SaveLive to Save Small Music Venues Hurt by the Pandemic

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When it launched in 2020 as a enterprise to bail out compact music venues crushed by the pandemic, SaveLive claimed it experienced raised $75 million from traders like its primary backer, Beverly Hills-primarily based financial investment agency Deep Subject Asset Management.

Now, it seems the Los Angeles-based startup has elevated a ton additional dry powder than beforehand known—having landed a whole of $134.5 million from traders, according to an amended regulatory submitting with the Securities and Exchange Commission on Friday. The organization secured that funding from nine various traders, it said.

SaveLive is spearheaded by songs sector bigwig Marc Geiger, who co-founded the Lollapalooza alternative rock pageant and formerly led talent agency William Morris Endeavor’s audio division. The company was founded with the objective of obtaining the greater part stakes in dozens of struggling music clubs throughout the U.S. and helping them weather the pandemic.

When SaveLive introduced, it drew praise from the likes of 9 Inch Nails frontman (and Geiger’s former WME client) Trent Reznor. “[Geiger] is aware of that new music should really be revered,” Reznor advised the New York Moments. “It is not just an asset—it is a particular matter that warrants to be introduced to folks in a way that can help them discover the magic.”

But the enterprise also raised issues amongst some observers, who feared that these consolidation of independent music venues would inevitably make them less independent.

SaveLive did not react to requests for comment. Geiger co-launched the startup with his former WME colleague John Fogelman, who is shown in filings as a co-executive officer. Deep Discipline Asset Management’s Jordan Moelis, the son of Wall Street banker Ken Moelis, is mentioned as a director. Nadia Prescher, the co-founder of audio business scheduling and administration organization Madison Dwelling, joined SaveLive final 12 months as its head of new music.