed to be part of a network, something larger with more locations, data and intelligence analytics as well as booking leverage.”
“We very much played a part in defining the modern concert business and it’s not over. We’re going to continue to grow and adapt for the next 50 years with SaveLive,” he said.
According to the company, SaveLive delivers “the benefits of investment, booking, ticketing strategy, marketing, food and beverage, VIP, technology, financial analytics, sales and sponsorship” to all its venues.
Geiger told Billboard that once a property is acquired under the SaveLive brand, “we analyze and discuss which services can be of benefit and then work together to fill any gaps, boost revenues, and offer guidance.”