Music technology company VNUE has announced that it is acquiring livestreaming platform StageIt in a deal that it says will add over $9 million in revenue and access to thousands of performers and creators. The deal brings fans and technology to VNUE’s portfolio, in addition to boosting the company’s Soundstr platform with Music Recognition Technology.
The companies expect to close within 60 days, pending the completion of diligence and the required financial audit. Stageit will become a wholly-owned subsidiary of VNUE. Further terms of the deal were not disclosed.
According to the announcement, StageIt, launched by Evan Lowenstein in 2010, hosted 6,280 shows in 2020 and paid out over $7 million to artists. The platform has over 58,000 performers and over 900,000 users from 135 countries. The company launched a venue program in 2020 and partnerships include the Bluebird Cafe in Franklin TN, d.b.a. in New Orleans, the Great American Music Hall in San Francisco and many others. Joan Jett, David Archuleta, Ramsey Lewis, Celtic Thunder and Rhett Miller are among the artists who have used StageIt.
According to the announcement, StageIt is complimentary with VNUE’s set.fm “instant live” mobile and web platform, and the company will add a feature that not only allows fans to enjoy a livestream but purchase the audio of the performance immediately afterwards.
Lowenstein has served as Executive Chairman of StageIt since music industry veteran Stephen White joined as CEO in 2020. Stageit also is led by Chief Product Officer Vadim Brenner.
Zach Bair, CEO of VNUE, said, “The acquisition of StageIt represents the first step in a multi-pronged plan to grow the business and enhance shareholder value, as I have committed to since day one. The company will pursue both organic and inorganic opportunities that are synergistic, and with StageIt, we have incredible synergy not just with the StageIt platform and how we can integrate with our existing content platforms such as set.fm, but with the incredible leadership and talent pool that we will now have access to in order to move our Soundstr technology forward.”
“VNUE, as their name suggests, has been creating a platform for artists, labels, rights holders and venue operators that enhances revenue and helps resolve complex rights compliance. The addition of StageIt will enable the first full monetization suite for venues, festivals and events that will make it simple for our clients and operators to generate more revenue and embrace the hybrid future that livestreaming provides,” said White. “We couldn’t be more excited to join Zach and the VNUE team and to help push this vision forward.”