Blockbuster Enters Ticket Biz2 Dec, 2008 By: Erik Gruenwedel
Seeking to become a one-stop shop for all things entertainment, Blockbuster Dec. 2 signed a deal with Live Nation to be the music concert promoter’s exclusive retail ticket outlet.
Under terms of the three-year agreement, beginning in 2009 Live Nation will sell concert tickets exclusively through 500 corporate-owned Blockbuster locations nationwide. Select blocks of tickets will be accessible only at Blockbuster for the first four hours made available. General tickets will be available until supplies last.
Live Nation CEO Nathan Hubbard said internal research concluded that a “vast majority” of music fans found Blockbuster to be a logical destination for retail ticket sales.
Blockbuster will manage and operate all aspects of the ticket transactions. Financial considerations, including fees or percentage of ticket sales Blockbuster might receive, were not disclosed.
“Not only will this agreement drive hundreds of thousands of customers to our stores, it represents another step in the transformation of Blockbuster into a brand that offers the most convenient access to entertainment," said Jim Keyes, chairman and CEO of Blockbuster, in a statement.