An aerial shot of Hong Kong’s Victoria Harbor. Photo Credit: Manson Yim
Live Nation has officially acquired a majority interest in Hong Kong-based concert and festival organizer Clockenflap.
The Beverly Hills-headquartered promoter announced its latest buyout via a formal release today, and the deal follows an October of 2022 investment in Broccoli City Festival. Moreover, Live Nation – which has forecasted continued revenue growth for 2023 – took several steps last year to bolster its presence in Asia’s quick-expanding music markets.
To be sure, the Ticketmaster parent in 2022 established a Philippines division, acquired the concerts and entertainment unit of Thailand’s TERO, and, through Fabled Records, finalized a Capitol Records licensing pact in China. (The latter nation now boasts the fifth-largest music industry in the world, according to the IFPI.) Meanwhile, Live Nation disclosed in February that its international events had numbered 14,475 during 2022 – up from 5,408 during 2021.
Clockenflap, for its part, organizes a namesake three-day event that arrived on the scene in 2008 and returned (after a four-year hiatus) at March’s start. Featuring acts including Arctic Monkeys, Wu-Tang Clan, Balming Tiger, and N.Y.P.D., Clockenflap 2023 is said to have sold out a 30,000-capacity venue, and higher-ups have gone ahead and scheduled another installment for this coming December.
Moving forward, Clockenflap “will continue to curate, manage and produce its festivals and events,” Live Nation indicated, noting also that the entity promotes “regular touring concerts in Hong Kong” as Clockenflap Presents.
And while the purchasing party hasn’t publicly revealed the transaction’s precise price tag, Live Nation’s president of Asia Pacific, Roger Field, touched upon the investment’s perceived regional significance in a statement.
“Partnering with Clockenflap further demonstrates that Live Nation is committed to bringing world-class festivals and live entertainment experiences to Hong Kong fans,” said the longtime Live Nation exec Field. “Our team is dedicated to supporting Mike, Justin and their team’s exceptional skills and capabilities, and through Live Nation’s global network we will enhance and grow the Clockenflap brand and deliver new and exciting live opportunities to the region.”
In remarks of his own, Clockenflap co-founder and managing director Mike Hill (who doubles as CEO of Total Ticketing and “entertainment solutions agency” Magnetic Asia) highlighted post-sale plans to “expand our event activities in Hong Kong and regionally.” And co-founder and music director Justin Sweeting (also a Magnetic higher-up) acknowledged a long-term goal of building Clockenflap into “one of the best city festivals in the world.”
Earlier this week, Live Nation stock (NYSE: LYV) dipped to a 52-week low of $65.05 per share, and the company’s Lollapalooza (set to take place in August) just recently unveiled its 2023 lineup.