Live Music Booking & Ticketing Platform 'Gigmor' in Talks to Acquire the Live Entertainment Social Network 'eResonate'
MARINA DEL REY, Calif., November 4, 2024 (Newswire.com) - The two Los Angeles-based companies proudly announced today that they have entered into a letter of intent to combine the leading live music booking and ticketing platform Gigmor with eResonate’s technology suite, which includes live streaming hardware and software, and a social networking platform with two proprietary ad networks. eResonate has developed a FAST (free ad-supported television) network for delivering video ads around live-streamed entertainment and an internal programmatic ad network which operates platform-wide.
Gigmor is a booking, ticketing and promotion platform for independent musicians and venues. Since launch, their users have grown to over 80,000 artists and 4,500 venues in 90 countries. The highly-rated App has thousands of downloads and is available now in the App Store and on Google Play. Gigmor has been successful at attracting notable celebrity shareholders like Whoopi Goldberg and Tom Hamilton (Aerosmith) to their cap table.
eResonate Media has engineered and built a pioneering social networking platform with tools and resources that will radically transform the live entertainment industry. The envisioned new Gigmor, powered by eResonate’s technology and revolutionary economic strategy, will significantly boost income for professional musicians and live-music venues. Fans will enjoy free, high-quality live entertainment from their favorite acts while participating in meaningful engagement with friends, family, other fans and the artists themselves. The platform’s unique business model ensures that venues and performers receive 100% of the advertising income generated from each live broadcast. eResonate’s innovative suite of tools, along with its game-changing economics, will allow Gigmor’s existing artist and venue customers to access the $300 billion digital & TV advertising market, thus addressing the largest challenge in the live entertainment industry: income for artists.
The current Gigmor team, including co-founders David Baird and Tracy Eumont, will be joined by eResonate’s senior management, including Jeffrey Yapp (MTV, VH1, CMT, Viacom), Bing Gordon (Kleiner Perkins, Twitch, Amazon) and Doc McGhee (KISS, Darius Rucker, Bon Jovi, Mötley Crüe, Scorpions) along with its highly qualified in-house engineering staff. By combining Gigmor and eResonate, the new business will be ideally positioned to lead the charge in revolutionizing the live entertainment industry with a management team that has been at the forefront of transforming music, technology and media for decades.
David Baird, Gigmor CEO, said, “I couldn’t be more excited to be joining forces with this amazing team. eResonate's proprietary technology and ad-supported revenue model will ensure that we achieve our mission of helping more artists earn a living through their live performances worldwide."
“Ticketing for live music and events is predicted to become an almost $100 billion industry by 2029,” said eResonate CEO Jeffrey Yapp. “We have remained out of the ticketing space so far but with the US Department of Justice (and others) ending the longstanding monopolistic practices that have persisted in this sector, there should now be an incredible opportunity to grow Gigmor’s ticketing service exponentially after it's integration with eResonate's social network.”
This acquisition will immediately facilitate a new source of income for Gigmor’s current artists and venues, while eResonate’s community-driven approach will drive more rapid adoption by delivering a wide selection of unique and compelling free experiences for live entertainment fans around world.
Source: eResonate Media
