Groupon and Live Nation Team Up for GrouponLive (LYV)

In a joint venture that could forever change the way consumers buy concert tickets, Groupon has teamed up with Live Nation Entertainment, Inc. (NYSE: LYV) to develop a new online ticketing deals channel called GrouponLive.

While this announcement isn't likely to signal the end of traditional ticket sales, it is worth noting that GrouponLive will serve as a local resource for both Ticketmaster clients and Live Nation events.

In a press release announcing the deal, Live Nation hyped GrouponLive for providing a “groundbreaking resource for consumers to find high-value tickets to concerts, sports, theater, arts and other live events, while serving as a timely and effective way for merchants to sell more tickets.”

Andrew Mason, the founder and CEO of Groupon, is doubly pleased by the deal. "With unprecedented access to Live Nation's expansive roster of performers and events, GrouponLive will be the destination for exclusive live event deals," he said in a press release. "We're excited to work with Live Nation to further deliver on our commitment to offer amazing local experiences to our subscribers."

"GrouponLive represents a new channel to drive value for fans, while helping artists and others to reach ever larger audiences," said Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. "By adding this channel to our ticketing platform, we will also provide our venue partners with another option for driving ticket sales across a wide range of events. Our success is based on selling tickets and filling seats and GrouponLive gives us another platform to achieve this."

Look for GrouponLive to launch in time for the summer concert season.